6 Tactics to Reduce Dollar Store Merchandise Cost When you Own a Dollar Store
When you own a dollar store you will soon discover the very nature of the dollar discount business is one of providing the very best possible dollar store merchandise to your customers at great prices. To achieve the resulting dollar store sales, every dollar store business owner must always work to open the vault on the brand name and other high quality products that are in demand with their shoppers. They must always work to reduce wholesale prices, and to broaden the selection of core products offered. While this may seem like an almost impossible task, there are tactics that make it a little easier.
Tactic #1) Attend dollar store trade shows. Dollar store trade shows are the perfect place to meet dollar store suppliers and to examine dollar store merchandise for your store. Plan to attend one or two dollar store trade shows prior to actually starting your business. Then continue this practice every year to stay in touch with emerging dollar store suppliers. You will see the hot, in demand products your customers seek as well. Take advantage of dollar store trade show special pricing while you are there.
Tactic #2) Look to the local marketplace. Virtually every major metropolitan area will have dollar store suppliers offering merchandise for your business. Some will be dedicated to dollar discount stores. Others will offer dollar discount store merchandise in conjunction with many other offerings.
Tactic #3) Look to the secondary marketplace. Locating top closeout and liquidation suppliers may take a little extra work. However they offer you the opportunity to purchase merchandise for your store at only pennies on the dollar.
Tactic #4) Buy in bulk quantities. If you own a dollar store be sure to recognize the purchasing power associated with buying dollar store merchandise in bulk quantities. The discounts can significantly impact your bottom line profits.
Tactic #5) Negotiate for freight caps with your dollar store suppliers. Some suppliers will offer either paid freight or at least caps on freight when certain criteria are met. Often these are based on spending a predefined amount of money on merchandise. Once the spending goal has been met, their freight caps or discounts kick in.
Tactic #6) Partner with other local businesses to fill entire trucks with merchandise. Then share the savings by charging each for only the pallet space they consume. This will seem almost impossible initially. However as you become known in the local marketplace other bargain hunting companies will begin to step forward to discuss leveraging freight costs.
To your success when you own a dollar store!
