Debt has been the buzzword of the past year, in large part because of its direct role in triggering the financial crisis. One of the primary instruments of debt for most Americans is the credit card. Much of today’s discussions of regulations have thus turned to policies surrounding credit cards. One of the recent debates has centered on whether the fees levied by credit card companies on retailers that accept their cards should be reduced. Currently, the “swipe fee” charge levied upon retailers amounts to between 1.5 and 2 % of the price of most purchases. In relation to the world’s other wealthy countries this is a relatively steep price.
Step #1 – Develop your accelerated training plan.
You must have knowledge about retailing, dollar/discount stores, and actually how to open a dollar store and then manage it after it is open for business. In fact gaining this knowledge is a critical step to take before moving forward toward opening a store. Quickly gain the knowledge you need by looking to the experts in the industry. Read their books and attend seminars and coaching sessions. Be sure to make contact with those already in the business as well. Many existing store owners will gladly share their ideas with you. Just make sure the information you receive is sound and will work in your location. Do not move toward a grand opening date until this preliminary training is done.
Any regulation of “swipe fees” would likely simply transfer the economic burden from retailers to credit card companies, without much of a benefit reaching the consumer. There are several examples from around the world of regulation of these fees not having a direct benefit to the consumer. Shifting the financial burden from the retailers to the card companies will simply cause the card companies to adjust their pricing schemes to reflect this change.
The trick is to do it quickly and make it obvious. Human beings make snap decisions about people and places within five seconds of seeing them. Use your window displays to make your first impression an emotionally significant one. Mannequins can be positioned to show a child discovering a treasured teddy bear. You can elaborate on the scene by including the parents, touched by the child’s happiness, looking on from the stairs. Include a male and female mannequin whenever possible so that men and women can relate to the display.
Thus Congress should be weary of the actual impact of any such legislation. It may appear appealing to cut down card companies’ ability to levy fees upon retailers who are then forced to pass this burden onto consumers. However, such regulation is not likely the best means of benefiting consumers or addressing America’s growing problem of individual debt
Resource Author Francisco R. Higueras
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Tags: Retail