says. “Fresh markdowns entice customers to buy, and I have found that it is best to put out your most aggressive offering fi rst. We take 50 percent off of all items that we really want to move versus starting at 20 percent off and becoming more aggressive over time.” Lempa feels it’s best if retailers start
before the holiday is upon us by offering discounts. “It’s better to offer a enticing 25-30 percent off discount or ‘Buy one on specifi ed items than to hold off and
get one’ start marking things down
50 percent, 75 percent or more like other stores do traditionally after the holiday.” Lauren Woods, owner of Cracker Jax in Dekalb, Ill., sets aside her markdowns in a Sale Room where everything is 75 percent off. “The day after Christmas we mark all our holiday down to 75 percent off...we’re ready!” she says. For those with warehouse space to store inventory, it may make fi nancial
sense to store the items and sell throughout the year than marking down (reviewing your sales reports will give you a better idea if it makes more sense to sell at a discount or store to place the merchandise back on the sales fl oor in the future). Cynthia Sutton-Stolle, owner of The Silver Barn in Columbus, Tex.,
only marks down once a year and it’s a big one. The sale is in June and coincides with the gift show season. Whatever she doesn’t decide to mark down, she packs up and stores in her warehouse. Whatever remains in the store is part of an entire store sale with areas starting at 25 percent. Other areas have different discounts and cap at 75 percent.
Be creative in your markdowns. Rather than just slashing prices, Lempa recommends retailers create just as much excitement around markdowns as any other event in their store. “Create sale events, days or weeks to move product out the door,” advises
Lempa. Start early, change it up and create excitement through your mailers, social media and signage. Keep the categories specifi c and relatively brief.” Another approach to lessen the fi nancial impact of a markdown is to design
gift combinations with those products, says Lempa. “Price them well, creatively demonstrating the added value in the combination and package them in a ready to go to the party or event kind of way,” she recommends. Choosing the right markdown strategy from the beginning will make the
process easier to execute and leave you in a better fi nancial position than letting unsold merchandise collect dust.
Megy Karydes is a professional freelance writer who loves to hear stories. Find her at
karydesConsulting.com.
GiftShopMag.com Article Resources
Kate Harris Crossroads Trade
crossroadstrade.com
Gina Lempa
Independent Sales Representative Melrose International and Vickerman Company
Sonia Sotire Malloy SPLURGE
Greenwich, CT
Cynthia Sutton-Stolle The Silver Barn Columbus, TX
Lauren Woods Cracker Jax DeKalb IL
Fall 2013 n GIFT SHOP 191
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