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In order to benefit from a successful and profit-producing retail space, it is imperative to offer a wide range of enticing and attractive items. It is equally important to create an environment that is conducive to shopping.
Assess your market
Evaluate your demographics, and be sure that the appropriate items are chosen to appeal to your target market. Consider age groups, cultures and gender. Be sure not to purchase only what you like; this will limit inventory to only your particular age group, and will result in missed revenue opportunities. Be aware of the seasons in your region, and focus on seasonal items and décor. The retail space must be rearranged at least on a quarterly basis, but preferably monthly to keep it fresh and enticing.
Select the right brands
Once you have evaluated your market, you must then choose brands that offer the ability to grow into different segments. If you choose a brand that is not multifaceted, your skin care facility will have to work with many different vendors—all with minimum order requirements. Building a relationship with and purchasing from larger, more diverse brands can provide more buying power as you purchase higher volumes, which should result in more substantial support and greater value-added incentives. It also may offer the ability to include additional retail collections in order to ensure that your business captures its share of each profit-boosting market.
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