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Owning a Dollar Store
In its purest form, a dollar (or 99 cent)
store only carries items that cost exactly
that much. Some of these stores, nonetheless,
do not adhere strictly to that pricing policy,
but still feature an array of inexpensive,
everyday items. As traditional five and tens
(five and dimes) disappear, dollar stores
fill much of the same retailing niche.
In general, there are two principal strategies
for stocking a dollar store, which are not
mutually exclusive:
- A stable lineup of useful yet inexpensive
products, in categories that are not well
served by other retailers in the area. For
example, with the demise of old-style five
and tens, sewing needles and thread are often
hard to find.
- A constantly changing array of overstock
and closeout items, sold at deep discounts.
You look to develop a steady clientele of
determined bargain hunters who visit on a
regular basis just to see what deals they
can get.
There are also two main approaches to store
layout:
- Aisles that expedite customers’ finding and
purchasing what they want, assuming that
they enter the store looking for specific
items.
- Forcing customers along a path from entrance
to cash registers that winds its way by everything,
or nearly everything, in the store. This
design spurs impulse purchases, and is particularly
effective in a store that features closeouts
and overstocks.
Other considerations include:
- Potential customers often are put off by
the reputation of dollar stores for seediness.
You would do well to be sure that your store
is bright, clean, and neat.
- Seek a location in a busy shopping center
or retail district. Attracting customers
to an isolated store may be difficult, given
the nature of your merchandise.
- Before even considering opening your dollar
store, conduct an extensive
survey of other retailers in your area, noting
what they do or do not offer in the
realm of inexpensive, everyday items.
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