When Should I Let Go of Old Merchandise as a Retailer? | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

You know, we have so many people listening to these flash briefings every day that some are really big, some are really small, but the consistent problem everybody has trouble with is when is it time to let go of old merchandise? You know, old merchandise is like old milk. It doesn't get better with age, and it's kind of a fine line between holding onto something because it might have value and getting rid of it. The key for me is, and what I would like you to think about is find a line or a group of products that's gathering dusk and not selling. You can find this first through your POS or you could find it first just by looking at your retail store and what the products are, whether at the bottom, or the top, or something in the back. Then just get a plan to get rid of it. Old merchandise doesn't get better, so here it is, let's say in September, and there's merchandise left over from 4th of July. It's not going to magically get better, even at 70% off, because people moved on. So clear out the products that aren't selling, that's your money selling there, and replace it with something new. Because again, old merchandise is like old milk. It just doesn't get better with age. If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to [email protected]. Thanks for listening!