Overview For a brief period, it was believed brick-and-mortar stores are as good as dead and buried. However, Covid-19 and its aftermath ha
For a brief period, it was believed brick-and-mortar stores are as good as dead and buried.
However, Covid-19 and its aftermath have reminded us that most people still believe in brick over clicks even though the latter has taken over the lead now.
Now, what explains this charm?
Well, let’s face it: nothing beats the thrill and excitement of shopping in person, feeling and even trying the products yourself, buying on impulse, walking out with what you want immediately, and well, making the most of discounts.
This is precisely why discount stores are here to stay.
People just love discounts and can’t get enough of them.
Hence, it would be wise to build and run a discount store.
Wondering how you can do just successfully?
Here are 9 ways you can build and run a successful discount store that will offer you a high return on investment:
1. Get To Work On The Pricing!
The first thing that you need to understand is that not all brick-and-mortar stores are successful. But most discount stores are. Yes, that’s right!
Why? Because discount stores offer goods at less than retail prices, giving an incentive to shoppers and consumers to choose a physical store over an online store.
Hence, you need to devise a smart pricing strategy that gets customers flocking into your store regularly and ensures you make high-volume sales.
2. Fix Your Storefront
An effective pricing strategy is essential.
But that is something people can get at any discount store.
Having worked on pricing, you must make your discount store enticing for customers.
A clear entrance sign, bright hues, and aesthetic exterior will increase the chances of consumers walking into your store and making a purchase.
3. Turn Store Windows & Walls Into Active Displays
You sell what you show.
Hence, it is better to utilize your discount store’s windows and walls to display your most popular goods.
These are effective for all gas station stores and dollar stores.
Additionally, it gives you a chance to advertise your products for free.
4. Conquer The Eye Level
The eyes, Chico, they never lie!
Simply put, the most commonly bought items must be placed at eye level.
It makes it easier for consumers to find the goods and buy them.
P.S: putting toys and games at children’s eye levels will boost their sales.
5. Apt Placement
Items such as batteries, nail clippers, and everyday items must be placed near the entrance so that consumers can quickly get what they are looking for.
Some items, such as bed sheets and linens, must be placed together, but towards the end of the store.
You get the idea, right?
This allows shoppers to buy similar products easily. And by walking to the end of the store, consumers are likely to explore other products and purchase them.
6. Aisles Like Corridors
Aisles should be clear.
If a shopper stands in an aisle, they should see the end of the store too.
This makes navigation easier, enhances the shopping experience, and delights customers.
7. Maintain Consistency
Place price tags or stickers in the same place on each product.
Consistency eliminates confusion and saves your customers from unnecessary hassle, making them more likely to purchase.
8. Become A Merchandising Pro
Establish long-term relationships with your suppliers, place orders in bulk, and bargain on prices.
This will give you the freedom to get creative with your prices and streamline your supply-chain.
Low costs mean you can offer better prices and drives sales, while an efficient supply chain ensures you are never out of stock and customers always get what they are looking for.
9. Choose The Loss Leader Way
Walmart, JCPenney, and Target have become behemoths.
Their key to success is their loss leader strategy.
Let us explain what it is and how it will make your discount store a David to several Goliaths!
As a discount store, you could have a product that you sell but face a loss from. While it sounds paradoxical, it’s actually a successful strategy.
People will be attracted to visit your store to buy a loss leader (good that sells for cost or below cost price). As more people flock to your discount store, they will purchase other items to drive sales and cover the losses that loss leaders incur.
Discount stores offer a discount on prices but bring more money than any retail space.
Here at Four Seasons General Merchandise, we can help you each and every step of the way. We have been in the wholesaling business for over 37 years and know all of the in’s and out’s of this industry. Partner with the best in the industry and get it moving!
If you are looking for a lucrative business opportunity, a discount store might just be the ultimate answer to all your business ambitions.
So, what are you waiting for?