4 Types Of Retail Stores For Your Wholesale Business
4 Types Of Retail Stores For Your Wholesale Business
Today we’re going to cover 4 different types of retail stores for your wholesale business, and how to choose which ones to work with. When it comes to wholesaling your products, picking the right stores and brands to work with is crucial to your financial success.
Store Type #1: Small Retail
The best example of small retail stores is the local boutiques you might find in your city, where the owner wears many hats including marketer, buyer, photographer, etc. Most of these shops are gift or lifestyle stores, ranging from women’s clothing to specialty kitchen stores. Art and craft stores can also fall into this category, some could even be consignment.
Store Type #2: Mid-Size Stores
These stores have multiple locations, perhaps in a state or even nationwide. They also have a dedicated product buyer who’s constantly on the lookout for the best products to carry in their store. You may be able to create a long-lasting relationship with this buyer, but chances are you’ll still see turnover (i.e. a new buyer ever so often).
Store Type #3: Large Stores
This type of store has numerous locations nationwide, with multiple departments. Typically there are longer lead times with these types of stores. They will also request a higher volume of product from you, so it’s important that you can meet the demand if your goal is to work with these types of stores. There will also be more rules and restrictions in the contract, so I recommend working with legal counsel to ensure your contracts are up to par.
Store Type #4: Online Stores
Online stores can range from solopreneur-created boutiques to an extension of a large retail chain like Target, which offers both in-store and online purchases. If the store you’re looking to work with is online, you want to be consistent with the wholesale pricing you give them. You don’t want to undercut them, as these types of stores will be your bread and butter. They will give you the consistency you need to keep being creative, and coming up with new products.
When building your store prospect list, keep these questions in mind:
Where does your ideal customer shop?
Is the store a good fit? (sell complementary products, good price point, same aesthetic etc)
Should you start with local stores or others who are nationwide?
Will they offer zip code protection?
Do they have flexible minimum orders?
Now that we’ve covered the 4 different types of retail stores to get your products in, I would like to invite you to join my School For Wholesale Course. If you want to have a consistent income, have a timeline for producing products that will save time and money, and know-how to present your products to buyers in the most effective way –– the School For Wholesale is for you.