Page 19 - GBC spring 2015

7 Steps to Retail
Step 1: the Right pRoductS
“It is not always about the best margin items, it is about what products will turn the most and generate the most margin.“
Step 2: the Right pRice......
Buy foR one Sell foR two! The general rule of thumb for retailers is to buy for one and sell for two. Anything higher than that and you are insulting your patrons. Customers have an idea about the cost of all retail items as informa- tion on a website is one click away and they are more savvy than we might think. In the consumer’s mind, when you insult them with the price of one item, they could be swayed away from purchasing other higher margin items.
Success
It is critical for all golf courses to have the right products for sale in their “stores.” There are literally thousands of products to choose from when selecting the products that golfers see in your valuable shelf space.
Education is critical to your success. Your distributors and your marketing partners will provide you with valuable information on market leaders and the best prod- ucts that will sell at your courses. Focus on the top sellers in each category, as they will move the fastest at your facility.
It is not always about the best margin items, it is about what products will turn the most and generate the most margin. Too often we focus on the best deal and high margin items, only to find out that the products do not move off the shelf! If it is not selling, then move it off the prime real estate and do not sell it.
You should also consider those products that support the golf industry. The partner consumer packaged goods companies have products targeted to the golfer and our industry in mind. Work with them to get these highlighted for you.
Plan Now... Sell More
All retail space is not created equally. In the golf business, retail space can be a bit of an add-on to the golf experience. Areas are tight and shelf space is limited. Those valuable square inches of counter- top should be measured for return on investment through sales of items displayed there. This has not been as successful for many as it could be. The bottom line for golf courses across Canada is that you need to think of “your” retail space as an individual “store.”
In this article, we will focus on the beverage and convenience world within our courses. We hosted a breakout session at the Golf Business Canada Conference & Trade Show this past November and had many great ideas shared. Here is a summary of those ideas and the discussions. These are guidelines for us to follow to help increase our sales and profits... happy selling!
Golf Business Canada 19