Tips to manage markdowns
/1. Cut quick and cut deep. Excise the demon dogs whilst in season.
2. Buying mistakes, broken colours, sizes or assortments = markdowns.
3. Move permanent markdowns to a clearance area/ clearance table.
4. Don’t scatter the stock, scatter the signage to point to the clearance stock.
5. Put your markdowns in less productive areas – don’t let the markdown cancer eat your high margin display space. Let the price do the work.
6. Train your sales staff to up-sell and cross-sell or simply move as much as possible.
7. Go “ON SALE” twice a year at most. Constant discounting is a race to the bottom.
8. Donate old stock.
2. Buying mistakes, broken colours, sizes or assortments = markdowns.
3. Move permanent markdowns to a clearance area/ clearance table.
4. Don’t scatter the stock, scatter the signage to point to the clearance stock.
5. Put your markdowns in less productive areas – don’t let the markdown cancer eat your high margin display space. Let the price do the work.
6. Train your sales staff to up-sell and cross-sell or simply move as much as possible.
7. Go “ON SALE” twice a year at most. Constant discounting is a race to the bottom.
8. Donate old stock.