By Laurel Tielis

The stock market cycles up and down, but both bulls and bears still make money. Similarly, no matter how the economy is doing, there are always retailers who are building business and increasing income. Here are some cost-effective and efficient ways that you can be one of them.

Become A Destination

If what you’re selling can more easily be bought online, and maybe even for less, you have to give buyers a reason to come to you. There are numerous ways to do this, including creating a weekly, monthly or quarterly group that meets at your store.

Lululemon Athletica, an international chain selling workout wear started by Chip Wilson, founder of Westbeach, creates excitement and traffic by providing free weekly fitness classes in each of its stores. The workouts are staffed by local teachers, who get to show their skills to a new population; as a thank-you, the stores give them product. The costs are minimal; the upside is enormous.

You can do the same. Bring in experts, on a regular basis, to help your customers excel at your sport. To up the ante, every now and then invite a local author who writes for your clientele; invite a local athlete to share tips on getting sponsored; or host a safety expert to talk about minimizing risk (mom and dad will support this in a heartbeat). Here’s another tip: Work with your vendors to provide the product. Bringing more customers in benefits everyone…

(Read More)