Emergency Store Closure and Markdowns

Markdown Grace period is a feature added in Liberty REACT.

It creates a window of time where your time-based markdowns, expire period, and pickup date calculation don't apply.

Example: I have an item processed on 2/1/2020, a 30/60/90 day markdown schedule, and 105 day expire date. I now set up a markdown grace period lasting 7 days starting on 3/16/2020. That item will now mark down after 30/67/97 days (the 30 day markdown occurred before the start of the markdown grace period and is thus unaffected). The item expires after 112 days.

Grace Periods *will* effect the markdown dates that are printed on tags, as well as the markdown schedules used for online items. Keep in mind that they will only affect web items pushed up *after* you've set up the grace period. Likewise, Grace Periods will apply to items that you already printed tags for, even though the tags reflect your original markdown structure.

You can set up Markdown Grace Periods by navigating to Setup > Price Codes > Markdown Types. Edit each markdown type and set up a markdown grace period start date, and duration (in days).

Excerpt from Markdowns By Time help article:

Markdown Grace Period: The Grace Period is is for when items on this markdown need more time on the floor either due to planned or unplanned circumstances. Enter in the amount of days your grace period will be in effect.

Example: There are items on the floor that have a 30 days, 60 days, 90 days markdown cycle. By Contract you agree to have those items on the floor for the full time of the contract, with equal exposure time on the floor before they markdown. Let’s assume the store closes for a week at the beginning of September for Summer Cleanup, and the store will be closed for 7 days. You would put 7 days in the Markdown Grace Period. This will stop the markdown on the Grace Period Start date and freeze it, extending the period for 7 days, and starting back up on the 8th day.

So if there are items on the floor, and their markdown is for 30 days, 60 days, 90 days, and the first markdown would start on August 20th, then under normal circumstances the second markdown would start on September the 19th (31 days in August), and the third would start on October 19th. Since the store was closed for 7 days, then the remainder of the current markdown schedule will need to be extended 7 days.. So the second markdown will now start on the September 25th and the third will be October 25th.