Appeal to more shoppers. This starts with offering products beyond what have been traditional, products people will seek out, and return for again and again. It is important when choosing products to not be bound by the shingle of the business.
Offering cards that sell. Assess card performance pocket by pocket, design by design. You need at least 2 pocket turns a year. In a typical newsagency, 75% of card pockets are not achieving 2 turns a year. Cards are your most profitable department. Work on it. Nurture it. Make your business more valuable as a result.
Quit what’s not working. be ruthless. Act on your data. If products are not paying their way, quit them. It’s black and white.
Getting online. This dramatically broadens the geographic reach of your business, even more so if you do wit with products you’d never sell in your shop.
Manage your costs, including your own time. Business overheads and labour costs need to be tightly managed. I mention your own time here because in plenty of failed retail businesses I have looked at have high owner labour costs for minimal measurable return.
Of course, there are plenty more areas you can and should work on than these five. They are a good start though, low hanging fruit I see them as, easy wins based on my experience helping newsagents.
I recommend these 5 as a good starting point.
If you are struggling in your newsagency, finding it tough, not getting the return you want or need, start here.
If I can help in any way, reach out.
mark@towersystems.com.au
0418 321 338