Out With the Old, In With the New Inventory

Q: What is the best way to get rid of old inventory for a fresh start in 2011? —David Necker, co-owner, Necker’s Jewelers, Davenport, Iowa, and DeWitt, IowaA: “We have good relationships with our vendors to return merchandise that isn’t doing well. But we do everything we can to sell old inventory. We have the ‘retirement’ case for jewelry that hasn’t sold for one year to 18 months. We’ll start with an initial discount—on average about 30 percent. If it isn’t selling, we discount further. When the discount reaches 50 percent, it gets a color-coded tag and becomes part of a sales-team spiff program. If associates can sell a piece above the 50 percent discounted price, they keep the difference—in cash. As a last resort, we repurpose the piece for our repair and custom departments.” —Bill Carstens, owner, Schnack’s Fine Jewelry, Alexandria, La.“I’ve started s

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