Aged Inventory

We have all heard the question “How do you eat an elephant?” And the answer is “one bite at a time!” Taking one bite out of your aged inventory is no different. We tend to think about and make reducing aged inventory a hard thing to do, but in reality it is not that hard. It’s all about the EXECUTION of a simple plan. Aged inventory creation is self-inflicted more often than not. If you have clean, priced-to-value merchandise, you will never have aged ! However, if you follow a few simple steps to reduce your current aged merchandise, you can take steps to get rid of that elephant on your back:

1) Print the inventory list.

2) Identify the age d items.

3) Inspect and clean the aged items.

4) Determine why it has not sold.

5) Price the items to value.

Anyone can moved aged merchandise, but we need to do so in a responsible way. “Blowing it out” is not the right answer. Pricing to the value of the item and selling to our customers is the right way. The challenge to you is to know the aged cost rolling into your inventory DAILY and outrun it! Meaning if you have $300 in cost becoming aged, you need to sell it now so that it never adds to your aged inventory. Feature an aged item every day to move that item before your shift is up. Showcase aged items on an end -cap in your store. Make reducing aged inventory fun! If we all reduce our aged inventory, it helps our company overall to be the BEST IN THE WORLD AT EVERYTHING WE DO!