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Retail Profi ts continued from page 92
need. “Today all retailers are trying to buy more of the ba- sics,” says Grodnick. “If they are not basics, then it is all price. It has to be a tremendous value. That’s an opportunity for the closeout business, offering value that shoppers can’t ig- nore. That’s the key element. Everyone is watching their bud- get.” And with good reason. The economy has not recovered, and that’s had a signifi cant effect on the availability of closeout merchandise, says Grodnick. “We’re fi nding that there’s not a whole lot of overproduction
out there in the marketplace worldwide. We’ve really had to expand our business. We’ve got branch offi ces set up around the world, and we’re fi nding our own deals.” “We realized that we need-
ed to diversify our business,” he says. “If you are a retailer selling closeouts, you can’t stand still. You have to take your chance and try to get through these diffi cult times. I think these diffi cult times are still here. People are working harder than they ever have, though I think it will pay off in the long run.” Grodnick remains upbeat in the face of a tough economy. “Those that you talk to in the closeouts business,
you probably will recognize the excitement that they’ve got for the business. People are strug- gling, but the customers I talk to are optimistic. They are excited about the opportunities.” Mitchell Weissman of
Overseas Trading agrees with Grodnick about the challenges in the industry these days. “The re- turns business has gotten harder for the average buyer, such as the fl ea market buyer or the one-unit guy. The department stores are doing less business, they are manufacturing less goods, so there are fewer goods to go around. Many department stores now have their own eBay division, so there is less and
continued on page 94
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