The gift shop industry is a healthy sector for entrepreneurs to enter, according to the 2017 UK Greeting Card Market Report, consumers are spending £1.75 billion a year on greetings cards alone.
Online traders account for almost 20% of retail sales, growing at 10 times the rate of store sales.
A buyer’s profile
To be successful in the gift shop industry, there are certain characteristics a business buyer should possess. Excellent communication and interpersonal skills are key; remember, you are the soul of the business, so customer relations and good dealings with your suppliers will be a great advantage.
Owning a gift shop will mean working on weekends and public holidays, which may compromise time with your family.
Although you can build up a management team, in the first few years you will need to be available during busy periods like Christmas.
It’s also great to have good recruitment, training
What to look for in a gift shop for sale
A successful gift shop should have a strong high street presence with a high footfall of passers-by. A large window is very useful to entice customers with seasonal displays and is a great asset to a gift shop on the market.
Another great asset is a functioning website, this additional trading platform allows you to compete with online retailers and
The physical appearance and condition of the store
Question what type of customer and supplier relationships the current store owner has in the community and in regard to business contacts; do you plan to keep the same suppliers and sell similar items, or are you looking to rebrand the store and source
If you find a store that is thriving and successful, you can expect to pay a higher price than if a gift shop is failing. Buying a failing business and making it successful may be tempting but is more suited to seasoned business owners that already have experience in running or managing a business in a similar sector.
