“Each store closed was a strategic move” Strategic? Here’s a strategic tip, close ALL of your stores.
The next time someone undersells you between 400-500%, DO something about it, DON’T blame ‘the economy’. If I have a choice of renting a movie for $5 with the possibility of an additional late fee being added on, or a mere $8 a month to rent one DVD at a time for a month, no late fee possible…I’m going with the $8. Whether my income is $12,000 a year or $200,000!
MAYBE I’ll run down and rent a movie that I simply must watch right now (rather than wait for it in the mail) once or twice a month at the most!
Oh, and factoring in late fees as a regular business revenue, not so brilliant. People DO get tired of paying extra for something, regardless whether it’s their own fault or not. Many times I think it was the latter.