Little Spaces, Big Impact!
Less square footage can mean more profit
By Linda Cahan -- Gifts & Decorative Accessories, 5/1/2007
Rarely do retailers shout “I wish I had less space!” A more common complaint is lack of room. Yet while desire for a larger store is understandable, bigger isn't always better.
The key to a successful small store is managing the merchandise selection. This requires experience and a huge amount of willpower. Storeowners should keep only their strongest sellers, and scale back to a store size that will allow them higher sales per square foot. Downsizing to be more successful isn't “going backwards” — it can mean creating a more prosperous store.
Take a look at your bestsellers and mainstays. Which items encourage multiple sales? Keep those as well as some new, fresh pieces to create excitement. Sell off the old, less profitable pieces through clearance sales; consider eBay as well as Craig's List if your discounted prices warrant the effort.
From a 90-square-foot store to a (huge in comparison) 300-square-foot venue, these gift and decorative accessories retailers show how to create big impact in a small space.
