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Retail
Shoe Sales Can Add Revenue to Your Shop |
"Selling
shoes adds sales, profits and growth to your business,"
said Tom Wilhite of Tauer and Johnson at SSIA's 102nd
Annual Convention. "It adds value to your business
without taking anything away."
Wilhite
offered several tips for increasing profits.
How to
Increase Sales/Profits
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Average sales price of a pair of shoes is $230 to
$250. Your cost is $105 to $120.
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You
can order shoes in a variety of styles, including
golf shoes. Make sure the shoes you carry are
repairable. Then you'll generate even more business.
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Retail shoes allow you to grow revenue with existing
customers.
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The
start-up cost is less than $1,000. This includes a
display, leather swatches, soles and some shoes.
Profit
Potential
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Shoes don't sell themselves, so you have to feel
comfortable selling them.
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At a
mark-up of $125 per pair, selling just 10 pair a
month means $15,000 a year to your bottom line.
Tom
Giamalva joined Wilhite to share his experience selling
shoes. Giamalva owns Palace Shoe Service, a three-person
business in Rockford, Illinois since 1926. He is the
third generation of his family in the shoe repair
business.
"We've
tried to increase retail sales with leather goods and
other items," he said. "But nothing worked as well as
selling shoes. I spend a few minutes with a customer and
make a $100 profit."
"Shoe
repair is tough," he continued. "You have to improvise
and try new things."
He
offered these suggestions:
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Talk
to your customers. Show them the products. Let them
touch and feel the shoes.
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Use
the manufacturer's support material.
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Local ads, flyers, social events and networking
groups are excellent opportunities to promote the
shoes.
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The
brand I carry is orthotic friendly. That opens up
opportunities for additional sales.
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When
customers buy shoes, polish the shoes before the
customers leave. Talk to them about shoe care. Sell
some additional product or plant the seeds for
future sales.
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Women drive family buying decisions. Even if you're
selling men's shoes, don't discount women as
customers.
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