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Dollar Store Business Strategy – Implementing a Winning Strategy

As one of the few corridors of retail to see growth in a downturned economy, dollar stores hold incredible potential for business owners. By implementing a winning dollar store business strategy you will be able to tap into a section of the retail market that has been shown to offer stability and growth for business owners. As a business professional you know the basics of running a business and you know how to offer exceptional customer service, but there are just a few other strategies that can help to ensure that your business meets the goals you have set for it.

Know Your Customer

In days gone by dollar stores had the reputation for being dark and dingy spaces that offered junky products and brands that no one had ever hear of.  The last decade has seen a total transformation of the dollar store market so that today’s retailers offer light, bright, spotless stores that are well-stocked with a selection of products their customers want and need. Brand names are offered at discounted rates, and customers get increased value for their money.

Purchasing Your Merchandise

As a part of your successful dollar store business strategy you will need to ensure that you are offering the right products to stock your shelves. It is essential that you purchase your stock from a merchandiser that can offer you a varied selection of good quality products, at steeply discounted prices.

Ordering your products wholesale will ensure that you are cutting costs, saving time, and still delivering what your targeted market will be looking for. Keep in mind that there is a marked difference between getting cheap products and getting wholesale priced products. Cheap prices, from less than reputable merchandisers, can often also indicate products that are simply not going to be in demand by your customers. It makes little sense to purchase products because they are priced right when they are not likely to be in demand and therefore purchased by your customer.

It is essential that you only work with merchandisers that have a reputation for being reliable and for having exceptional customer service. You will only be doing your business a disservice if you don’t work with the most reliable merchandisers in the industry.

Vital Business Strategies to Consider

Beyond the dollar store concept, there are a number of business strategies that can help your business to exceed. While you may be “just” a dollar store, your business has every potential of becoming the huge success that you have envisioned for it.

  • Have a clear vision of who your targeted customers are, and of what your business goals are
  • Consistently evolve your product offerings so that you offer your customers new products to try, while still meeting the need for everyday best-sellers
  • Ensure that your business offers a strong set of values. Success in retail is one part products the people want and two parts ensuring that their experience is memorable for all of the right reasons.
  • Address a need that is going unmet. If your store is located near a theme park or a park then offering sunscreen, sunhats, sunglasses, backpacks, baseballs, and other products that are typically sought after for a day outdoors will help you to better meet the needs of your customers. And because your prices are more competitive than the big box retailers, you’ll get a fair bit more foot traffic.

Be willing to adjust your dollar store business strategy where needed. Business is all about having self-discipline to meet your goals, while still maintaining the flexibility to meet the ever-changing needs of your target demographic.

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