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Opening A Dollar Store - Inventory Replenishment in a Low-Inventory Situation
by Bob Hamilton
Situation may arise when you are opening a dollar store in which inventory levels have fallen way below acceptable levels. It does not matter what the reason, it is important to address the situation as quickly as possible. The obvious way to address the problem is to order additional merchandise to place on the sale floor.
However, there is more to it than just ordering merchandise. It is important to order the right merchandise for the store. It is important to order merchandise that has established a history of strong sales for the store. When opening a dollar store merchandise that previously sold well needs to be brought back first.
If you have access to previous sales records, invest money in inventory by sales history. Start with the highest selling department and replenish tops sellers in that department first. When you are opening a dollar store the goal is to keep the highest selling items in the top performing department in stock at all times.
After addressing the top performing department, move on to the next highest performing department and repeat the process. After completing that process across all departments (Or until replenishment funds are spent.), the store should be stocked to a level that is as if you were just opening a dollar store for the first time.
On the other hand, if there are funds remaining, add new or hot-selling products to the mix. Consider adding additional inventory of top selling items across the store. Add follow-up orders of top selling products to be delivered one to two weeks following the initial orders. That will help minimize the problems associated with running out of fast selling items. Treat it as if you were just opening a dollar store for the first time and want to maintain inventory levels of the best selling items.
To Your Dollar Store Success!
About the Author
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