Retail Store Closing Sale Consulting

You’ve been in business for a long time. Throughout your career, you’ve seen some tremendous highs and devastating lows. You’ve poured your heart and soul into your business, and it shows. You’re a highly respected member of your community.

But now, it’s time for a change. It’s time for you to close your business.

Whatever the reason for it, closing a business is a big decision that comes all sorts of conflicting feelings. But there’s something coming along for you after your business closes, and you’ll need to be in the strongest position possible to take advantage of that.

That’s where Silverman Consulting comes in.

Running a store closing sale or going out of business sale is tricky at the best of times. And you’ve got a thousand and one other things on your mind planning your transition into whatever comes next.

Contact Silverman Consulting to plan and execute your store closing sale.

There are many different reasons you might want to close your store. Broadly speaking, though, here are some of the more common ones. If you’re struggling to make the decision on whether or not to close your store, consider the following reasons others sometimes give.

Your Sales And Revenue Are Declining

Occasionally, you’ll have a slow year with your company’s finances. But if it’s been two or three years and your company is losing money, it might be time to consider what’s next.

There are many reasons for a decline in sales – the economy, changes to the area your store is located in, declining demand, online shopping, etc. But if you’re considering whether to invest more with diminishing returns, or to close your business, it might be time to talk about closing.

You’re Ready To Retire

Retiring doesn’t necessarily mean closing your store.

But the way the retail landscape has changed in recent years the idea of passing your business onto your children has become much less likely. You may be considering selling – but again the sale of retail businesses has been on the decline and you may be able to get much better returns with a successful store closing event.

You Want To Sell By Appointment or Online Only

The world of retail is changing. Before, the key was to have products in high demand and a storefront in a highly trafficked location. These days, people are turning more and more to customization or the internet for their shopping needs.

Many retail stores are still viable. As of 2018, Statistics Canada reports more than 2 million Canadians worked in the retail sector. But there can be benefits to running a custom by appointment only or online business.

You Have Multiple Locations And Want To Consolidate

The retail world has changed. Do you still need multiple locations? Or can you improve your service, selection, and even your income, by consolidating?

If you run a business with multiple locations and some are underperforming, you might consider consolidating, relocating, or shutting it down.

You’re Ready For A Career Change

According to research from the career website Workopolis, fewer than one in four Canadians have followed only a single path for their entire career.

So if you’re thinking of a career change, you’re not alone. For whatever reason, you may be ready for something new. And if you run a storefront business, that might mean hiring someone else to take care of its day-to-day operations, selling it, or closing down altogether.

You Just Don’t Enjoy What You Do Anymore

Doing the same thing every day can be nice, if you’re doing something you love. But what happens when you don’t love it anymore?

This could mean you’ve lost sight of your original mission and need to reconnect with what led you to start or purchase your business in the first place. Or it could mean it’s time to end this chapter of your life and find something you truly have a passion for.

You’ve run sales in the past. Maybe it was a Black Friday sale, a Boxing Day sale, or an “I’m sick of looking at this stuff” sale. You know what you’re doing when it comes to marketing and running a sale.

But a store closing sale isn’t just any sales event.

Unlike other sales you only get one shot at a store closing sale, and if it isn’t executed properly you won’t get what you need. Not only do you need to sell off as much of your inventory as possible, you may also need to sell off your store’s fixtures, supplies and more. Everything from shelving to cash registers to price tag guns to the microwave oven in your break room can go.

You also need to continue to run the store to attract attention and keep people coming back. While customers may begin to expect a store that’s closing to be a little threadbare, the less inventory you have on hand the fewer opportunities you have keep it looking fresh to continue to make sales.

Finally, your attention is going to be elsewhere when it comes to closing your store. First the rollercoaster of emotions and then all the work of collecting any outstanding receivables, paying any outstanding debts, notifying your suppliers and bank, finalizing your commercial lease if you have one, arranging for a new tenant or selling your building if you own it, taking care of any long time employees, meeting and filing the paperwork with your accountant and lawyer that you need to formally close your business, the list goes on and on.

You’ve got all this on your mind. And at the same time, you still have to manage the day-to-day operations of your business.

Do you have the time and energy it takes to run a successful store closing event?

Silverman’s team will work with you to find fresh new inventory to supplement your own, brought in on consignment or at deep discounts. This helps you avoid missing out on sales opportunities.

We’ll plan, promote, and manage your store closing sale, bringing in the traffic you need to maximize your sales. We’ll take care of all the hassle, so you can focus on closing your store and planning the next phase of your career or your business.

No matter where you are in Canada, Silverman Consulting can help. We have experience in every province in the country.

You only have one chance at running a store closing sale. There’s no time for trial and error – once it’s done, it’s done. Here at Silverman Consulting, we’ve run hundreds of store closing sales in large cities and small towns from coast to coast to coast.

A managed sales event from Silverman Consulting can do more than double what an unmanaged sale could do, and often in a shorter period of time.

Contact Silverman Consulting today to find out how you can minimize the hassle, and maximize your returns, of your store closing sale.