The Business of Retail

Margarita Olivares does not function average retail shops. In her store you will find pink walls, animal-print carpeting and workers wearing fluorescently coloured drapes; the products featured on metal display stands are furry, feathered or glittery in nature. This blend makes Olivares’ 2 Glamdora – It’s a Girl Thing, shops a woman’s paradise.

Olivares keeps busy by running shops in Corpus Christi and San Antonio, Texas as well as being a mum of four. Additionally, it makes Olivares, who is now featured in the AOL/Entrepreneur. Com series “The Startup”, a fantastic person to speak about what is needed to conduct a hip retail idea. We asked her to share her secrets for maintaining a business running smoothly and efficiently, and here are some tips:

Location

  • Where you at? Selecting your place is the most essential step in making your dream of having a retail shop come true. What’s it if you’ve got a fantastic staff and amazing merchandise but no clients? You need to pick a place which has a high traffic count. A new retail shop is not likely to have a subsequent unless it is a franchise using a well-known title, [so in case you are independent,] you will need all of the help you can get. In the ideal situation you will want to be far from a competitors store and be beside non-competitive retail stores that have steady customers; the escape from such companies will induce your walk-in visitors and bring in new business for you instantly. If you are looking to a new retail shopping centre then you should to request the demographics of the region. This will make certain you’re not opening up a luxury shop in a low-end portion of city. Be conscious of your environment, and take your time picking the ideal site. Do not select a location simply because it’ near your residence.
  • Big brother. Shopping Centre management has a project to perform, and it is to be certain shops coming to the mall or people in the mall are after all of the guidelines and policies which pertain to each individual rental. But management should help new tenants be acquainted with the mall since malls are conducted by a rigorous set of principles, and breaking one of these rules may break your pocketbook. Opening late, for instance, is illegal and carries a fiscal fine to be paid into the mall. Mall management teams are extremely professional, and it is ideal to have done your research prior to trying a negotiating or meeting with leasing supervisors regarding the retail shop for lease.

Product

  • Stocking your shelves. Selecting product for your shop may be the most time-consuming and costly portion of starting a company. This obligation should not be dismissed! Before launching your shop, you need to see wholesale marts to obtain a notion of the product you’d love to carry. Decide exactly what your mark-up is going to be and what is right for your region. Deciding on the product can be fun but keep in mind to keep up an overall theme and purpose to your merchandise. Share ideas with other retailers in the mart and ask the sales reps to their own thoughts and suggestions. You will find most individuals are prepared to assist and talk about their experiences with specific goods. This can allow you to narrow and decide down [your options to] products which will succeed on your shop.
  • Maintaining a theme. I keep a theme in my shop by remaining true to the name: Glamdora – It’s a Girl Thing. Clients know exactly what to expect when they encounter our shop. They expect to find products for women, maybe not many stop in to find out what we need for boys. Keeping with our tagline we comprise products for women of all ages: nail files, presents, room decoration, accessories and shoes. They are all picked for their colours and merchandised by theme. Glamdora shops are hot pink and lime green showing off zebra and black accents. With this particular theme, I select merchandise that suitably fits my shop. I select the nail documents in sexy pink, presents in vivid colours, room decoration in zebra or leopard, etc. Sticking to a subject can allow you to build loyal customers and make an exceptional shop in the procedure.
  • Stay present and keep true. Do not believe you understand everything when it comes to trends. It is like trying to keep up with every available crane hire company – it is unreasonable. Keep up with the neighbourhood in addition to national trends. You may observe a specific look plastered all around the TV or in fashion magazines such as wire furniture, but understand your marketplace. Can it sell in your shop? Does this match your theme? And do not try to sell whatever’s way from your typical purchasing budget simply because it’s trendy. The ideal thing to do is listen to your clients. Clients will always allow you to know what they’re searching for, but only in the event that you ask. Stop by your nearest wholesale mart to preview forthcoming trends and new goods.

Implementing and Direction

  • Young workers. It is inevitable, you are likely to get young men and women work for you. Employ a young person that has a desire to find out more about your kind of business. Someone who’s interested in automobiles but wishes to work on your clothes store may not be as convenient as somebody who’s attending courses in vogue design? When picking a young worker, inquire about their hobbies and interests, and what they believe they can provide to you as a worker. I love to ask what they believe is their very best feature.
  • Second in control, assess all direction applicants’ references, and resume. Advertise for a supervisor if your budget permits and only if you are ready to provide competitive pay. A management candidate must have a minimum of one year of management experience and two decades of retail expertise. Request them numerous questions regarding applications, money management and, most significant, management abilities pertaining to client service and personnel.
  • Loss avoidance. You could always anticipate theft even if it is the on the latest slab scissors and you wonder how such a large item can be stolen. Depend on it and place your costs for this. The only way to learn how much you are losing would be to perform stocktake. I’ve got a POS [point-of-service] system that is run out of my PC and contains real time stock. It does not need to be refreshed and may tell me then that which I have available. Keep your workers fair with cameras. If you are selling small things to individuals, walk away with them, maintain them in safe instances. Make certain workers bring bags that are clear to function – or no bag in any way. You constantly need to take precautions.