Anyone Actually Own a Store?

Don't count out the 1100 sq' there Money.  My buddy who opened his store is in what I would call a small garage / workshop.  Plus, there is a small trailer next to it.  Combined the two is maybe 1000 sq'.  He is only open on Thur - Sat, unless he has nothing else to do and opens.  Now his shop is crammed full with furniture and things.  He keeps a steady set of items selling however.  Cost to rent the lot is $900 a month.  His location is just super.  He really needs a bigger store but he can't beat his location.  He is toying with the idea of moving his car lot to the stores location and then building a larger building where his car lot sits now (1 block down).

yeah I know we could make it work the 1100 sq'. But we have seen the thrift we use run out of space and when it gets really packed less sales. Plus would have to work harder to get it in there. LOL

The one we looked at had a false wall which I liked gave a space for sorting and cleaning but really cut the actually selling space by a lot. Guy said there was room in the back to put a storage shed if we needed it.

Too have nightmares of our business we grew so fast had to move our steel shop 4 times, what a nightmare. 

So in a holding pattern with the auctions the way they are and personal obligations.

A friend of ours that we met at the auctions finally opened a store 800 a month on a month to month to see if the store would work and that store is packed every day.  She keeps it clean and very organized and moves product around. Makes about a grand a day. And the prices are super cheap. Not like most places that try to make all the profit back on one item .

Thats awesome and encouraging to those thinking about taking this route.

$1,000 a day at a thrift, antique, consignment, etc is crazy good money... The shop owners I have spoken to (and/or) have seen the actual financials are clearing ~$1,500-2,000 a week. Sales are ~$2-2,500 per week AND those are the really successful shops!

Have heard grumbling from the realtor regarding my LoI. Getting geared up for the booth opening - price tags ordered, inventory system devised, spreadsheets are getting linked together for master inventory and P&Ls... We open April 1st - I will be out of town March 24th-31st. Debating on putting anything in on April 1st or wait til I have time to fill booth space. I am expecting the first 2 weekends to be my best due to being the new vendor. Just not sure how to best leverage the opening...

Sam

$1,000 a day at a thrift, antique, consignment, etc is crazy good money... The shop owners I have spoken to (and/or) have seen the actual financials are clearing ~$1,500-2,000 a week. Sales are ~$2-2,500 per week AND those are the really successful shops!

Have heard grumbling from the realtor regarding my LoI.

Sam

Be patient on the real-estate some money is better then no money, The one we like had just rented space so they were feeling good about oh we can get what we are asking. If we could pull the month to month thing would be great. But really what they were asking is not bad a little over .50 sq'.

And yeah $1000 a day is crazy money. Like the $1500-2,000 week though. 

Good luck on your booth opening, not sure I have ever seen anyone do a grand opening for a booth before but sounds like a good idea. 

I will be patient... The realtor already came back with comments regarding how low my offer was. I explained I am not in a rush and I would rather put myself in a position to lease it long term than open for 3 months and fail. The strip mall has two tenants and generates no foot traffic. It is less than ideal for every reason except proximity to my house.

The comment about the 'grand opening' was in reference to all the regulars and other dealers checking out the new guy. I might put some balloons out but I am primarily concerned with converting all that likely traffic into sales.

Sam

The comment about the 'grand opening' was in reference to all the regulars and other dealers checking out the new guy. I might put some balloons out but I am primarily concerned with converting all that likely traffic into sales.

Sam

I always feel if something sales real fast I priced to low. But too high then it just sits there. One of those Damn if you do and damn if you don't.  Good luck think you are over thinking it, price it and see. 
My husband accuses me of doing the same thing when we go to sell.   
So can relate.

I've had a store for 6 years now only breaking even but i also run 3 other businesses out of the building that are doing good. Mainly work consignment with local storage unit buyers and pickers but also run a pack/ship business and a online auction site and a ebay drop-off. Trouble with a store is overhead - electric, phone, internet, advertising etc etc etc. If your selling stuff you get from unit you need lots of foot traffic unless you got a good client list already built up. I've gone the consignment route because i like to selling part lots more than the buying. About 95% of our sells are online right now as that where i have the most experience.

