Setting up your retail store is a tricky objective. There are two main points that need to be addressed:
- Setting it up for security
- Setting it up for maximum profitability
Let me start by saying there is no right or wrong side to choose. Your conscience will guide you to which side you will choose. In either scenario, please do your homework and be compliant with all local, state, and federal guidelines. The shape and size of your showroom floor will ultimately play a large part in how your store can be set to maximize both of the above concerns. Many security companies, and fixture companies, can assist you with further questions.
Let’s start at the front door. Your front entrance can be your greatest friend or enemy. Immediately in front of your door and to the right is the most “shoppable” real estate in your establishment. This is where your clients most often gravitate to as they come in. If you are able, these are the places where you want to put your most sought after items and the items that you wish to move the quickest. Unfortunately, many of us are unable to do so because we do not have enough staff or security measures to watch this area and continue to perform our daily tasks. I recommend placing your jewelry and/or firearms here if your location is able to oversee and get to customers in a proper manner. For most brokers your jewelry and firearm sections are the most profitable or at least produce the most cash flow. If you do not feel comfortable placing these items here, many will place them towards the back near the loan counter. Most brokers will spend their days in this general area and it is easier for them to manage their most profitable assets.
Speaking of assets, having the loan counter at the rear of the store works similarly to grocery stores placing the milk in the back of the store. Milk is a very common purchase for the general public(as loans/buys are to the pawnbroker) so the consumer has to walk by many tempting options before reaching the milk. This increases a grocery store’s overall sales. And should do the same in the pawn broker’s case as well.
Other items to think about:
- Height of shelving – be sure to keep as low as possible so that your staff has a clear sight line around the store.
- Keep like items together and use any end cap space for special items or items that you need to move(aged inventory, etc.)
- Signage – Clean, Clear, and Crisp. Be sure to have consistent color scheme and layout.
- Cleanliness – Keep it clean – All day…every day.
Your customer should be able to move freely throughout your retail space and feel comfortable. Try to use extra window space and wall space for “positive” signage that will assist your customers with their retail or pawn experience. Companies have spent millions strategizing over the best way to “layout” a store and these are some of the basics that they’ve discovered.
Everyone is looking for the same result: to have the most secure, consumer friendly sales floor that will maximize customer experience and profitability for the business owner.
