Dollar Store Owner Can Learn from Vendors

Next to shoppers and employees, vendors can be one of the most valuable assets for a dollar store owner. Vendors know what the competitors are selling and when you deal fairly with them and become friends, they can help you find the best moving merchandise for your store. Not everyone has the same taste, but in many cases, those items that sell frequently at other locations will probably sell well at your store too.

Sometimes staying on good terms with your vendors gives them the incentive to let you know when specific items you normally purchase are available at lower prices, so it can save you a considerable amount of money. They also may have some similar items of better quality and with the right relationship, will often give first chance at it.

Vendors, like any other people, like to deal with people who treat them fairly and have a good relationship. While you might cultivate a great relationship with shoppers and employees, if you don’t develop that same knack with your vendors, you may find the dollar store down the street gets the best buys. No matter how much your customers like you, if you offer inferior quality or higher priced items, they’ll go to your competitors to make their purchases.

Of course, you will not always have an easy time building a relationship with all vendors. Focus primarily on those who offer the best merchandise at the lowest prices, but don’t neglect the others. You should spend some time every day checking with vendors to insure you have the best relationship and find the hottest items on the market. Always keep an eye out for new vendors you haven’t used previously, but never let the relationship with your core vendors lapse or your competitors might end up getting the best merchandise leaving you out in the cold.

Vendors know a lot about the people they serve, store owners like you, and can give helpful hints without divulging specifics about other businesses. They may know the best way to display items by listening to other store owner’s experiences in the past or know specific items that might sell better in your demographic area. The information may be as simple as how to stock the item on the shelves for the best sales, but can make the difference between moving a lot of the items or selling only a few.