Some products come along at just the right time, when societal trends and technological advances merge to create new markets for savvy entrepreneurs.
Once the holiday season is underway, there's a lot you can do to land more sales and bank as much profit as possible, no matter what the economic climate. The key is to be proactive. Don't sit back and let the holiday season unfold before you. If you want the most sales possible, it's up to you to take charge and make it happen.
No matter where specialty retailers operate—mall, airport, theme park, resort, lifestyle center or anywhere else with a cart, kiosk or temporary inline program—the smartest operators take a fresh approach going into each holiday, adjusting their selling strategies as necessary. Two key questions retailers are asking themselves this year: "How is the consumer feeling as the holidays approach?" and "In light of the consumer's current mindset, what strategies can I use to position myself for most sales possible this winter?"
Eric Andrew finds it hard to describe how he gets his ideas for the one-of-a-kind jewelry he designs, handcrafts and sells through five mall carts.
"The designs just seem to come to me," he says. "I see the materials and I need to start creating." He's been creating unique necklaces, bracelets, earrings and other pieces since 2001, and today can claim credit for more than 1,500 original designs.
As a visual merchandiser for a wide range of retailers, I often find myself talking with retailers about their businesses, focusing in on what retailers really sell. Products are exchanged between retailers and their customers, yes, but what's really being sold isn't sitting on the shelf.
"Body jewelry is a recession-proof item," says Dennis Moreno, senior vice president of sales at SalesOne International in Norwalk, CT, home of the popular Body Vibe line. "You can buy a piece of jewelry to accent your body to make yourself feel good for only $10."
Boston's Northeastern University School of Technological Entrepreneurship recently studied what drives entrepreneurs to launch new businesses.
Nearly two-thirds said they were motivated by innate desire and determination, rather than by their education or work experience. Nichelle Powers is one of those entrepreneurs.
A look at 13 companies making their mark with a fresh approach to specialty retail.
Every company profiled here has its own unique approach to specialty retail, whether that means putting a fresh spin on a mainstream product or introducing a product shoppers have never seen before.
The good news is that recent estimates of shoplifting losses show a recent trend downward, but that could be reversed this year as economic pressures persist. Here's how to protect your profits.
Our annual holiday showcase displays 29 hot holiday products.