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In today’s economic times every dollarstore retailer needs to examine the products carried in their store. This isn’t the time to have your hard earned investment money tied up in underperforming products. In fact this is the time to make sure every penny of your money is earning as much as possible for you. Since purchasing and inventory management are among the most critical factors in defining your ultimate success, it’s time to totally eliminate poor performers from your inventory. With those products gone, your money should be tied up in quick turning and higher margin products for your dollarstore. No matter what action you take, reduce non-essential merchandise inventory. There are many old standby products that just won’t sell in today’s frugal shopping environment. Examine your current product mix and liquidate all non-selling items completely. Your money is being wasted. Do whatever it takes to eliminate these items from your inventory completely. Deep markdowns, surprise bags filled with these and other items, and closeout sections in your store are among the easiest tactics to quickly eliminate these items entirely. Reduce inventory levels in your dollarstore. Focus on all slower-selling items and cut them to the lowest possible levels. Maintain those new levels even if it means you periodically totally run out. Rather than reordering when you are down to one case, cut that in-half and see how long it takes before you need to reorder. Keep experimenting to reduce the on-hand quantities of these items to the absolute minimum. Focus investing your money to maintain consumables and the other best selling products currently in your store. Just as you eliminate non-selling items entirely, never allow your dollarstore to run out of your best selling and consumable products being offered as well. These are the items that will bring shoppers back time after time. Selectively expand the hottest and highest profit departments, products and product lines while you are reduce the poor performing departments and products. It’s important that you carefully grow your inventory in these areas to grow sales while also improving profit levels. Don’t go overboard and instantly build inventory until you are absolutely positive the items you purchase will sell quickly and at a profit. Add new products to your dollarstore business product mix. Start by adding the items that are being most frequently requested by shoppers in your store. Ask vendors for hot product ideas. Ask your competitors what sells well for them. Always work hard to locate new suppliers with lower costs. To your dollarstore success! Find out how you can open your own dollar store business. Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.
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