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First it was the old nickel and dime store, and now it just might be the 99¢ or $1 format retail stores that see themselves melt away. There seems to be a supersonic rise in costs, a much more experienced and knowledgeable set of competitors, and customers have gained a good understanding of the dollar store world. Those who own a dollar store cannot just stand by and not really work to understand the marketplace they operate in. As that marketplace changes those very same business owners must respond to what they see. If they don’t react appropriately, they are facing tough times. In fact, just staying in the game sometimes requires quick action. In this article I present 3 important actions for those who own a dollar store to seriously examine. • Maintain adequate inventory levels of the most needed dollar store items. Just a partial list of the items your customers depend on you to provide are household cleaners and supplies, disposables such as paper goods, food wrap and plastic bags, and health and beauty items such as soaps, shampoos, and dental care products. • Broaden the selection of items being offered. This is especially true when it comes to core dollar store items. For example, do not assume carrying one brand of liquid dish detergent will meet shopper needs. Broaden to include an assortment of scents and then broaden across the full selection to include more than one brand. Repeat this process for all core consumables in your store. It also means you need to examine new products and bring in those which will sell and are not being carried by your competitors. • Highlight dollar store items not seen in competitor stores. Stand apart from the crowd by offering popular items not carried by those competitors. Become known as the store where there is always something new arriving each week. Achieving this is as simple as adding one or two new items to every major order you generate. It is fine to also make some of these items a one-time purchase to add more excitement while maintaining control over the total number of different items carried in your store. If you own a dollar store stay in-touch with the business environment you operate in. Watch for significant changes in costs, product availability, new competitors and any other major factor which may impact your business. If the impact of a change will be positive, leverage it as much as possible. If the impact will be negative prepare actions to minimize the impact. Are you interested to own a dollar store? Visit http://www.openingadollarstore.com and be ready to have your whole view of dollar stores changed forever.
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