Many retail stores were hit hard over the past months due to COVID-19.
And it’s not like retail had been enjoying a particularly booming time before then either.
Perhaps it has come time to close or sell your business.
Maybe you have been running your business for years, but it is the right time to retire.
Or maybe you are thinking of relocating your business because of an increase in shoplifting due to changes in the neighbourhood.
Whatever the reason, there are a number of things to consider when hiring a store closing sales consultant in Canada or elsewhere.
Don’t make the mistake of trying to run the biggest sale you will ever have without help from a professional.
Questions To Ask Your Retail Store Closing Consultant
When searching for a retail store closing consultant, it’s important to ask the right questions like how do you know when you have found the consultant that is a good fit for you?
Here are some of the questions to ask when choosing a retail store closing consultant.
1. Do You Have Experience With Closing A Retail Store?
A store closing sale is different than any other type of retail business sale, and the company you hire should have experience with store closing – sales, marketing, planning and timelines – there are specific factors to consider.
You may want to sell off store fixtures and office supplies as well as inventory.
Are you planning to consolidate stores and need to decide what stock to keep and what to sell?
How many employees do you currently have, and have you decided when you want, and may be legally obligated to tell them about the store closing?
All these questions should be asked when you hire an experienced retail store closing consultant.
2. Do You Have Experience With My Size Of Business?
Larger retailers such as Sears and The Gap hired professional retail store closing consultants when it came time for them to close their stores.
But smaller and independent retailers may have different considerations when running a store closing sale.
Look for a company who has successfully run store closing sales for your size of business.
You have a loyal customer base who may continue support you as you sell off your remaining stock.
You want to maintain the reputation of your company while planning for your own future.
You may have long time employees, and you want to keep your employees happy during your store closing sale.
But if you are an independent business, you will need their help to run the busiest sale you will ever have.
You only have one shot at this type of sale.
Make sure to do it the right way by hiring a company who can help you to maximize the results of your store closing sale.
3. Do I Have A Dedicated Consultant To Work With Me?
Ask whether you will have a dedicated consultant to work with you throughout the process.
This person will oversee all the sale event operations related to your store closing event.
At your first meeting with the company, you may be talking to someone other than the person who will work with you directly.
Be sure to ask how they select the consultant to work with you, as this will be the person who you will turn to for help to maximize sales and minimize the time, stress, and energy it takes to run a store closing sale.
4. How Is The Pay Structured?
It’s okay to ask up front what the payment structure looks like.
If it is a flat fee, this means they get paid no matter what the result of the sale.
Is it a commission basis, or possibly a combination of both?
Are there incentives when you reach certain benchmarks that are attainable?
This can show you that the company you’re hiring is confident in their ability to produce results.
5. What Does The Agreement Look Like?
Take a close look at the contract before you agree to anything.
For example, can you cancel your agreement if the company does not deliver results?
You want to find a company that will help you to maintain or even enhance your reputation as a store owner.
The right contract will offer the agreement that works best for your company – whether that is commission based on volume or a flat fee.
Contact Silverman Consulting & Retail Services Today
When hiring a retail store closing sales consultant, the first question you may ask is, “Can’t I run a sale by myself?”
Of course you can.
But closing your business is a big deal, and you will have a lot more to worry about than selling off your inventory.
At Silverman Consulting & Retail Services, we will work with you to manage your sale the right way.
Our sales consultants have experience in retail liquidation events, and many are previous store owners.
We match you with a consultant who understands your type of store and who will be with you throughout the sale.
We can assist you in finding additional inventory to maximize selection and run a liquidation event that is attractive and excite your customers.
With a managed sale event you may find your revenue can double over what you have projected.
If you need support for your store closing, relocation or retirement sale, contact Silverman Consulting & Retail Services today.
Silverman Consulting & Retail Services229 Yonge St suite 400,
Toronto, ON M5B 1N9, Canada
1 (888) 955-1069