In years past we donated fixtures or threw them away to clean out our warehouse and get the tax write-off. I’m guessing your showroom does the same.
Consider holding a “black-tag” event instead.
Advertise a one-day black tag event where the first people through the door (set the number based upon how many black-tag items you have available) get to pick one item with a black tag on it and take it for free. No questions asked, no purchase necessary… free lighting!
This also works well as an invitation-only event, by the way, as a way of rewarding your loyal/best customers once per year and reminding them that you love them.
It’s also smart to gather up and have plenty of red-tag (50-75% off) and green-tag (25-50% off) items for purchase as well. Also, make sure to have a bunch of impulse items available like table lamps, bulbs, etc.
You usually still gain the benefit of writing off the black-tag items (check with your CPA first about the specific tax laws in your area) but ALSO gain new traffic and client loyalty at the same time!
Jason Petersen owns Hansen Lighting Inc. a lighting company with multiple showrooms in Utah.
Jason acquired Hansen Lighting out of near-bankruptcy in 2004 and turned the company around by implementing outside-the-box systems and ideas. The company is now one of the fastest growing companies in America (#3087 on the Inc. 5000 Fastest Growing Companies list) and has been recognized as one of the most profitable privately-owned retailers in North America.
Jason is also the co-founder of XOLogic and Lit Living Inc.