MAY 18 I INSTRUMENTAL MUSIC CENTER I PROMOTION I BY ZACH PHILLIPS
The staff at Instrumental Music Center spent the April 29–May 1 weekend peddling old, slow-moving stock in the store's parking lot. The occasion? The company's annual Rummage Sale, which, according to Leslie Faltin, co-owner of the Tucson, Ariz., dealership, drew about 500 people and grossed roughly $15,000 in sales.
The event is part of the company's ongoing effort to keep its inventory current and boost turns. A few of the sale items included old horns customers used for trade-ins, $30 violins and a Gene Simmons bass.
"[Music retail accountant] Alan Friedman says that if anything in your store has a birthday, you should sell it at any cost," Faltin said. "The cost of that item is small compared to the lost revenue that you could be earning if you moved the bad merchandise and replaced it with inventory that will sell."
She added that the sale cost roughly $200 to host, and that covered its promotion. Staff hung fluorescent signs in the neighborhood and a banner on the street corner. Beginning a month before the sale, Faltin also placed a "fun ad" on Craigslist and refreshed it weekly.
"The number of musical instrument stores has declined in Tucson, with three closing in the last three months," Faltin said. "Although the economy has required some changes and adjustments, we are happy to announce that our store is doing well."