Editor's Note: Think small
From Jenny Heinzen York
Jenny Heinzen York -- Home Accents Today, 6/1/2009
Everyone talks about "the big idea."
I'm here to talk this month about small ones. The big ideas can certainly be great ones, but they often take serious time and resources to implement, and who has either of those any more?
So let's talk small instead. We all know that in the current economy, the big sale is a thing of the past (and, we hope, the future, but it's definitely not a thing of now). But sometimes the small sales can be more powerful because of the margins that can be attached to them.
Last year, our guest columnist Randy Eller wrote about promoting the benefits of giftable items toward driving a strong bottom line. We all feel a little guilty spending on ourselves right now, but you don't feel guilty buying a Mother's Day or wedding present, do you?
Now, I'm not talking about inundating your home furnishings store with "gifty-gifty" things, but rather, taking a look at your product line and figuring how you can package and promote it to the people who have to buy gifts — because that's pretty much everyone at some point during the year.
We interviewed several accent furniture producers this month for our Business Update (page 13). They tell us that the smaller pieces are selling better right now. I think there are a lot of reasons for that — the least of them being price. People are making small changes in their homes to keep them fresh, and it's a lot easier to sneak in a small telephone table than it is a major case piece.
We are unveiling a new format for our retailer profiles this month. We will be featuring several stores at a time, working around a central theme. This month's theme? You guessed it ... small.
These are stores that really are more than small — they are tiny — operating in less than 700 square feet each. But working in a small space takes very creative merchandising and display and a very measured buying and inventory strategy — tips that you can apply, no matter what the size of your store.
So forget thinking big for now. Small changes can make a big difference, especially now when every dollar counts.
What are your small ideas?
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