6 Tips for Fast Inventory Turnover when Running a Dollar Store

6 Tips for Fast Inventory Turnover when Running a Dollar Store

A store that looks full will outsell a store that appears to be about ready to go out of business. When running a dollar store the challenge is to maintain that filled to the brim appearance with merchandise that sells quickly. The last thing you want is a store filled with tepid or even cold sellers. Sure your store will look full, but nothing will be selling. So how do you keep the best merchandise in-stock and selling? In this article I present 6 tips for fast inventory turnover when you own and operate a dollar store.

Tip #1) You must know your market. Running a dollar store is not for the person who wants to maintain a hands-off approach. It is important to know the marketplace. This includes knowing current and emerging trends, hot selling merchandise, and other factors that may influence sales levels.

Tip #2) You must know your shoppers. Just as you must know the market, so too must you know your customers. You must understand their most compelling needs, their wants, and even the merchandise that will motivate them to return to your store more quickly and make even bigger purchases.

Tip #3) You must be a cost-cutter. It comes with the industry; you must be willing to negotiate. Even more importantly you must be a good negotiator. There simply is not room to pay even an extra penny for anything given the tight margins you will be operating with. The very success of your store depends on you being an intelligent and effective cost cutter.

Tip #4) You must never over-buy. Who needs a warehouse filled with excess slow selling merchandise? Every dollar you have tied up in merchandise that is not currently on the sales floor is a dollar that cannot earn you money today. Sure, someday most of the items will end up on the sales floor. Yet as the items sit waiting for that time to arrive they are not only collecting dust. They are also costing you money.

Tip #5) You must never become enamored by the latest 'craze'. Owning and operating a dollar store is just like any other business. All decisions must be made on a business basis. There is no room for emotions to be the basis for wholesale purchases or operational decisions. Don't learn the latest craze was a one-week wonder by having a store filled with non-selling merchandise.

Tip #6) You must keep your store filled with core shopper needs, and hot sellers. High volume sales come from carrying the right core consumer needs and other hot selling items. Shoppers will come back frequently to purchase items such as household cleaners, routinely used health and beauty items, and other core needs. Make sure they are always in-stock.

To your success when running a dollar store!

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