Introduction – Thrift Retail Pricing
Pricing is actually a pretty simple and straight forward thing. Customers will not pay literally a penny more than the true value of the product
The reason people choose to shop at our thrift stores as opposed to other retail stores is that we provide gently used items at a fraction of the cost of those other stores.
This means we have to be skilled at pricing our items in order to keep our customers coming back. Very rarely do we price an item near what it retails for, there are exceptions when it comes to vintage or antique items, but typically we like to stay somewhere between 25%-30% below what sticker prices are for new in box items or items new with tags.
The following portion of the module will explain how to properly research and appraise items in order for us to make as much as we can and to keep our customers coming back. I have learned that nothing is a better teacher than time and repeating this process over and over again. I find myself walking into regular stores now and seeing items and deducing in my head what we would price them in our stores. Again, a good question to ask yourself is how much would I as a customer be willing to pay for an item.