Tips To Open A Dollar Store
Success for dollar stores depends on a number of factors, including location, presentation and merchandise quality. Before you open a dollar store, ask yourself the following questions:
Will your store be carrying dollar merchandise and have it in a highly visible location that is easy for customers to get to?
Are there other successful non-competing businesses nearby?
It would be nice if your one dollar store was a destination, but it's important to attract impulse buyers as well. It’s easiest to do this if there are many people already shopping in the area. Look for successful restaurants, laundromats, coffee shops, movie theatres, and higher price retail stores near your location.
Is there ample parking nearby?
Is there a lot of foot traffic in front of your store?
How much will the rent be?
It may be worth it to pay more money for a more visible location. When considering a specific location to open a dollar store, find out what type of business was there before you, and why they aren’t there anymore. If they went bankrupt because there were no customers in the neighborhood,
you should look for another location. If they moved to a bigger location because their store was too small to handle all the customers that were coming through the door, sign the lease today.
Is your store clean and inviting?
Is the bulk merchandise well organized?
Make sure customers can easily find what they’re looking for. Consider hanging signs from the ceiling at the head of each aisle, listing what the aisle contains.
Is it obvious to the customer that everything is a one dollar store item?
If you are selling over one dollar merchandise as well, is it obvious which are dollar items and which are higher priced items?
Do you have a new dollar items section?
It’s good to have a big, easy-to-see display near the cash register of your dollar store saying “New This Month” displaying recent additions. For maximum impact, you’ll want to show high-perceived-value items that are unique. Customers are more likely to revisit dollar stores if they know they will find something new every time.
Do you have displays or signs in the windows offering great deals?
Can people driving by, in either direction, clearly see that your store is a one dollar store?
- Make signs as big and visible as possible. They might not stop today, but they’ll remember you are there.
Are there items in the store that make people say, “I can’t believe this is only one dollar”?
Everyone loves a bargain.
Will you carry seasonal dollar items?
If so, make sure you have enough, and make sure you have room to store any extra stock until next year.
What types of items do the people in your neighborhood like to buy?
- If you’re near a school, you’ll want to carry stationery and age-appropriate toys. Near a lake, you’ll want to have fishing items and water toys.
Are you planning a grand-opening event with prizes?
- It’s a good way to let the neighborhood know you’ve arrived.
How will you let people know about your one dollar store?
- Will you put up a big Coming Soon sign before you open your dollar store, post flyers, or advertise in local papers? When you open a dollar store, people have to know where it's located in order to be successful.
How many days per week will your store be open, and what hours?
Do you plan to be there all the time, or will you hire employees to help you run the store?
Are you prepared for busy times?
Do you have enough back stock, and do you have enough employees to help the customers?
Are you prepared for slow times?
Do you have enough money in the bank to handle temporary lulls in business?
Do you have reliable suppliers of bulk merchandise?
- Make sure you select the right 99 cent store wholesale company. Whenever possible, you should see the merchandise before you buy it. You can go to trade shows for dollar items, have distributors send you print catalogs, or order a company’s merchandise online.
If you have any questions about dollar stores or buying general merchandise wholesale, give us a call!