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Retail Merchandising. How To Increase Your Bottom Line A Farrell Presentation Farrell Enterprises Ltd. 66 Bartor Road Weston, ON M9M 2G5 www.farrellonlinestore.com 416-745-2711 ext.29. Why sell retail?. Your target market (self storage consumer) needs moving supplies
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Retail Merchandising How To Increase Your Bottom Line A Farrell Presentation Farrell Enterprises Ltd. 66 Bartor Road Weston, ON M9M 2G5 www.farrellonlinestore.com 416-745-2711 ext.29
Why sell retail? • Your target market (self storage consumer) needs moving supplies • If you don’t offer, someone else down the street is • Well merchandised moving supply store draws in drive-by customers....moving supply customers may need self storage space. VERTICAL INTEGRATION
How much can you sell? • Sales results vary from a few hundred dollars each month to MANY thousands. • Somestores consistently generate $2000-$3000/month. • This means $12,000 to $18,000 in profit dollars added to bottom line each year. • Top Canadian stores generate $8000++/mo during peak season. • That’s $48,000++ in profit dollars added to bottom line each year.
How do the best stores do it? • Incentive programs • Reward your employees for selling retail – and expect to see double digit increase in retail sales figures. Some have doubled sales by adopting this technique. • Note: Retail Stores average gross margins in excess of 50%. Take a small percentage of that (5-10%) and roll it into an employee incentive program.
best merchandising practice 1 • “Stack it high and watch it fly!”
Best merchandising practice 2 • Price labels on all merchandise
Best practice 3 – demonstrational displays • Display products “in use”, helps consumers visualize product benefits
Best Practice 4 is a-maze-ing • Force customers to wander through your retail maze
Best Practice 5 “you can’t sell from an empty apple cart!” • A well stocked store is a profitable store. Keep the hooks full, products faced forward.
A business with no sign is a sign of no business • Outdoor signage attracts drive-by traffic
Use the web and yellowpages • List your facility under packing/moving supplies in yellow pages, other directories • Use your website to promote retail store - List all retail products in an online catalog with pricing, pictures, product usage information.
Kijiji, craigslist, shoptoit.ca • Listing retail specials on online directories is another way to drive in traffic. • Don’t say “we sell boxes and moving supplies” • Instead advertise a few key products that lead to other sales. • Example: offer blow-out price on 2.0 cube boxes, knowing that purchasers of boxes need tape too
