As a memento store owner in Hawaii, you probably have a lot of competition to try and stay ahead of to maintain your profits. Here are a few things you can do to not only maintain your Hawaiian memento shop's profits but also to increase those profits as the years pass:
Invest in Bulk Bins
An excellent way to increase storage capacity within your memento shop is to invest in bulk bins to replace some of your shelving. Consider lining a wall with stackable bulk bins or creating aisles with stand-alone bins. As opposed to displaying just a few hula girl bobble dolls on a shelf, you can put hundreds of them into a bulk bin at one time.
And because you can fit more items in your store when using bulk bins, you will likely save money on your bulk purchases because you're buying more from your supplier at a time. Some of this savings can be passed on to the customer by offering discounts for buying more than one item at a time, which will encourage more sales of the stuff you are stocking in bulk.
Offer Daily Walking Tours
Whether your memento store is located on the beach in Waikiki or in a quiet village on the Big Island, you should be able to find many opportunities to show tourists around your location in the form of short walking tours. This will attract more visitors to your shop and give you an opportunity to make more sales.
Consider growing an orchid garden that winds through your store's property which can be toured by visitors, or heading tours to local beaches and ancient petroglyphs that can be easily walked to. As part of the tour, you can provide visitors with coupons good for items in your store so they're more likely to make a purchase before moving on.
Partner with Adventure Companies
You can also effectively increase your company's profit margins by collaborating with adventure companies in your area. In exchange for promoting their services and giving out coupons and flyers to your customers for them, they can do the same for you. The idea is to engage in cross-promotions with one another to improve brand recognition and increase profits as time goes on.
Contact kayaking companies, tour companies, hang-gliding facilities, zip-line establishments, and even local restaurants to find out if they're willing to schedule an appointment and talk about collaboration. Bring your own proposal with you and be prepared to negotiate if necessary.
Using these techniques, you should be able to increase your store's profits and attract more customers as each month passes.
