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you are predestined to experience either excessive markdowns and reduced margins, or slow turnover and poor cash fl ow. Faced with this option, it is always better to take the markdowns, clear the in- ventory and generate cash. I have never seen a store go out of busi- ness because turnover was too fast and cash fl ow was too strong. On the contrary, I have seen sev- eral stores go under with healthy gross margins on their profi t and loss statement. Truth 5. Most retailers have
heard of, and would agree with, the axiom that the fi rst markdown is the cheapest. What this real- ly refers to is that the fi rst price reduction is an effective one. A “cheap” markdown does not refer to a low percentage reduction that does not signifi cantly generate in- creased sales. A markdown of 30 percent that moves merchandise is therefore “cheaper” than a 20 percent markdown that does not produce the desired results. Truth 6. The price you paid
has nothing to do with the mark- down price. The customer does not care what you paid for the product, nor should you. When you get to this point in the sales cycle, your only concern is how quickly you can convert the in- ventory to cash. From time to time I encounter stores that are reluctant, and in some cases even refuse, to mark anything below cost. I have never been able to
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