Setting up in retail...

[itsmefolks]

I am changing business direction after 30 years in the building trade! I recently decided I couldn’t carry on due to physical difficulties. I am now doing what I always wanted to do in business and that is make my hobby into my job. I have spotted a gap in the market in the retail industry and have been offered enormous incentives on premises!
I am aware that times are hard, but know my target audience are unaffected by the recession and confident that I can get enough footfall through my doors over time. I have taken a 12 month lease with a view of extending to 3 years. Anyway to cut to the chase… I am visiting my wholesaler next week and wondered about allowing him to dictate what I stock as a start up. I know from experience what I purchased as a customer over the years but this was 30 years ago!! Things have changed in the industry but wondered if I should let him direct me as a start. Goods are on a swap like for like basis so I wont be stuck. Also what other things and question should I be aware of when visiting. The company are the largest wholesalers of the products in the uk.

Any help from anyone in the retail or wholesale industry would be most appreciated.

[what..the?]

Have you looked at what your competitors are stocking? If you have any near you I would make it my hobby to be in there looking around even doing secret filming to look at in detail back home to learn all the small detail.

Keep up to date online to keep ahead of the next big thing, if you stock it first then your quids in

[stephenis]

Well I wish you the best of luck.
First the most important aspect of business is not to put too many eggs in one basket. Just like savings where you diversify. What I'm saying is don't use one wholesaler for almost everything.

Second, being in the wholesale end for 12 yrs. and having many friends at the retail side, I can say you have to put some trust in your wholesalers as they will be a big part of your business. ( I always tell my customers "I'm not pushing merchandise you can't sell, the only way I make money is if you make money).

Last but not least make sure your interests are also the general public interests. i.e I am into weird stuff and don't understand why anyone buys some of my product yet it sells. If I were a retailer I'd be in the pits.
Good Luck once again,
Enjoy your business!

[itsmefolks]

Many thanks for those answers.
I have done some undercover/secret shopper stuff and am confident in what I am getting into and for the most. The customers I am attracting currently travel 10 miles in both directions for what they need, and the product I feel is making a comeback. I managed to catch the delivery chap leaving one of the shops and he says that business is on the up, and makes 3 and 4 deliveries each week at these shops to keep up!!

I have also noticed the wholesaler selling certain items for more than retail should be!! On the other hand, my line of business means I do include other products which they do not stock and these are very profitable purchased in bulk rom another suppier.
I am glad you feel I should let my wholesaler lead the way as I will be a fish out of water when I step in that warehouse I know!! Gulp!!