P.E.I. tent sale could help vendors struck by COVID-19 clear out excess inventory

Cows Inc. is planning a major tent sale at the Creamery Boardwalk in Charlottetown later this month, and calling on other retailers to book space to sell excess inventory too.

The long-established P.E.I. business says it willbe a one-stop-shop for companieslooking to clear their shelves and racks after a slow tourism season.

Cows Inc. project co-ordinator Grant Taylor-Paynter said public health orders regarding physical distancing will be respected during theinventory sell-off.

"We have to comply with the distancing restrictions currently in all of our business here at the Creamery Boardwalk, and we do follow the same guidelines when we have a tent sale or a clearance event," he said.

Tents will be set up around the property, he said, with the number of units depending on how many businesses sign up. Each tent will be monitored for traffic flow and the number of people in an area at any time.

Taylor-Paynter said10vendors have made serious inquiries; the list of vendors will not be released until all attendees are confirmed.

'Huge tie-up on cash flow'

"Has the COVID-19 situation left your business struggling with excess inventory? If so, this event may be for you," reads a Facebook post.

Ifthe sale goes well, Taylor-Paynter said it could help ease some COVID-19 pain for retailers linked with the tourism industry.

It maybe strengthens everyone just a little bit more going into our winter months.- Grant Taylor-Paynter

Most businesses had their inventories purchased, produced or at least booked for the 2020 season before the health emergency kicked in, he noted.

"It's a huge tie-up on cash flow, of course, to have an inventory that you may have to sit on for an extended period of time, so it is extremely important to try and liquidate as much as this inventory as possible," he said.

Prince Edward Island business closures, which had been hovering around 200 a month for more than a year, shot to 428 in April as the effects of the COVID-19 pandemic took hold, according to Statistics Canada data released in August.

Taylor-Paynter did not want to get into specifics about how the coronavirus pandemic has affected thebusiness of Cows Inc.

"Like everyone else, it's been a year of challenge. However, we are very appreciative for what we have had."

He said the company's aim for the sale is to drum up consumer enthusiasm by combining forces. That way,"it maybe strengthens everyone just a little bit more going into our winter months."

The clearance sale is set to take place from Sept. 17 to Sept. 20 from 11 a.m. to 7 p.m. daily.

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