Even when the country is not in a recession, you will see them everywhere: signs proclaiming that a store is going out of business, and “EVERYTHING MUST GO!”
It adds a sense of urgency (must act now!) and bargain (pennies on the dollar!), two of consumers’ most motivating factors.
In fact, it’s such a successful venture that one rug-store owner relocated (after genuinely closing several times and having many going-out-of-business sales) and called his shop Going Out of Business.
Owner Cyrus Hassankola runs total liquidation sales constantly, and isn’t afraid to let his customers bargain and haggle with the prices. The tactic has been successful for him, even in these troubling times.
To read more about Hassankola’s success, click on the source article.
Source:
The Wall Street Journal: In Texas, There’s No Business Like ‘Going Out of Business’
