What Every New Retailer Needs to Know
We love our retailers—the old and the new. In this blog were sharing seven tips for those new retailers among our readers who can use a little helping hand. We’ve got the low down on everything from finding your location to buying product to staffing your store.
1 Choosing your Location
You’ve probably heard before “location, location, location”. And the location of your shop can not be overrated. As a new company you won’t have the brand recognition of a national chain so foot / drive by traffic are key—so ask the estimate number of people who pass by the location each day or week.
2 Look at nearby retailers
If you’re in a mall or plaza, look for it to contain other non-competitive stores that attract customers who will also shop your store. If you’re scouting a location in a downtown area, look for it to have a robust number of stores that are open similar hours to you. Consider following the trend here—if everyone is closed on Monday’s, customers will adapt to that and business will be slow so it would be useful to close then too.
3 Keep your products on point
When you choose products for your store, keep them on a theme. If you’re a kitchen store, having frilly aprons is a great fit, having nail files probably is not. Customers will grow to know what to expect in your store if you stick to products that fit together.
4 Keep it fresh
Although we suggest you keep to your theme, that does not mean you can’t have new products in your area. In kitchen, chalkboard art has grown in popularity in the last couple years. Even if that is not something you traditionally carry, if it goes with your theme, and it’s new and fun, it should probably go in your store!
5 Hire the best
Don’t be afraid to hire a really good, experienced manager. This person may cost a little more but will be worth the money in the end. If you’ve got someone strong in charge that is a long term employee, this can make up for any turnover and training of your other employees
6 Sales and Events
Sales and events can set your store apart and generate excitement which can lead to bigger basket rings. Hold sales a few times a year and put the sale items towards the back of the store to encourage shoppers to pass through the whole store to reach the deals. Host events in conjunction with sales—like a pre-holiday sale that you kick off with a wine night—or on their own like a girls night out party with mii manicures and shoulder massages.
7 Loss prevention
Unfortunately, stealing is a part of the retail world and ignoring it won’t make it any less likely to happen. Make sure you take steps to protect yourself from theft like keeping small items near the cash register, talking to employees about how stealing harms your business and using a real time POS system to make inventory easy.
Whether you’re choosing your perfect location, hiring the best store manager ever or protecting your products against theft, we hope you can use this blog as a guide for your retail store. As a new retailer what other questions do you have that we can answer? As a seasoned retailer what advice do you have for the new kids on the block? We’d love to hear from you in the comments below!