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November 30, 2011

11

Choosing The Right Merchandise For Your Specialty Retail Business

by shannondow

The mall Carts/kiosk’s are fast becoming popular as well as profitable options for small business owners. It is important for small business owners to choose merchandise that piques their interest effortlessly and quickly as operators generally sell to impulse buyers. How do you know which merchandise will sell the best? Specialty retail merchandise can be classified into key product categories.

Mall Carts/kiosk merchandise include: apparel, sunglasses, novelty gifts, fast foods, cosmetics, small electronics, handcrafted items and can also offer informational displays. This type of business is fairly easy to set up and requires very little maintenance and is highly accessible to targeted audiences. This option is far cheaper as opposed to opening a retail front store.

In order for your business to be successful, it is very important for a specialty retail business to be situated in the right location. You will need to do some research and create a sound business plan. If you are thinking of starting a specialty retail business, consider some of these merchandise options:

Apparel:

Apparel does exceptionally well in mall carts/kiosks. Personalized apparel with airbrushing or silk screening is great. Also highly regarded are sweaters with emblems. Some of the most common types of apparel are sweaters and T-shirts. Depending on your location you can also sell cheap apparel to a targeted market such as teenagers and college students.

Sunglasses:

Very popular items for mall carts/kiosk retail businesses are sunglasses. Most people enjoy purchasing sunglasses, especially brand names. Sunglasses can be sold at all types of retail centers, as you can cater for low and high income groups.

Handcrafted and Novelty Gifts:

Great merchandise for a specialty retail business is novelty and handcrafted merchandise. Owners often offer typically unique and handmade goods, which are not readily available elsewhere, and can be targeted at higher income groups. Items such as these are sold at more upscale locations.

Fast Foods:

The best thing about selling fast food at a mall carts/kiosk is that it is a convenient way to generate good revenue. People enjoy buying fast food items while shopping. The most popular fast foods sold are peanuts, hot dogs, hamburgers, pizza, ice cream, popcorn, small cakes, pastries and candy.

Cosmetics:

Cosmetics can be lucrative although challenging. However, it is important that a mall carts/kiosk’s visual presentation for such merchandise be well displayed. Cosmetics are mostly sold to women, who care about the way these products are presented.

Informational Displays:

Informational displays are a way to share important information with people. A mall specialty retail business does not only have to sell merchandise. Businesses such as car dealers, beauty salons or real estate offices make use of informational displays that help advertise their merchandise on a larger scale.

Accessories and Electronics:

Great gift items that do very well at mall carts/kiosks are accessories and electronics. You can choose merchandise based on customer base and income level. Choose your merchandise accordingly once you have established your targeted market. Merchandise such as phone accessories and cell phones are great to sell in a high traffic area. You also want to avoid your customers thinking twice about the price, and your inventory should be scaled down to the low end price range.

Mall specialty retail businesses are ideal testing grounds for merchandise and generating interest in a service or product. It is important to ensure your merchandise is appropriate for where your mall carts/kiosk will be set up to attract a steady stream of revenue. By planning, understanding and doing research you can sell the right merchandise suitable to the location you have chosen, and expect to see a high turn over. Remember, your choice of location can either make or break your business.

To get started with your specialty retail business plan requires a few simple strategies. Obtain area maps from the Chamber of Commerce that will help provide detailed information with regards to population density in your area and information regarding the accessibility to retail centers. Contact media outlets that can provide you with valuable information with regards to your mall carts/kiosk location. This information will help you to determine the mall retail centers financial and demographic information and the valid market for your merchandise you intend selling.

Government publications are another ideal way to help you determine the population trends in your area. For example, you may want to choose a better location for your mall carts/kiosk retail business if the people in your area are constantly moving out of the area. Business Development Centers also offer free information on community income, industrial development and population trends. The more information you gather with regards to the community, the better your chances are of a successful mall specialty retail business.

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11 Comments Post a comment
  1. Sweetness
    Jan 25 2012

    There is a lot of pressure in choosing the right product for your business because you really don’t know what will sell best – unless it has already been proven. If you move that “proven product” to a different area, it might not do as well. If you are choosing a new product, make sure the product fits your area.
    For example, the fake snow product might not do as good in Minnesota than it would in Texas.
    Choose a product that fits your area. If it doesn’t do well, it’s ok – move on to the next! That’s the beauty of specialy retail, you can change it up as often as you like.

    Reply
  2. Shawn
    Jan 25 2012

    What do you guys think the future trends will be like?

    Reply
  3. shannondow
    Jan 19 2012

    keep following this link as there will be many more valuable tips and great articles on retail businesses posted on this site soon. Happy that this info can help

    Reply
    • mer84
      Jan 19 2012

      yes, definitely!

      Reply
  4. Maricel Torres
    Jan 17 2012

    Good article. It is as what they say “Money is in the cart”. In some ways especially the continuous rise of cost of living today, I can’t deny that I wanted to start a small business that with lot of potentials. Bright ideas!

    Reply
  5. T. Husher
    Jan 17 2012

    If you already have something in mind to merchandise, don’t forget the true cost of a kiosk. Project will include the time for project management, internet access and any training required for end users or administrators. Most kiosk project have a software as well as a hardware element and you will find that some kiosk manufacturers specialise in provide a complete solution.

    Reply
    • mer84
      Jan 18 2012

      Yes, there are many different aspects when it comes to starting a specialty retail business. I’ll make a note of it, that’ll be a good article to have on here.

      Reply
  6. Rhy Mayer
    Jan 12 2012

    Make No Mistake. Beginning retailers make a lot of mistakes its normal. While considering all the issues, one of the smartest things we can do is trust our instincts. “Go with your gut,” like Grant says. “If you have a good feeling about a location, it’s probably going to be a pretty good place for you to start.” Always feel to have a guide.

    Reply
    • mer84
      Jan 13 2012

      Yes, making mistakes are normal, its what makes us all human. But one must learn from a mistake and find a way to improve or prevent it from happening again. Thats one step towards being a successful retail owner.

      Reply
  7. Luis Tucci
    Jan 11 2012

    An outstanding business ideas. This is what Im talking about for simple beginners like me. Maybe with the help of Feasibility studies, location, interests of people surrounds it will be a great help too.

    Reply
    • mer84
      Jan 13 2012

      glad you liked it!

      Reply

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