Consignment Profits

WHEN A CONSIGNMENT IS LEFT HERE AT A PRICE SO LOW THAT A GOOD, HEALTHY, SIMPLE PROFIT COULD BE MADE SELLING IT WHOLESALE, THEN IT SHOULD BE PURCHASED IMMEDIATELY. THE REASON FOR PURCHASING IMMEDIATELY IS THAT THE CONSIGNER MAY CHANGE THEIR MIND, COME BACK TO PICK IT UP AND WE “LOSE” THE BUILT IN PROFIT.

The following is a discussion of a consignment that sat “unbought” in our diamond box with AT LEAST $1000 built in profit.

When money is on the floor – you pick it up. That’s how I see consignments that have “profit built in”. It should have been done THE DAY it was memo’ed (in this case, the day he ok’d the memo).

It is the job of all staff to “pick up money” when it is there to be had. If “the company” doesn’t have it, then it can the owners. If they don’t have it, then other creative methods can be found.

I have personally lost money because a cosigner came in and asked for an item back and I had to return it with profit built in. This is not acceptable. There are too many people in the store nowadays for anyone to confidently state “I won’t let the cosigner pick it up”. In this particular case, the guy could have come in on any Saturday, asked for it back and we would have to return it.