Cash flow, or lack thereof, can be a major problem for any type of business. In a retail business, it can hinder the stocking of shelves, hiring additional staff, and you, the owner, taking home your own paycheck. Understanding potential common causes of cash flow issues may help prevent the problem, although sometimes it may just be out of your control. Let’s take a look at some of those reasons.
There comes a time when a retail business owner may decide it is time to close the doors. If you think it’s time for you to start your outdoor gear closeout sale, you should take the time to do serious planning. After all, you don’t want to just give your inventory away, when you could get a fair price for all of that outdoor adventure, hiking, and camping gear. No matter what time of year you choose have your closeout sale, there will probably be items out of season, but that’s OK. With the right preparation it will sell. A consultant from G.A. Wright Sales can help you plan and hold your closing sale.
It happens to every retailer. Sometimes you make either order too much of something, or simply order a product you think your customers will buy, but they just aren’t interested. Having a surplus of unwanted merchandise can hurt the aesthetics of your store, take up valuable storage or retail space, and become a financial burden.
However, there is good news! When you end up with excess merchandise that simply didn’t garner the interest you thought it would, there are a variety of ways you can salvage the expense and liquidate surplus from your store.
Whether you have been in the retail for a short time, or a lifetime, remerchandising is an important part of retail sales. By its very definition, remerchandising is simply the act rearranging products of a store to give the store a fresh feel, highlight new or seasonal products, or to feature sale or promotional items. For any particular item, it is the act of physically moving that item from one location to another, particularly if the item is part of a discount or sale promotional.
When it comes to marketing your business, simply sending out flyers or posting fancy advertisements in your store window are gone. These days, it takes much more than that to build your brand. Why? Perhaps because every form of media — including social media — is inundated with ads. There are many businesses offering similar products and there’s fierce competition. Marketing today requires a development of a brand. And when it comes to developing a brand, studying the buying habits of one demographic in particular holds the key.
Why Do Comic Book Stores Have Difficulty Staying in Business?
In July 2019, “Avengers: Endgame” became the highest grossing film of all time. It grossed worldwide movie ticket sales reaching $2.79 billion. With the incredible success of the Avengers films, and overall success of many comic-based films over the past decade, you might think that comic book stores would be enjoying successful profits, as well. However, that often isn’t the case.
Let’s face it, in running any type of retail store these days, you have to be creative. For many, money is tight, and the competition can be fierce. A major key to keeping your doors open is keeping your customers coming back. GA Wright can help with you with customer retention strategies, many of which are general for any type of retail business.
As a business owner or manager, you may not think of online reviews of your business as being important. They are! Whether on your own website, Facebook page or various business sites such as Yelp, Google Reviews, or TripAdvisor, customer impact reviews attract new customers. Studies show more and more people are enlisting reviews in their decision-making from where to go for a haircut, or what restaurant to try, to what clothing boutique has good customer service.
Upon opening a new business, no one is considering under what conditions they may want to close that business. But, there comes a time everyone must make that decision. Whether you have been in business for only a few years, or for decades, times change, and there is nothing wrong with considering closing. Whether business has been good, or not particularly, the decision to close does not come easily. That’s something GA Wright understands.
There comes a time when every retail shop owner must decide how to close-up shop. Unfortunately today, many family-owned music store owners are finding themselves faced with this question. It is a fine-tuned audience, and there are challenges to music shop closing sales unlike other types of stores. But, with the aid of G.A. Wright, there are ways to entice those musically-inclined patrons to help move your inventory.