Morgan Scheving

Pricing

Pricing

 

During my internship at Lee&Birch I learned how to do markdowns for the store. When we put an item on sale it's usually because there is only 1 or 2 items of that style left so when marking it down we always mark it 20% off. Making it 20% off allows us to be able to hit our margin still without losing money.

Our initial retail is always at cost or wholesale. When it comes to our clothing here we use the general rule of thumb by multiplying each wholesale price by 2.2. When it comes to buying we keep in mind this number so we can decide if it will be worth retailing. Some of the brands we purchase like our premium denim comes with a suggested retail price that we like to use so we are not charging more or less than other stores.