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Markdowns are downward adjustments in retail prices often called reductions Merchandise Buying and Management John Donnellan An article Free Up Space and Money by Reducing Markdowns by David Wing discusses the best ways to get markdowns out of the store giving the retailer more space to sell full priced items I found this article very informing and also very helpful to somebody in the retail merchandising business As stated in the textbook markdowns can be represented as percentages off of the actual retail price or stated in markdown dollars According to the article Wing states that the best way to state your markdown is in dollars because customers relate more to dollars than percentage rates There are many reasons that merchandise would get marked down for example they could be slow sellers A buyer could have believed that a product would have sold quickly but in actuality isnt going anywhere This leads to the items sitting in the store taking up space for merchandise that could be selling much faster To get rid of the merchandise that is not selling you would have to mark it down usually starting with the least amount that you would have to Then if the goods still arent selling you would have to markdown even more This is something that happens very often in the retail business but is tried to be avoided over and over again As stated in the article markdowns should be sized colorized and price pointed Sale items should never look like junk because that is what customers will think it is It shouldnt be hidden in the back of the store but maybe put up front so customers see it first and hopefully buy it Many customers are dollar consciences so an appealing markdown area would be perfect for them To make the area more appealing use displays in the area This will make
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