Must be mental...going into retail!

[ToyWorldNW]

Hello,

Just thought I'd pop in and introduce myself - I'm Marc, currently in the process of launching a new B&M retail operation, a small independant store specialising in Children's toys. Yes, I know I'm a nutter going into retail in the current climate, but I'm a big believer in personal service, and really want to do anything I can to help revive the high street and bring back the traditional shopping experience. That said, I'm a realist too, so I do dabble in online alongside retail to "keep up with the times".

Along with the usual mass-produced toys, I'm also hoping to support other small local businesses and crafters by displaying their wares in the shop - no fee to display, but a small commission if they sell. That way I get to offer unique products without the massive stock risk.

It's a lock-up unit within a local retail market, which has the added advantage of being a part of a larger shoping centre, and I'm still in the process of fitting the unit out at the moment, with a view to opening early June.


Anyway, just thought I'd say Hi! Will keep you all posted with how it goes.

Cheers,

Marc

 

[Hunnie]

Good luck Marc, hope your venture is successful.
Regards, Hunnie

 

[silvermusic]

I think you're stark raving bonkers...... but I wish you the best of luck.

 

[ToyWorldNW]

Thanks for the luck, I'm sure I'll need it!

And you're absolutely spot on, bonkers sums me up nicely.

But seriously, there's definitely demand for a quality toy retailer in the area I'm opening, the interest so far has show that beyond even what I was expecting, so I'm quietly confident of making a go of it - and whilst it gets a foothold I'll still be out a couple of days per week working the markets to keep the money coming in.

Have managed to secure the work of a couple of fantastic local artists/crafters, so hopefully that will provide an additional draw for customers too - as well as setting me apart from the big box shifters who are the only real local competition.

 

[Tin]

The very best of luck Mark, sounds like you've thought this through in detail.

Ray

 

[GraemeL]

, I'm also hoping to support other small local businesses and crafters by displaying their wares in the shop - no fee to display, but a small commission if they sell. That way I get to offer unique products without the massive stock risk.

Hello Mark,

Curious about this - have you managed to pin down the issues of stock loss and damage?

G

 

[LowPrices.uk]

It sounds like you have a good location. A critical thing is to have good car parking available.

 

[Amy@ Filplastic- Racking]

Hi Marc,

I don't think you're bonkers!

Because of the type of product we sell (shelving, shopfitting & racking) we get involved with new businesses at the very start, and continue to supply to a lesser extent on an ongoing basis, and can report that loads have done well and are thriving, even with the climate of the last few years.

Like you say, if you've got all the components right then you've got a good chance!

Good luck with everything!

 

[Simply Bedrooms]

good luck, high street shopping is rapidly going down hill, but shopping centers still seem to be attracting footfall.

 

[ToyWorldNW]

Thanks everybody for the good wishes...we are getting there slowly! Unit is mostly fitted out now, just waiting on a few deliveries in the next couple of days and then the final paperwork next Tuesday - then the shutters will be up and we will be open for business.

Hello Mark,

Curious about this - have you managed to pin down the issues of stock loss and damage?

G

Sorry, only just seen this. I've basically tied the suppliers in to fairly standard SOR/Consignment type agreements, specifically leaving all risk and liability in respect of the stock with the supplier.

Now obviously I'd use common sense to protect these trading relationships - e.g. if I damage stock myself, or am directly responsible for loss/damage then I'd discuss with the supplier and look to reimburse them in part or in full, however if it came down to it then the stock remains their responsibility at all times. Not had any issue with this so far, have 3 suppliers signed up in this way and meeting with a 4th tomorrow.

good luck, high street shopping is rapidly going down hill, but shopping centers still seem to be attracting footfall.

In this case, the market and shopping centre have had the near-catastrophic slump, but seem to be fighting back now. A very proactive new CEO has come onboard and is keen to really build the place back up, not least because they have a particularly costly long term lease to fulfill, and what could be a valuable resource which has been costing them a lot of money for a long time because it was under utilised and completely mismanaged.

