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Gift Shop

How to Buy a Gift Shop

If you’re looking to buy a gift shop, there’s no time like the present!

In South Africa, a lot of gift shops cater to tourists and sell souvenirs. While this is a great speciality, there are also plenty of other retailers that have focused on selling the type of products that would appeal to locals.

Either way, retailers have to keep on top of trends to make sure they stay fresh and keep bringing in customers. 

No matter what kind of gift shop you want to buy, there are some things that you will need to keep in mind.

Essential skills

If this is your dream business, you will need to consider whether you are suited to it before you buy a gift shop.

Most importantly, you need to be good with people. Making sure that people are comfortable in your shop will help to ensure that they spend money there! 

Running a profitable retail business goes hand in hand with being able to stay on top of both the books and the stock of your business. If you are naturally organised, this is usually a much easier task! 

A well-designed store layout and shop front are part of what will get customers interested in your shop. Having a good eye and some creativity will allow you to make sure your shop is aesthetically pleasing. 

Finally, you should also be prepared to work weekends and holidays. This is probably when you will be busiest.

What makes a good gift shop?

When you’re looking for the right gift shop to buy, get a good idea of what type of footfall goes past the shop. If people are walking past your shop, you have a chance of drawing them inorganically.

Of course, you will need a large window in which you can put an attractive design to help grab the attention of the passers-by!

In conjunction with the high-footfall is the issue of convenience. Having a shop that is easy for customers to get to is vital!

Think about where your customers will be able to park or whether they will be in the area for another reason and so you, therefore, become a convenient era stop. For example, is there a tourist attraction nearby or are you near a large supermarket?

Type of gift shop

You will probably have an idea of what kind of items you want to sell in your shop. Therefore, when you’re looking for one to buy, make sure that the stock in the shop lines up with your vision. Keep in mind that the stock will most likely come with the shop in the sale.

You will also need to be aware of what trends are current and find a gift shop that has kept on top the trends in terms of what they stock.

You don’t want to be stuck with outdated stock you can’t sell.

The area that you are in will also influence the gift shop that you own. Souvenir gift shops will be better in tourist hotspots. A shop that stocks higher-end produce will be better in more affluent areas.

Online 

It is becoming more and more difficult for retailers to ignore ecommerce. If you want to be able to expand your customer base, setting up ecommerce capabilities is a must. 

This would mean considering the logistics of delivery and the money that it would take to get a good website developed. Some gift shops will be sold with an already established online presence. You will need to ascertain this during your due diligence.



Anthea Taylor

About the author

Anthea Taylor is Content Producer at Dynamis and writes for all titles in the Dynamis stable including BusinessesForSale.com, FranchiseSales.com and PropertySales.com as well as other industry publications.

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