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ounce for a smaller size of just about any product. Make sure you’re applying the same metrics to your pricing, and charge more for smaller sizes. Consumers ex- pect value from buying larger sizes or in bulk, but those rules don’t apply to smaller sizes, so take advantage of it. • Hit Up Your Vendors
for Better Margins. We’re still in a world where most vendors realize they need you more than you need them, and they’re willing to deal a bit more than before. So ask them what they can do to give you a bet- ter margin. Can you commit to a higher sales volume for the year, or can you commit to in- creasing your units purchased? Both offer potentials for a bet- ter margin. You don’t get it if you don’t ask, but if you can’t achieve the goals for a better margin, ask the vendor what other tricks they may have up their sleeve. If the brand you’re considering bringing in isn’t willing to deal, perhaps fi nding a different brand that can offer a better margin is the way to go, and don’t be afraid to share that thinking with vendors. This advice was adapted from a blog by Mike Kraus, Principal of StoreTouch, a retail consul- tancy. To see the original, go to
http://tinyurl.com/443qy2k. ■
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