Those Operating a Dollar Store must know the Competition

It goes without saying that those operating a dollar store must know the marketplace their store is running in. But there is more than just knowing the area. Dollar store business owners must know the competition, as well as their products, pricing, and so much more. While much of what you find will have little significance to your business, there are many pieces of market information which must be recognized and then addressed in your own dollar store business operation.

One important consideration about today’s dollar store shoppers are they are very well informed. These consumers know what they need whenever they go to their local dollar store. They are also often price comparison shoppers - they know which dollar stores offer the products they seek and where to find the very best prices on these sought after products.

One surprising reaction to being slightly higher priced than your nearby competition is the way shoppers will willingly spend extra time and gas to save even a few pennies on an item they need. While in your competitor’s store they of course add other merchandise to their purchases.

Another surprising behavior is the ease with which many shoppers change loyalties. If you are either unable or unwilling to provide the necessities of life shoppers must purchase, they will move on and take their faithful shopping habits to a nearby store which does offer the items they seek. The same holds true with pricing – a difference of a penny or two can become the trigger which motivates a shopper from your dollar store business to move to a competitor down the street.

What this means to most of those who own and are operating a dollar store is you too must know the marketplace and the competition just the way your shoppers do. You must work hard to meet or even beat pricing levels to maintain shopper loyalty and to attract new shoppers to the fold. If you know your competitive market, then also look to become the place for all of the core staples shoppers demand.

By offering a wider selection which includes all or most of the items shoppers seek and will purchase on a routine basis, those operating a dollar store open the door to possibly being able to charge a bit more than your competitors. Once again, you must carefully test the market to make sure your customers are willing to accept you adding extra pennies to what they pay for the convenience of obtaining more of the basic consumables all from one location – your dollar store business.

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