3 Tips Regarding the Right Dollar Store Merchandise for your Store
By: Bob Hamilton
If you are about to start a dollar store one of the challenges you will face is determining exactly what dollar store merchandise to initially order for your store. Then there will be the challenges of decided which items to always carry, and which can be allowed to run very low if required by your ordering process or cash flow. To make this management task a little easier to handle, consider developing a set of rules for the ordering in your store. In fact consider incorporating the 3 tips that follow to make it even easier.
Tip #1) If you start a dollar store be sure to make consumables a top priority. In fact, always without exception make consumables a top ordering priority for your store. Items in this dollar store merchandise category include dish soap, auto dishwasher soap and other household cleaners, paper products including paper towels, bathroom tissue, and facial tissue, and health & beauty items such as toothpaste, hand soap, deodorant, and shampoo. These are the products shoppers need and will come back time and again to buy. However these items must be in-stock at all times to retain your shoppers and to keep them coming back.
Tip #2) Consider developing a plan to purchase replenishment merchandise for departments based on their sales. For example toys are always a big seller so dont ever allow them to run low. Make sure seasonal toys are in-stock as the season approaches. Party & gift is another department that always ends up as one of the top producing departments. This area generates a lot of store traffic, and the overall profit margins will often be among the highest in your store. Never allow core items to run low in these departments.
Tip #3) A valuable tool to use in the buying process is open to buy. That means you have an overall store budget that is based on a percentage of sales. Next track by-department sales and allocate money back to purchase replenishment merchandise based on the sales-by-department results. If one department ever needs extra money, reduce allocated spending for another department to cover. That way replenishment was always managed to your sales level.
If you start a dollar store be sure to incorporate these tips into your initial and follow-up ordering processes. They will make the challenges of carrying the right dollar store merchandise much less challenging for you to handle.
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