News Bytes, Winter 2013
New research shows that shoppers are drawn to—and spend more at—stores with simple scents. Orange sells better than more complex green tea, for example. So even if a complex scent is a pleasant one, it might not always be the best one for your bottom line.
Source: Washington State University
Hispanic buying power is worth $1 trillion now and is expected to grow another 50 percent to
$1.5 trillion in the next five years. It is also found that Latino households earning more than $50,000 are projected to grow at a faster rate than the total number of households.
A New Year, A New Business?
If you’re ready to take your specialty retail business to the next level, the first thing you could use is a checklist: do I have a location, a source of funding, enough capital, the right product. Visit the Small Business Association (sba.gov) for templates that help.
Our annual cart and kiosk listings in this issue gives a quick rundown of many specialty retail opportunities. Use them as a handy guide when you go shopping for your next venture.
Applying the Breaks
Now that the holiday season is behind you, it might be time to scale back your sales force or redistribute workforce hours. Remember to continue to follow state laws for employee meal and rest breaks. Rules for younger employees are different from adult ones. The Department of Labor’s website has rules outlined by state.
There are 44 million households with grandparents and everyone knows, grandparents love to dote on their grandkids. What products do you sell to lure this lucrative demographic segment into your store?