
If rising costs keep you up at night, you’re not alone. Coastal retailers like you are feeling the pressure of shifting tariffs and supply chain challenges. But here’s the truth: your success is primarily shaped by how you respond to these challenges. The good news? You can take control and tariff-proof your store.
- Spot the hidden cost increases. Every dollar matters in retail, and unnoticed price increases can quietly drain your profits. Review your invoices regularly for cost increases.
If a vendor has raised prices, don’t be afraid to ask questions. Can they offer you better terms or a bulk discount? Many vendors will work with you if you simply ask."Are your top sellers priced for profit? A small tweak can lead to a big boost."
- Adjust your pricing strategy. Tourist-driven shoppers are used to spending more on vacation, and they expect quality and exclusivity. Your pricing should reflect your value. Focus on your best-selling and high-margin items. Use smart pricing tactics ($23 becomes $25) or bundle souvenirs, gifts and add-ons to increase perceived value.
Are your top sellers priced for profit? A small tweak can lead to a big boost. - Get creative with your Promotions. Slashing prices isn’t the way to win loyal shoppers, especially in a store built around a unique, coastal experience. Instead, add value! Offer a gift with purchase or a limited-time summer bundle. These tactics drive sales without undercutting your margin.
Think profit
Staying proactive with your pricing, vendor relationships, and promotions helps protect your bottom line. If you need a game plan tailored to your store, reach out to apply for a free call with RetailMavens.You’ve got this! Stay proactive, stay profitable and keep growing season after season.
Cathy Donovan Wagner helps store owners scale sales past 7 figures. Check out her Richer Retail Podcast.
847-622-8382, clientcare@retailmavens.com, www.retailmavens.com
847-622-8382, clientcare@retailmavens.com, www.retailmavens.com