What Successful Stores are Doing Right
We’ve spent a lot of energy at this site talking about store closings, but what about the person reading this who is considering starting a store of their own?
If that’s you, then yes, we are an industry that faces many different challenges, but there are also stores that are not planning on closing this year; stores that are placing Christmas orders and even making plans for next Valentines and next Easter.
We don’t often give space here when it’s business as usual, but my advice would be this: Talk to the store owners and managers and ask them what they feel they’re doing right. As them, “What is it that’s keeping your store open while others are closing?”
…And here’s an idea if you’re considering opening a store. Instead of contacting suppliers and placing purchase orders, consider buying into the inventory (and history) of a couple of existing stores.*
Store owners: Would you be open to a stock split to help a store gain immediate access to a balanced and curated inventory with an instant history? If not, why not? It’s a win-win for both you and the prospective new store owner.
And if anyone dares, leave a comment on what you feel is keeping your store alive while others are closing. Is it something about your market, or is it your marketing, or just dumb luck?
*This is something I would be willing to do myself. It compresses several years of careful buying into one or two purchase orders for a new store, and the product already is priced!