Pre-Market Panic

by Steve Pruitt

Q: My sales have been horrible and now it’s time to go back to market. What should I do?

A: There are two things you have to remember—you need to flow new merchandise to give your customers a reason to buy, and you have to stick with what you stand for.

The customer base that you have wants what they have always wanted. Just because they are not buying as much now doesn’t mean that they want different kinds of goods or lower-priced goods. When the cycle turns, your customers will come back, expecting to find the kind of inventory that attracted them to your store in the first place.

Of course, you may want to look for sale orders while in market, but don’t change the mix of merchandise because your best customers won’t change. A guy who’s used to buying $3,000 suits, for example, might buy a $2,500 suit right now, but he won’t be satisfied with a $1,000 suit. Stay with what you stand for.

Date answered: 12/04/2008
Question raised by: Pre-Market Panic