Lowes57597
6 replies (most recent on top)
What’s next?
An outlet store will eliminate many "bottom feeders" in my store. I have guys that do nothing more than go around to all Lowe's in the area and buy clearance or damaged product. I've never seen them buy a retail item. I've caught some cutting concrete bags to get them for $1.
But, I've also caught XPO scratch appliances going to my Pro customers when they have too many stops. They call my customer and say "your refrigerator is scratched, we'll bring another one tomorrow". I personally inspected the appliance with a witness, because it happens too often. I tell XPO to take it and I'll discount it. And it's amazing. They don't have time.
So, outlet stores will be full of these shananegans too.
Maybe Marv will open a Payday Loan booth in the stores. The employees can use it to buy back the money Lowes is stealing from the them at predatory interest rates. Wall Street would LOVE it, and Marvin would be their golden boy...
Sending damages out of the store is actually a good move. The company takes way steeper discounts in store for damages than they do selling them elsewhere. Managers tend to go to 90% when the damages clog the aisles. Then you sit there and argue with people who want 90% for a small dent.
Sending damaged appliances out of the store means the store takes no margin drain on appliances and deliveries can pull orders from fresh stock. That was a smart move, but I am pretty sure it was in the works prior to Marvin coming in.
Leasing to own is a rough one. On one hand leasing to own is a terrible financial move. You end up paying way more in the end. On the other hand, if one needs a fridge and has no credit, it does allow people to buy things they desperately need. Its far better to have a fridge and pay high interest rates than to have no fridge at all. And of they come into some money they can pay off the lease agreement early and save on some of that interest.
If you are financially stable, then leasing is an awful way to buy something. If you aren't, but really need that replacement appliance it can be life saving. As long as sales people are explaining the terms correctly and not trying to push it on customers that dont need it, leasing isnt a bad option to have.
I like the appliance outlet stores, I spend more time selling to the scratch and dent bargain hunters than I do with customers buying new. The bargain hunters all want more knocked off. The only downside is I can’t tell the other associates about deals when I know they are looking.
I’m not in favor of the lease to own and won’t be pushing my customers into it; same with the Lowe’s credit card and it’s outrageous interest rate.