Profits are not the only measure of success and you’ll want to pricing based on your goals:
- Goal = Revenue
- Price using the “Keystone” strategy, essentially doubling your costs
- Goal = Brand Awareness
- Price to cover your costs + 5-10%
- Enhance the Customer Experience
- Price to cover your costs
Get creative with your displays and incorporate them into the decor
- Even small curios can work, but it’s important to keep them open and inviting for people to browse.
- If you have the space, bigger is generally better with ample inventory on the shelf.
- By the time they check out, guests should have had multiple opportunities to see or experience your retail products during their stay.