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Bill Wiebking, who has an existing business called Countryside Closeouts, purchased the property in January and plans to open a retail store called Real Deals, with items starting at just 50 cents. Despite hopes that a new owner might reopen the local landmark, located on historic Route 66, it continued to sit vacant, and Wiebking said vandals had previously cut out copper pipes and damaged the roof.

However, he sees a retail opportunity.

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The other two areas will be higher-priced items, but everything is still going to be a great deal. Wiebking explained that while he will offer much of the same merchandise as dollar stores, he will be able to sell his items more cheaply. Wiebking said he is waiting on phone lines and credit card machines but hopes to be open by next week. For example, grocery shops and clothing retailers regularly encourage shoppers to buy one get-one-free, buy five and get-one-free, or buy one and get the second item at a reduced price.

Without discounting the price, you can offer your customers an added value to their purchases.

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Most value add offers are a priceless item that's of benefit to the customer. It's important to remember that although some of these offers are free of cost, it may require your time to provide the service. These offers are a good way to identify any services you offer — which your competitor doesn't. For example, a computer hardware supplier could provide an installation guide, or free installation support with purchase.

Real Deals store to open in former Vic’s Pizza location

A hairdresser can offer a free treatment or blow wave with haircut. There are times of the year, month week or day when some goods and services have less demand than other times. This is true for seasonal clothing, festive merchandise, travel bookings and restaurants. By analysing your sales cycles and highlighting these periods, you can offer discounts for customers who buy merchandise or services out-of-season.


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For example, mid-week specials for restaurants, surf shops offering sales of last season's stock over winter, and ski shops offering the same discounts over summer. Read more about How to discount for business growth. Page updated: 27 Aug Open search form Business Victoria.

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Home Money, profit and accounting Pricing for profit. Not what you're looking for? Common costs when starting a business Pricing strategies that work Define and know your customer. Planning before discounting Discounts, loyalty offers and bulk buy pricing is common business practice, and can help you: move stock attract new customers reach sales targets during a slow sales period. It's important to: know your current profit margin, markup and breakeven point calculate the best discount price to still make a profit prepare a marketing plan to encourage new customers and bring inactive customers back find out what your competitors are offering and their current pricing review other options for promoting sales offers without reducing the price decide how long the sales price will be offered review your accounts for any regular times of the week, month or year your business has a sales dip.

Checking the effect of discounts on the gross margin If you cut your prices by Package or bundle stock This type of upsell opportunity encourages customers to order more stock or services and are rewarded with a bundled pricing. Quantity discounts Why not consider offering a percentage discount or 'get one free' when customers buy a set number of items?