In early January, I let the downtown community know that we would be giving our six-month notice at the end of the month if our financial situation did not turn around. It is now almost 6 weeks later and I thought I would provide a “Downtown Store Update for February”.
First off – Thank You!
We not only met the financial target I set for January but we surpassed it. The first week after the announcement of “Use Us or Lose Us” the sales were at a very nice level. It looked very promising. As the month aged, the sales kind of dropped a bit – about 15%.
While this boost was a welcome and wonderful surprise, we need to maintain this momentum. A day, week or month does not mean a turnaround. It has to be sustainable, consistent, and right for everyone. We are striving to make this a viable location and it is still necessary that we take things on a month to month basis.
Our daily sales are still above the level we were last year but well below the daily average sales of January. February is a tough month for retailers since all the costs are the same but two to three fewer days of sales.
As mentioned in an earlier post, we would like to maintain the daily sales of January but that does not look like it will be reachable with the sales so far this month. The present sales for our downtown store are 15% below January daily sales but we are on target to meet my original target (as long as they continue to maintain these sales figures for February).
Is that kind of confusing? When I set out the original targets in early January I set out conservative targets. These targets were still very much below what we needed to have a financially viable business at the downtown location but the intention was to set targets that would be achievable and move in a positive direction. You have come out to support us and even though some of the support seems to have faded, the daily sales that we are experiencing for February should meet our target.
We appreciate your support and we look forward to continuing to serve the downtown community!