Ideas for Retail Businesses

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Successful retail businesses are able to maintain high traffic and significant profit margins by targeting products to motivated customers. Whether you have an existing retail location or want to open a new store, incorporating innovative ideas for a retail business can generate increased sales and profits. The best ideas for retail businesses drive long-term profits and keep interest high in your retail business to entice new customers and encourage repeat customers.

Temporary Events

  • Set up a retail business that targets events, traveling exhibits or festivals. You could offer customized event T-shirts, sell on-the-spot framed photographs of the event or other souvenirs. Pair your retail business with a traveling art exhibit, traveling show or music festivals that would provide a built-in audience to target your goods. Customers at these events usually look for commemorative merchandise, that can also provide more information or be given as gifts. You can typically command a premium price for your goods due to the customized and limited ability of the products. Extend the reach of your retail goods by pairing your physical retail presence at events with event-based web stores for customers to purchase away from the event and to help you get rid of any leftover inventory.

Deal-a-Day Store

  • Create a deal-a-day store that builds on the popularity of online stores such as Woot! or ThingFling. Offer one highly enticing deal a day that drives customers traffic. Offer other deals for customers to purchase beyond the special deal based on the same limited-time deal approach. This interesting twist on a traditional retail store will generate significant buzz and encourages word-of-mouth advertising. Consider offering a limited number of your daily deal each hour to make sure customers have an equal chance of making the purchase and to encourage more time in your store as customers wait for more of your deal inventory to be released for sale. The longer customers stay in your store, the more likely they will make larger purchases.

Ranking Store

  • Establish a retail store that offers the top two or three items in ranking. This method will reduce your inventory needs and can help customers easily select a high-quality product. This interesting twist on a retail store could work for electronics, computers and equipment, appliances, toys or any item that has third party, independent rankings available such as Consumer Reports. This retail business idea can help bring motivated customers to your store who are ready to purchase, but do not want the hassle of researching products themselves. Consider placing a premium price on the top-ranked item for profit maximization.

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