subject: Keep Your Dollar Store Thriving in Today's Tough Economy [print this page] Keep Your Dollar Store Thriving in Today's Tough Economy
Many who open a dollar store are struggling to gain a grip on all the different pressures their business faces. They want to see their dollar store thriving yet there are so many details to be addressed and questions to be answered. What does it take to thrive in today's economy? How can you build a foundation for future success? How do you battle the pressures of rising costs? While it seems like this should be a time that was made especially for dollar discount stores, things just aren't as easy as expected. In this article I present 5 variables which must be addressed to keep your dollar store thriving in today's challenging times.
#1) Build customer traffic numbers. This seems like such an obvious step. Yet many store owners argue there is no money to advertise and promote their business; so they don't. Still others see fair traffic numbers and decide to focus on other issues. Do not make these mistakes if you open a dollar store. Advertising, promotion and marketing are a must-do. If you have limited finances look to less expensive options. Join local business organizations and actively network while there. Meet your neighboring businesses and work exchange discounts for referring new shoppers.
#2) Grow average sale size. Now is the time to build the average sale size in your store. Do this by first carrying the core consumables shoppers must purchase. Next add a good assortment of complementary products and display them right next to the consumables your shoppers came to purchase. Don't forget to use the cash register area for impulse sales. Leverage the sales power of your store end caps with quality merchandising to build sales higher.
#3) Make your store format crystal clear to all. You must know the exact format of your store even before you open. Leave no doubt for your employees and shoppers as well. If you sell all items for 99 or $1, make the message clear. If you offer dollar plus items, price all items to remove any doubt about prices. Use price tags, display signs, and signs throughout your store to send the message.
#4) Know your demographic and make sure they are all seen in your store. You must know your targeted customer. Watch to see who actually comes to your store. If there are changes in the makeup of your traffic, start examining why. If you are missing part of your target shopper group, start examining this as well. You must find the right actions to draw your targeted customers and then take those actions.
#5) Use every square inch of display area. Retail display space is precious. You cannot afford to allow any space to go unused if your goal is to get your dollar store thriving. When you open a dollar store you cannot afford to forget to use store windows, entry lobby areas, end caps, areas along walls and check stand space for the display of products. Keep the gondolas in your store well-stocked at all times. Look for methods of adding extra display space. Maximize the sales display area anywhere possible.
Dollar store owners must always be looking for ways to improve the operation of their store. Focus on your customers and creating a memorable shopping experience for them. Carry the products they need. Look for creative ways to build sales. It takes time, money,
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