Thanks for the input forevertreasures.

The thrift we us is mainly consignment, she posted what was paid out in consignment for Feb. Not sure how she paid her rent. It was over 2K but at 30% does not cover her rent.

Wished she had a policy like yours of after 30 days end of consignment pick up your item. When she first open she took what ever she could get, someone brought in a nice vintage bar, with stools. It is still there taking up space he wants $2500 for the thing may be worth that but not in our area. Ok I will stop ranting.

We have pulled several things that have not sold trying to sell them on CL slow going. I have helped her in the past of going in and helping organize things for free. We stop buy about once a week and half our stuff is covered up why it is not selling. I guess I need to go down there and work on getting our stuff uncovered just so it will sell. She gets more out of the cheep particle board furniture than we can so worth taking it too her.

She did hit a bump in the road of not putting things out on the side walk buy Code. I know that hurt a lot of her sales but good grief. Sorry did not stop.

Sounds like with the other business you have going is helping.

Have you considered a purchase instead of a lease?

With the current real estate market you may be able to find something already zoned and ready to go. The community might be offering tax incentives as well since there is so much commercial property available. At least in my area of the country.

Another positive is actually owning the property. You should be able to purchase for less than a lease would cost. Also, you would be building equity for the future.

If the property is large enough you could sub it out and create a second hand store outlet mall of sorts.

Just sayin’

I have considered this at length.  There is actually a property that I have my eye on that would be excellent for both a store front AND have the space for an out door flea market AND inside "vendor" space.  The only problem is the seller is not currently aware that the real estate market collapsed.  If it drops a couple hundred, we would make a serious run at it.  As it is...  I can't find property to purchase that isn't ridiculously priced.

Sam

So the booth opened on Sunday...  It wasn't quite the "opening" I was hoping for.  Travel for work and a forest fire prevented me from prepping as I had hoped.  I was able to move all of the large furniture and some small simple glass items.  They have a hard close at 5 on Sundays for dealers (not so hard for paying customers as it should be) so I wasn't able to move a number of the mirrors I was hoping to get out.  The tags I ordered ~3 weeks ago and was charged over a week ago still aren't here...  I don't have the spreadsheets set up like I had been planning.  Still have 100+ items to research for pricing, ~40 boxes of items to open, and hundreds of items to inventory, clean, tag, and prepare for the booth...  Hoping the semi-bare shelves from the past weekend will be full at the end of this weekend.

Sam

Sorry you feel you are having a rough start.

It will be fine, just get it looking good and you will be surprised.  As a shopper in previous life sometimes it is cool that booth not totally full get a good look at everything. 


Have you thought of using index cards for your tags? Can cut them with scrapbook scissors so they have a cool look. Punch a hole in the corner and use up some of that Christmas ribbon to tie it on. Or Staples also sells tags in a pinch.

Sounds like you are trying to get too much done at once. Decide what you want to fill the booth with and only do your list of tasks for that, inventory, clean, price, put in booth. Then start on the replacement things for when things sell.

And on that note could you imagine filling a store?  I would be a wreck. 

Relax. Wishing you luck!!!! and I think you will do fine.

Well thought I would report back after having the booth open for 5 days...

Tags came in but I haven't had time to do anything with them.  Still need to build spreadsheets.  Still need to inventory, clean, and prep items for booth.  Basically I have made 0 progress in clearing inventory and getting more items displayed.

Good news - I have paid for the monthly rent ($200).  I apparently had a set of matching bookcases that were in rough condition priced to low because they sold.  I had put a number of "normal" glass vases out for $5-10 each and had a couple go.  The desk that needs a dark wood pen touch up and is missing a brass knocker handle didn't sell despite a really low price ($35)... 

New plan is do home renovations in the morning tomorrow with my dad.  My mom is going going to inventory, clean, and tag items to sell.  Tomorrow evening we will head over and fill up the booth.  I am afraid now that the big book shelves sold, I need to find some more for the shelf space but will assess that tomorrow evening.

Sam

See it will work out.

Glad you made the rent now all gravy. 

yeah book shelves are useful in a booth, but hey more room for another larger piece.

Keep us posted.