Fair enough, I’d say try diversifying into something else or try to come up with something that you offer that your competition doesn’t.
We have tried a few options but with a small coverage area and so many shops we are very limited, we have tried a few things over the years but it did not lasted long before one of the other does the same, anything too different would not sell very often so we are stuck with stock for ages and the price was also a key issue.
The only shops that does anything different is largest and they have added a butchers and household goods, the other is the one selling fakes. Maybe we could add other things but not much comes to mind.
The daily intake doesn't cover 1 persons wage.
Your getting robbed daily
The loyal customers have gone.
You let nostalgia rule your head in 2010 and took out a re mortgage when its not sounding like it was financially a good idea back then.
If you have no loyal customers and your getting robbed daily who exactly are you expecting to shop at any new business venture.
Open a turkish hairdressers, staff it 24 -7 . use it for money laundering. If you need advice about that, speak to the guys robbing you, they will have some contacts.
If your all working other jobs then surely just selling everything you can and then renting out the building is a sensible option.
Yes most days you cant even cover a wage.
The guys that rob us are normally kids or young eastern europeans.
Renting out maybe the best option
Have you tried doing some research by asking existing customers and maybe door knocking in the area?
No, we have not tried that, knocking on door would not really work IMO because most of the customer will have a hard time speaking English and the other half would rather not be disturbed TBH.
If its an option, Close the shop and put the house/shop up for sale in its entirety and move elsewhere. Unfortunately sentimentality is a great concept but wont pay the bills especially in todays cut throat society. If your parents are concerned about income then, as harsh as it sounds, they should look into getting jobs at local Asda/Sainsburys etc stacking shelves, tills etc. Shouldn't be seen as a failure but a sign of the times. To be honest, it sounds like they have had a bit of a stressful time with all the issues with the shop, they may actually be happier and more stress free.
TBO Sentimentality is the only reason the shop is still open.
The area has become below average, unless things change it will keep going down.
I think the main reason is the drastic change, number of corner shops opening up in the past few years and in the past it was a mix of families white, black, Asians and Europeans but now it mostly people from eastern Europe which would not be a case but they prefer as the shops ran by Europeans and only look at price.
sell all renaming stock. then lease it out as a barbers or hairdressers or nail salon.
retail is dead or extremely hard. if you have 6 other shops nearby on the same road it will be impossible. i'm guessing your shop has never been done up and people prefer to go to the nicer ones.
you haven't moved with the times likely. it's best you just rent it out.
it is near impossible so we are considering the option,
We did do up the shop a few years ago and the shop is in better condition than most on the road and one of the larger selections.
some people may think im being a little raciest but , IMO the Europeans in the area discriminate more then a little, they prefer to visit the shops ran buy other Europeans which is 3 of the stores and dont mind buying fakes as long as its cheap, Price is key for them. We only survive due to the things the others dont do ( sweets, frozen food, other odds)
The only shops that survive in the 21st century are:
- gambling shops (someone has mentioned bookies already)
- pawnbrokers
- charity shops
- coffee shops
- phone shops
- social vaping
- £1 / 99p stores
Become one of those.
pawnbrokers A Independent one wont last one closed down due to getting robbed and we have a ladbrokes down the road
Charity shops I dont think that will work, you wold need donations but I dont expect that to happen.
- coffee shops - Not sure it would work in the area unless its was cheap.
- phone shops Maybe but it would need knowledge and investment things move a little faster.
- social vaping - Not a chance, We have tried selling normal vape pens and other bits but we dont sell much. price again.
- £1 / 99p stores - This maybe a option but the pound lines are getting smaller and smaller, look at pound world.
most things we wont know unless we try but going by the mentality its all about price.
Buy a shaver and become a barbers or just rent your premises out to those skilled enough to do it.
I'm not sure about this, We have 3 on the same road 4th just off road a 5th one just closed a few months ago,
Going by the sudden spike of cash launderers barbers and nail bars over the past few years, I reckon this is a decent shout.
I reckon its mostly because it need the least work, ( you dont need much or any English, dont need any education, and you can learn from another barber then open your own) all the work is cash work as self employed and its all profit plus I expect a lot dont declare much.
Given the description of the neighborhood. The best option might well be to close the shop and turn the property into an HMO.
If the area really is turning into a slum where Honest businesses can no longer survive then the window for selling up at a decent price might already have passed you by and perhaps the best option is to become a slum-lord and profit by it.
(I am only half kidding. This might well be a profitable option provided you can handle the agro!)
Its nowhere near that bad that bad yet, the area is still good some. the houses are good, even some of the people are good.
if you go by paper and the outside its a good area, ( Nice houses, Good rated school and nursery, Good GP, Clean Park, Dentist, options, Barbers, corner Shops butchers,) plus some other
it's just the some people and the number of the same type of shops withing walking distance are bringing the area down, things may change in a few years but dont know how long we could survive the bad time.
