MJBiz Buyers Guide: Cannabis Retail - 12
MJBizDaily Buyers Guide Cannabis Retail
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Pop-up or product feature opportunities can highlight vendor partnerships and may include features like a VIP room that
could accommodate a band or an autograph signing, or give a brand a distinct area to host a short-term promotion.
Photo courtesy of Charlotte's Web
But even in smaller spaces, retailers can feature specific vendors by using different merchandising
techniques or fixtures to highlight areas, Marzarella said.
Consider what brands might need if they were to come in for a pop-up type of promotion,
Raymer said.
" If a beverage company wants to come in and do a feature, what are they going to need to be able to
get the product sold? And how is that person going to be positioned on the floor? " she said.
DESIGNING FOR YOUR INVENTORY
Another element that is crucial to cannabis retailer success is choosing inventory. While it might not
seem obvious, planning for inventory is part of the design process.
" Inventory is where the profitability comes in, " Raymer said. " Step one is how the store is built out
and presenting the product to begin with, but our goal as a business is always to be working around
the inventory and (product) assortment. "
Raymer recommends making a financial forecast of the performance of the business as part of
the design process. For example, how much revenue does the store expect to do? How long will
inventory need to last? Build an assortment strategy first and then fill it with details.
" We then give ourselves a tight and defined shopping list to go and find the right partnerships, the
right vendors to work with to build out an inventory, " Raymer said. " If we go straight to creating
vendor relationships, we often tend to overbuy because we get decision paralysis as business
owners. We don't want to miss an opportunity. "
Once the inventory plan is in mind, it is easier to map out the space for it-keeping in mind that
product categories may change in the future, Marzarella said.
12
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MJBiz Buyers Guide: Cannabis Retail
Table of Contents for the Digital Edition of MJBiz Buyers Guide: Cannabis Retail
MJBiz Buyers Guide: Cannabis Retail - 1
MJBiz Buyers Guide: Cannabis Retail - 2
MJBiz Buyers Guide: Cannabis Retail - 3
MJBiz Buyers Guide: Cannabis Retail - 4
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