Cover Magazine Features Overstock Avenue in Industry Leaders Outlook!

We know 2009 was a tough year for a lot of businesses, and we truly hope that the coming year brings much success to all of our valued customers!

Lisa Sperow, company founder and president, Overstock Avenue, Charlotte, NC, explained that 2009 was a great year for her company, and 2010 looks good as well. “We are in a big growth phase right now, and have seen a lot of businesses shift models. Basically, we have gained many customers who were not previously buying off-price. They have had to shift their models to survive this market. These companies will layer in off-price so that they can continue to offer quality brand name merchandise. But they need to be able to buy and sell it for a lower cost than they were used to.”

Sperow is quite aware of a positive turn in the economy, but her optimism for 2010 centers on what her company has done to position itself for the year ahead: “We are optimistic for our growth,” said the president, “because we are adding new product lines, we have added a new website, and new programs for our customers.” Sperow’s greatest concern is about her customers and their buying habits. Although buyers are weary of this recession like everyone else, she said that they need to begin buying earlier in the cycle. “Many customers wait to a more in-season point to buy, rather than stocking up at the beginning of the season. We will see merchandise tighter this year than it has been in the past, so we on the wholesale side will stock up now. We would encourage our retail customers to do the same. Get merchandise early.”

Sperow suggested that the key to success in retail is to continually add new product to the mix, and do not let old merchandise sit there by itself. Retailers must keep adding and layering new merchandise to excite their customers when they come into the store. “Each time the customer comes into your store, they must see new merchandise, rather than stale inventory,” Sperow advised. Overstock Avenue has rebranded itself completely. For the past seven years, it has been known as Madison Avenue Closeouts. Along with a new name, it is offering a new, extremely user-friendly website to help buyers find what they need. It now posts inventory that Overstock Avenue has in its warehouse, and inventories on hand, at its suppliers’ warehouses. This way, Overstock Avenue customers can shop multiple warehouses to get just what they need; a customer service that saves time.

A great new service of Overstock Avenue is to allow customers to visit its warehouse personally. Sperow explained, “We have launched a new program in our warehouse called our ‘Pick and Choose’ program, which gives people another option to buy. In the past, they could select product off of the website. Now, we are opening the warehouse for retailers to come in and pick and choose their own merchandise. This has been an extremely popular program.” There are more programs coming as 2010 progresses. “During the course of the year, we will add several new suppliers. We will not only be offering new categories, but will offer several more price points. In the past, we have offered higher end products. Now we will offer more budget friendly merchandise. We have always been strong on quality and we will continue to be. But what we will bring in are high quality products at a more budget friendly price.”

Read the full 2010 Business Leaders Outloook at Independent Retailer