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Answer from our Guest Expert Peter Hupalo of Hupalo Ltd.
PAGE 5
Consider Your Location Costs
In addition to improving your cash flow and stock pile, try to minimize your commitment in leasing retail space. Store location is an important factor in retailing. Often, the best locations are expensive. Give yourself an out, in case the store proves unprofitable.
Marketing Tidbits
How you market your used-clothing retail store will play a role in your financial success or failure as well. Consider ads that read, "Buy, Sell, Trade," so that you bring in not just sellers, but also buyers. Make your advertising do double duty.
I really like your idea of having video and pinball machines at your location. That's savvy marketing. Do things to draw your potential customers in and appeal to their interests. You just might find the money you get from these sources prove profitable -- not to mention the marketing effect is powerful. Other marketing ploys to consider are piping in trendy teen music; offering cool accessories; and forking over incentives to those who are your regular suppliers and buyers.
Always Consider Your Financial Risk
I think your idea could work and be profitable, but it probably won't be easy. Retail is a tough industry. So is apparel. Failures in these industries are high.
Retail Resources
San Francisco Fashion Industries has information on the apparel manufacturing business and starting your own label.
The National Retail Federation has a FAQs page that will provide answers to some basic questions, such as "Where do I find merchandise to stock my store?"
Plan Fact, a UK site with some interesting articles about merchandising. In particular, the short piece that discusses three key factors: profit margins, turnover, and financing which contribute to success.
Consider these books as well --
- Why We Buy: The Science of Shopping
- Retail in Detail
- Management of Retail Buying
Hope this helps!
Peter Hupalo
Author of Thinking Like an Entrepreneur
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