There are a good number of us opening up around the same time, almost as many as have closed their doors in the preceding couple of years, so I'm quietly confident that we can turn the place around and build something special. Initial response tends to back that up too.

 

[Jeff Nev]

Seems like you know what your doing. It's always an exciting time in a business life, so bloody good luck!

 

[ashbash]

Hi , good luck with this, I think this is one of the growth areas around at the moment. I have been going to quite a few market towns and small cities and this type of shop seems to be booming. Near where I am there are two Whirligig shops selling interactive games and toys, and mums and children seem to love the Jellycat type soft toys, there does seem to be money going into good quality toys.

 

[Simply Business]

Hi @ToyWorldNW Great to hear you're passionate about reviving the high-street and good luck! You may not be as mental as you think, @ashbash and @Dan Izzard actually just mentioned on this thread that they believe independent toy stores are on the rise!

Have you got much previous experience in the sector or is it a completely new venture?

 

[colour24]

I like the sound of your business too. Get the local press involved with the launch. Your local MP is probably up for the photo opportunity at the moment.

 

[Mayor]

Hi Marc, good luck with your venture. I started a toy shop (and posted on here about it) in 2009, to try to inject some life into our local high street. We opened our 3rd branch a week ago, and we're still here ! Contact me if you need any tips !!

 

[ToyWorldNW]

Thanks @Mayor that really is much appreciated, I'll definitely drop you a line and bend your ear if your sure you don't mind - and tips you can share would be fantastic!

And thanks again to everybody for the good wishes.

I do have an indirect background, in the sense that I was responsible for introducing and managing a small toy range for a major online retailer when working for them, albeit a few years back now - and more recently have had experience of trading on the markets, however not with toys until more recently. So I bring with me a fair bit of experience, coupled with lashings of inexperience - but that makes it all the more fun!

We've been open for a couple of weeks now, and admittedly it's been very quiet - but that's partly deliberate in that I haven't had an "official" opening yet, whilst getting the bugs worked out etc. Given the nature of the business, it makes more sense to launch when our target market are around to be a part of it - so I'm working on holding a funday type launch early in the summer holidays, with characters/mascots, face painting, competitions etc - get the kids and parents involved

 

[Karimbo]

you're going to hate it when you have shoppers coming in brown nosing your products and then walking away without buying because they're going to order it online. Some might even order ir right in front of your on their phones

 

[ToyWorldNW]

Very true @Karimbo however unfortunately I think that's just a way of life these days, and not something I can really prevent - all I can do is hope that when they buy online, they buy from me - either via my own site once it's up and running, or one of the marketplaces I sell on.

All we can do is embrace this shift in shopping habits, and try to make sure the customer has such a great service that they come back again, whether it's online or instore - or a combination of the two (click and collect, for example).

 

[Mayor]

We get a bit of that on big box products...so we stopped stocking them ! At least with kids toys, especially if the kids are there as well, it is all about "here and now". We are also finding an increasing number of folk who are nervous about online shopping when there is a deadline looming, having been caught out in the past. The other thing we noticed - especially toward the festive times of year, is that if someone asks for something that you have not got, they don't come back later to see if you have got it in again - they go and buy it at the first place that has it in stock.

We don't sell online, we would get eaten alive.

 

[kelvin1950]

Stick your price label on top of the barcode, make it hard for them to use you as an internet showroom.

 

[Root 66 Woodshop]

Hi Toyworld,

Good to see someone wanting to revive the retail market - especially in your field.

I work in a small retail shop selling locks, keys and other security products - had a cheerful chap in yesterday - we had such a laugh, so much so I turned to him and the conversation went like this.

"hey! Do you want to see a magic trick?"

"Yes, go on then"

"have you got a pound?"

"I don't have a pound coin, but I have a pound in change if that will do?"

"Sure, hand it over!"

As he handed me the small change, I went...

"tadaaaaaa"

And handed him a door stop shaped like a key!

"Now, that's magic!"

His face was a picture - but he did actually take it, saying his daughter would like that...



Always a good one if you can get away with it hehe