Hoarding has come into our consciousness through TV programs showcasing people who have extreme hoarding issues. I had not made a connection of hoarding as a retail problem until I thought of one stand out dealership showroom make over.
While leading a multi-line showroom makeover project, the owner was picking through a pile of stale merchandise we had collected. It was intended for the clearance section. He collected and extracted a parts washer no less than 10 years old in its shopworn packaging, and he carried it off under his arm trying to not be noticed. It’s funny to recall, but the reality is here is someone who has a mental state that dictates the outcome of his store’s success. He wasn’t finished either as he continued to dumpster dive more products.
Hoarding knows no limits, nor economical or social boundaries. In hindsight, I see it’s in retail and sadly, fairly common in powersports retail. Stale merchandise is valuable to someone, but the likeliness of your customers wanting a product that’s out of date at full or nearly full retail is very slim. We’re in a time where every customer and dollar is crucial. Hoarding your merchandise is not saving you money on inventory. It’s costing you many lost sales. Let go of that old inventory and take the cash to the bank. YOU NEED IT, as a dollar is better than no dollars. The long winter will come soon enough and cash is king for surviving.