Things to Consider When Opening a Store
Posted in Buying Tips on August 27th, 2009 by brian – Be the first to commentThe success of your store depends on a number of factors, including location, presentation and merchandise quality. Before you open a dollar store, ask yourself the following questions:
Are there other successful non-competing businesses nearby?
* It would be nice if your one dollar store was a destination, but it’s important to attract impulse buyers as well. It’s easiest to do this if there are many people already shopping at other types of stores in the area. Look for successful restaurants, laundromats, coffee shops, movie theaters, and higher price retail stores near your location. One of the most successful dollar stores we know of is right next to a busy movie theater, where people come out after the movie and ask each other “what do we do now?” If the store has a low price point and interesting displays in the window, people are likely to say, “Let’s go to the dollar store.” In this situation, the dollar store would do well to stock a lot of snack foods, which people would buy and bring into the theater with them.
Is there ample parking nearby?
Is there a lot of foot traffic in front of your store?