Dollar Store News
Dollar stores are competing with major discount retailers like Wal-Mart. The surprising thing is that dollar stores are winning. Investors are cooling on the retail giant and the sluggish economy is making dollar stores an attractive destination. Dollar stores are stealing Wal-Mart shoppers and forcing Wal-Mart into the uncomfortable position of trying to innovate. What’s changed since their brilliant ascendancy to the top of the retail food chain?
The Budget Landscape is Shifting
One of the major factors is price and shifting demographics. As the recession has moved more former upscale shoppers into the budget bracket, they are foregoing Wal-Mart’s in favor of dollar stores. They prefer the product mix and atmosphere. Now that dollar stores are offering more national brands and consumables, customers can barely spot the difference. In fact, informal studies have found lower prices than Wal-Mart, long the discount king. If they can’t win the price wars, ...Feb. 18, 2014, 8:15 a.m.
Opening up any retail business, even a small one, takes a lot of time and expertise. A large amount of research has to be done before it can be decided if the idea merits more research and planning. The following are just a few of the steps any entrepreneur looking to start their own small retail business will have to complete before they can open the doors.
Research is Key
Initial market research is the first step. Can the area support your store? Are there competitors nearby? If so, are they doing well? These questions need to be answered early in the process. When finding an actual retail space, there are several factors to keep in mind. Foot and car traffic in the area is important. So is the composition of the area businesses. Most small retailers need to be in a location anchored by a major business of some ...