However you'll be richly rewarded when you take advantage of this strategy.3) Locate new lower-cost suppliers.
That also includes wholesale suppliers. Eliminate them in favor of companies with lower pricing. It
also takes time to examine the offers for the true deals that benefit your store.
In this article I present 4 merchandise cost-cutting tactics when you own a dollar store.1)
Start with freight cost reduction when you own a dollar store. It also requires that
you develop buying strategies to leverage your freight deliveries. Start examining options to replace existing
suppliers that are inflexible with pricing. Then negotiate a lower price from a freight hauler
by offering a guarantee you will have one pallet or two pallets, or whatever works
for your store. There are many other simple, creative techniques. Freight cost reduction involves more
than just calling one or two freight companies for quotes on a pallet you have
sitting half-way across the country Tn Requin from your store location. In today's environment many wholesale distributors
are not only offering weekly or monthly specials, but they are also eagerly closing out
merchandise. You'll discover low prices on show specials. Another approach is to group your buying
in specific location. Yet there is another option. Everyone faces the same reality of lower
sales, including those who own a dollar store. Even better, leverage the specials and closeouts
above as a part of this strategy to save even more.Start going to trade shows.
One of the biggest challenges for retailers in today's economic environment is the double-hit of
flat or even decreased sales coupled with increasing cost-of-good-sold on replenishment merchandise. A well-executed cost-cutting
program offers the opportunity to not only overcome increasing wholesale pricing, but to reduce costs
below previous levels. This strategy takes a little legwork and investigation. If you are looking
for the opportunity to buy products at pennies on the tn dollar, then start examining the
offerings of closeout and liquidation sellers. This should be done not only before open you
dollar store, but also routinely after your store is open for business. Freight cost reduction
requires that you first have a clear understanding of your needs. Just put yourself in
the freight company's shoes and negotiate lower prices by offering other benefits to them.2) Buy
replenishment merchandise when its on-sale. With so many companies going out of business in today's
environment, there are some great low-cost buying opportunities. Then go for a quantity discount. Start
developing a list of all the companies you can contact and start working to take
advantage of the specials and closeouts they have to offer. Even better; you'll be able
to see the merchandise they sell right at the show.4) If you own a dollar
store it's wise to start buying closeout merchandise. These store owners are stuck with a
decision to either accept lower profit margins by leaving prices the same or increasing prices
and risking decreased sales. You'll also locate new, lower-cost suppliers to replace those with higher
pricing. Rather than working on freight hauling for 2 or 3 different orders, batch them
and work freight hauling so that one freight company picks up all your merchandise on
the same load. That is to aggressively work to decrease the cost-of-good-sold. For the freight
hauler, knowing there will be something to haul at specific intervals is a huge motivator.
Many are eager to do what it takes to add new customers. For example, establish
a weekly or every-other week buying routine with one of your primary suppliers. It's just
a matter of doing the research to locate those companies.To your dollar store business success!Find
out how you can open your own dollar store business.Bob Hamilton is an entrepreneur, author,
writer, business consultant and trainer..
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