By Moe Lastfogel
Director of Sales and Marketing for The Retail Observer
You know that box in the back of your warehouse that is covered with dust, has no bar code and has been shifted and moved around so many times that the cardboard is tattered and torn? Yes. that box, your forgotten and discarded piece of pro t. And what about all of the damaged products that will never get a return authorization or were already paid for by a claim? This is your “B” stock and that means $$$. Don’t waste profit by letting your old stock and damaged products just sit in boxes in your warehouse.
During the downturn, I remember seeing a few companies that took advantage of these often forgotten boxes. And helped themselves not only stay afloat but thrive and grow. One example was Airport Appliance in Northern California. They partnered with a local TV channel during the weekend broadcast and sponsored and hosted a TV show right out of their warehouse full of scratch and dent and old stock. With TV and newspaper advertising they received flocks of customers looking to get a deal when deals really weren’t around to be had. During that time, while competitors were closing stores, Airport Appliance grew their bottom line and actually opened more locations making them one of today’s stronger players in their market.
Donations to charities are also a great way to clear up this stock and who isn’t looking for a write off? Habitat for Humanity, the Goodwill or Salvation Army to name a few are always looking for products to sell or to give to those in need. Stoves, refrigerators, microwaves, old display cabinets and even the towels, pots and pans you used for demos can be a great donation.
The truth is, if it’s sitting around with dust on it, it’s not doing you any good or helping your bottom line. Sell it or donate it. Who doesn’t want more $$$ and with the extra space in your warehouse you’ll be able to put more of what does sell in its place.