Odin Collie

A retail store that buys and sells used books, rents books and sells new books is a profitable possibility for the right owner. If you can find one for sale or a great location with a rent that is affordable, then this business will have a chance for success. Like most retail businesses this type of store needs to have traffic to succeed. The problem with most of them is the chain store competition has forced them to sell without adequate margins in their selling price. A store does not have to beat the price of competitors; it just has to be competitive.

New book sales are going to be a tough one to crack as the chain stores can sell at very good prices. Used books on the other hand are merchandise that there may be no competition at all. Buying books and giving credit for them toward the purchase of other books is a good way to get inventory at little out of pocket cost.

Renting books for a week at a time with reasonable deposits is a way to keep the cash flow up without having to pay for more inventories. Keeping cash flow coming into the business is the key to any retail operation.

Finding an existing store for sale

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Your store, which was thriving till recently, witnesses dwindling sales out of the blue…… The first assumption is that this is nothing but a passing trend. However as the business continues to erode, you realize you must act promptly to shore it up. And after a quick review, what you conclude is that your retail store deserves nothing but a makeover.

Today, society is highly image-conscious. Everything is judged first by how it looks, even a retail outlet! Further, in this changing retail marketplace, consumers’ likes and dislikes change overnight. If you want to retain your share and fight sluggish sales, your shop ought to be more customer-friendly, more modern and more competitive. So keep your eyes open and always welcome change. … Now you must be wondering from where to start that overhaul? Let us help you a bit.

1. Start with the storefront: Do any of these describe your retail business?

? Your store is on the high street or in the primary business borough of your city, but people don’t visit.

? When asked, they said they didn’t notice your shop.

? They noticed, but weren’t interested in walking in.

When consumers walk past your store, you have got only a few seconds to draw their attention. With the right look, image, product and presentation, your store can excite your customers and lure them into buying. So make sure your retail outlet, and primarily it’s storefront, is attractive enough. With some novel ideas, a dull window can be transformed into a dynamic, unique or contemporary window display. Ideally, displays must be used to maximum advantage, showcasing the newest products or highlighting the season’s theme.  Read more...

This unusual economy is causing thousands of business to close, even Starbucks, Blockbuster, Best Buy, Macy’s and hundreds of other nationally known stores are finding it necessary to close some or all stores. I’ve noticed that nearly all are using professional store closing consultants. And, there are many from which to choose. For starters, a search engine search is a good place to begin. For this article I did a search on all three of the top search engines, Google, Yahoo!, and MSN and The Waldoff Group, owned by retail veteran Milton Waldoff came up as number one “retail turnaround expert” on all three. I went to his website and saw a litany of testimonials, all glowing reports from the firms current and previous clients, apparently all agreeing his pricing is reasonable, and is more than justified by the increased results.

Of course research is important, but research does not change a situation where the owner is scrambling each month to meet debts, having to loan personal money to their business, quit paying themselves a salary, having to avoid creditor’s phone calls and behind on tax payments. Research shows that bringing in an outside expert with unemotional ties to the people, products, and actual store itself produces appreciably better results than merchants owners can do on their own. Apparently Waldoff understands this more than most experts in that he built, owned and operated one of the best men’s and women’s specialty stores in the south, producing sales and profits well in excess of industry standards. The store enjoyed a very enviable national presence for over three decades. During a very difficult economy when the store was in a dramatic expansion and not aware of “retail turnaround experts” he closed the store. Rather than laying down, he learned the business of retail crisis management from a real pro and with his many years of operating a very successful retail business he has over the past decade become the ‘go to professional’ for independent retail stores.  Read more...

Have you ever encountered the “Oops” situation in your retail store? Ever said “Oops” when the customer received a damaged or non-working product, when the price rang up incorrectly, when the bonus wasn’t included in an employee’s check, or when a quarterly insurance payment was missed? We have all experienced an “Oops” situation, and we know how that feels as well as what it costs. Using checklists can help to reduce the number of “Oops” moments.

As a retailer, you’re faced with managing a number of areas that directly contribute to your profitability, including sales, operations, inventory, marketing, administration, and personnel. By managing each of these areas carefully and attentively, you can derive maximum profits out of each. Effectively using checklists can help you better serve customers, process sales, direct and control operations, manage costs, and achieve increased profitability.

Checklists are a key component of a successful retail business operation. Utilizing checklists leads to higher profit, more efficient and productive operations, satisfied customers, and a better quality of life for you and your employees. Let’s take a look at some of the major functional areas of a retail operation and see how checklists can be applied to improve overall profitability.

Sales: Writing and recording sales can often be a source of errors and mistakes such as information omission, incorrect data, inexact calculations, return processing errors, inaccurate product numbers or payment mistakes. Each of these errors and mistakes can be reduced, if not eliminated, through the use of carefully designed checklists. Using a checklist will serve as a reminder to follow all procedural steps and ensure conformity with your business practices and policies for all your employees.  Read more...

There are so many things that can prevent a retail store from being successful. We have listed 14 obstacles to retail success. Any one of these can be harmful to your retail business, but it only takes one to be fatal. They are not listed in any particular order.

1. Selection of Products- Many retail owners select products based on what they like. The key is to pick items your customers will love. If you get input from other employees or management, it will make it easier to make better buying decisions. Also, many times the owner has a limited taste and is missing a large group of customers. Ultimately, the owner may make the final decision, but the more info presented should result in better buying for the retail business.

2. Not Organized- Too many owners run their business without a plan. You should have short-term and long-term goals. I used to have a weekly list plus a master list of things to do. It was always subject to change. Also, take care of mail daily. I have been to stores and see mountains of mail stacked high in the store.

3. Lack of Delegation- Too many owners refused or afraid of dele-gating. It may be they are control freaks or do not trust employees. Both are bad and will severely limit your business. By delegating to employees, it creates better employees and ones who will take more pride in your retail business. Start with delegating simple things and go from their. You will be amazed at what your employees can do.  Read more...