Location is very important when you are opening a dollar store. Almost equally important is your competition. You will definitely want to get to know your competition before you open the doors.
Look at each of your competitors one by one and see how they benefit the marketplace. Some stores will bring in customers because they are known for their excellent customer service. Other stores will offer great deals, while still others will have popularity because they offer a lot of convenient parking spaces. Look at the strengths of each one so you can see how you can improve on it with your store.
Before opening a dollar store, plan to visit as many other stores as possible. Begin by looking at the competitors closest to your store since they will have the biggest impact on your business. Do not stop there though, as you should also make your way to stores in the surrounding area. Do not just visit stores which are known dollar stores. There are other types of stores which will be competing with you as well, so you should check them out too.
When you visit these stores in an effort to learn about your competition, there are quite a few things you should take note of. Look at how their store operates. Are all of the light fixtures working properly and is the place kept relatively clean? You will want to try to find out how many customers they serve on a daily basis. If they experience strong sales, then you will want to find out why. What do they do differently?
It is also important for you to learn what type of products your competition is offering. Some of them may offer products you did not know about. These same items may even sell well in your own store. Take a look at any special promotions they are offering too since they can give you some good marketing ideas.
It can be difficult to remember everything you need to know about your competition. Therefore, you should take a small notepad and jot down little notes about the things you like and dislike about the store. Then immediately after leaving the store take a few minutes to make more thorough notes about what you saw before you forget some of the important details.
Before you go about opening a dollar store, make sure you devote time to getting to know your competition. The time you spend doing it will be well worth it when you open your own dollar store. https://www.longfarms.ca