Q: Retailers are always looking for that special new product, something no one else has. How do you decide to take a chance on a new company when you find that product? What do you look for in a company, especially ones that are new to our industry?
Staff -- Kids Today, 9/1/2007 12:00:00 AM
Melissa Weingarden, Five Cent Lemonade, Miami
A: As far as bringing in a new product, my first objective would obviously be to find something special with a flair for both style and function. One thing to remember is to not worry so much if other retailers sell it, as long as they are not in your back yard. If it is enticing to you, it will probably be enticing to retailers like yourself. I would want to make sure it is not sold in stores such as a super store — that would change its special charm. When trying a new product, I also look at the person selling it to me. I like to meet the owner/designer. Nobody is going to have the passion for their product like the person who creates it.
Michael J. Schaul, Lone Star Baby & Kids, Dallas/Fort Worth
A: Specialty retailers are always keeping an eye out for that special new item that sets their store apart or creates a buzz in the marketplace. We believe it is important to meet the owner or an executive with the company. We also like to understand how long they have been in business and what their plans are for the future. Product liability insurance is also very important in today's environment. Finally, we want to be sure that this special product has limited distribution in our marketing area and any Internet pricing policy that may apply. Normally the investment in these smaller priced items is minor, so the reward far outweighs the risk on a new vendor with a special new item.
Dave Laub, Room to Grow, Cincinnati, Ohio
A: I look for that special product that will add to and fit in with my current product mix. My expectation from the company that makes that product is that the quality of the product I receive will be of the same level as the sample I have seen and that they will ship it when they say it will ship. My only other requirement from the company is that they provide the product under standard terms. I will not deal with companies that require payment in advance or that require payment with a credit card at the time of shipment. I have no recourse with those companies for defective or damaged product.
Joni McConnell, JCPenney Direct
A: As many can vouch for, it is very difficult to acquire a new vendor number with JCPenney. If we pick up a new item for our catalog, it will be in print for eight months, so we really want some selling history and confidence that this product will ship and it will sell. When we are interested in anything new, one of the first things we do is send it for testing to our quality assurance lab and our packaging engineers. If it passes those two hurdles, we will review how important it would be to our assortment and proceed from there.
Jami Myers, Jami B'z, Scottsdale, Ariz.
A: Going with a new company is always a gut instinct. If it fills a void for your store then it becomes more of a supply and demand question to yourself. Start by ordering small and if you are happy with the lead time, quality and consistency, then let the relationship build from there. I always ask a new vendor who they see themselves as a competitor (of) and who else they sell to in my trading area, that way the dating game, so to speak, is already out there. If they don't know who their competitors are, then that would cause some concern that they don't know who else is out there. In building my new store, this has been the biggest challenge, What I found is that some of the smaller people I have bought from recently are willing or open to our ideas as a retailer and will make some changes to the product they offer so that it becomes something you can sell with confidence. A retailers dream....an exclusive!
Melissa Weingarden Five Cent LemonadeMiami, Fla.
Michael SchaulLone Star Baby & Kids Inc., Dallas/Fort Worth
Dave Laub Room to Grow,Cincinnati, Ohio
Joni McConnellJCPenny DirectPlano, Texas
Jami MyersJami B'z Scottsdale, Arizona
I like your intrest i am coming out with a new baby line
anthony hardy - 2008-02-13 19:39:00 EST
Thanks for great discussion. I am inventor of a new toy. I have addressed and/or encountered all the "answers" provided as a new Toy Company. I am looking forward to sharing the 'what next' as the success of my toy grows. The problem i see is that I have created a product for the global market, and I am contracting reps., so I certainly lose the one-on-one sale where I can share my passion and energy. I will try to pass it along to the reps, but not the same.I found the specialty sores order small, and when it sells out, another toy fills the space instead of reorder. The store is usally packed full, so a little space helps thim the inventory and move the other products. It seems too dificult to deal with 1000 specialty stores vs the few mass. Whats an inventor to do? When I figure it out, I will let you know.
Steven Beckman - 2007-11-26 13:22:00 EST
-
Hurwitz Mintz survives and succeeds
Oct 1, 2007 -
Lone Star Baby & Kids opens new store
Apr 1, 2008 -
Rebuilding an icon: FAO Schwarz
Feb 1, 2008
Featured Company
-
Brandwise Inc.
Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more
