TDmonthly Magazine!
 


Tools:


Retailing Tips: How to Open a Second Store

Location and Communication Are Paramount


When business is booming, what do you do next? Retailers got the chance to explore the considerations behind opening additional store locations during a session at Toy Fair in New York. Nick and Kathleen Morolda of Cranbury Station Gallery in Monroe Township and Princeton, N.J., shared a few tips from their own journey as multiple store owners.

What to Consider

When planning for a second location, Nick advised:
  • Think about unique product you can offer that’s not available in the mass market.
  • Ensure the locations are far enough apart not to cannibalize each others’ sales.
  • Provide a large enough cash reserve for the first store to subsidize the second while business is growing.
  • Think about the people — managers and other staff — the new store will require.

A “Good” Location Can Be Deceptive

The Moroldas’ failed attempt to open a third store yielded these lessons:

Don’t trust your eyes: They’d selected a community with large houses that seemed promising in terms of spending power, but actually wasn’t. They hadn’t talked with other storeowners in the area, joined the Chamber of Commerce or gotten to know the community.

“We were so busy with managing and staffing for the first two stores that we weren’t able to get involved in the third community,” Nick explained.

“Don’t be afraid to ask other businesses in the area, ‘What’s your customer like? What’s their average income?'” Kathleen added.

According to Nick, it’s also wise to look at the demands a new location might bring, and consider available resources. In addition, he added, retailers should think about what made their first store work.

Ultimately, he said, “each location has to be its own profit center.”





Julie L. JonesWriter's Bio: Julie L. Jones has written articles for both newspapers and magazines. Before joining the staff of TDmonthly Magazine, she worked as a communications writer and provided editorial support for a market research company. Read more articles by this author


THIS BANNER IS AN AD:





 

Back to TDmonthly's front page

Advertise on TDmonthly


Related Products

Teacher Created Resources Fairy Tales Match Game (EP63282)...
By TEACHER CREATED RESOURCES INC
» More Information

Teacher Created Resources Alphabet & Numbers Learning Cards (TCR21034)...
By TEACHER CREATED RESOURCES INC
» More Information

Teacher Created Resources Numbers 0–25 Flash Cards (EP62045) 3-1/8" x 5-1/8
By TEACHER CREATED RESOURCES INC
» More Information


Related Articles
·MGA Entertainment foiled a counterfeiter’s attempt to export fake L.O.L Surprise! products
(8/1/2020)
·How to Research, Patent and Pitch Your Idea
(8/1/2010)
·21st-Century Toy Store: Make Magic Online
(10/1/2007)
·6 Tips for Finding Hot New Toys
(1/1/2016)
·Why We Go To Toy Fair - Or Stay Home!
(1/1/2016)
·Retailing Tips: Keep Customers’ Spirits Light
(12/1/2013)


Also See
·Toys In The News 6/4/2025 Updated on 6/11/25
(6/4/2025)
·Board Games 6/4/2025
(6/4/2025)
·Labubu: An In-Depth Analysis of a Global Collectible Phenomenon
(6/4/2025)
·Arts and Crafts Toys That We Like
(6/4/2025)
·Action Figures and Related Toys That We Like
(6/4/2025)
·Toys In The News 6/26/2025
(6/4/2025)
















Advertisement: