How-to tariff proof your coastal store.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.
Here are three ways to keep your profits strong during uncertain times.
- 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 profitStaying 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.
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