I have to commend you for saying, "The most heartbreaking situation for me is when a vendor—rightfully!—raises their wholesale prices, and in doing so exceeds what our customer is willing to pay. I can’t absorb these costs, so we stop carrying their products." It was the most-gratifying thing in your post but also the thing that perhaps makes your business most vulnerable. Very courageous.
Great post. I run Just The Basics, a small bricks and mortar shop selling underwear, nightwear, socks, hats, tights and slippers to the local over 65 age group. I’ve been open for three years. My customers all lamented that they couldn’t buy British-made items. They also told me they were looking for 100% cotton items. So of course people-pleaser me ordered in nightdresses that satisfied both of those requests. Of course they were 30% more expensive to buy wholesale and therefore retail at more than my rail of polycotton nightwear made in Sri Lanka etc. Guess which rail is now discounted at 20% and they are still buying the cheaper versions?! Price wins out over ethics as we are experiencing a cost of living crisis in the UK. Also don’t buy in larger sizes for styles preferred by over 80s. Similarly larger people don’t buy vests (UK underwear, not what I think is a called waistcoat in the US!). Jane.
I have to commend you for saying, "The most heartbreaking situation for me is when a vendor—rightfully!—raises their wholesale prices, and in doing so exceeds what our customer is willing to pay. I can’t absorb these costs, so we stop carrying their products." It was the most-gratifying thing in your post but also the thing that perhaps makes your business most vulnerable. Very courageous.
Great post. I run Just The Basics, a small bricks and mortar shop selling underwear, nightwear, socks, hats, tights and slippers to the local over 65 age group. I’ve been open for three years. My customers all lamented that they couldn’t buy British-made items. They also told me they were looking for 100% cotton items. So of course people-pleaser me ordered in nightdresses that satisfied both of those requests. Of course they were 30% more expensive to buy wholesale and therefore retail at more than my rail of polycotton nightwear made in Sri Lanka etc. Guess which rail is now discounted at 20% and they are still buying the cheaper versions?! Price wins out over ethics as we are experiencing a cost of living crisis in the UK. Also don’t buy in larger sizes for styles preferred by over 80s. Similarly larger people don’t buy vests (UK underwear, not what I think is a called waistcoat in the US!). Jane.