One of the challenges faced by those who open a dollar store is how to stay connected to the marketplace. These owners realize they need to know what’s happening in order to build their sales and profits. They realize customer preferences change. The dollar store merchandise that is most in-demand today may not even sell at all tomorrow. They know major retailers are constantly tweaking their format, marketing and merchandising strategies in response to changes in the marketplace.

One of the keys to making the right changes is to clearly understand what is happening in the marketplace. Armed with that knowledge it is much easier to make the right adjustments to keep your business growing. Read on for 6 sources of industry information.

#1) Locally owned dollar stores. That’s right. Owners of those small locally owned dollar stores can be a goldmine of information. They will have suggestions to help you build sales and profits. They will be able to share ideas about the marketplace and the best products to offer. They will know the emerging new hot sellers. Most are happy to share this information when you open a dollar store.

#2) National dollar discount chains. While the big national chains are unlikely to willingly share much specific information with you, they remain a great source of information. Periodically walk through their stores. Note what’s selling while you are there. Look for new products. Examine their end caps for ideas. Check to see if you can find new merchandising and operational practices. But don’t stop there. Read news features and company communications to gain a better understanding of their take on the economy, the marketplace and their shoppers.

#3) General merchandise retailers. Look at other retailers as they modify their store formats. Pay special attention to discounters and retailers that have added dollar formats in their stores. They can be a great source of ideas. While each idea may take a little modification, many will help power your sales and profits to new levels.

#4) Dollar store trade shows. Trade shows are a great source of information. You meet top dollar store suppliers and see their merchandise. You can also attend seminars and demonstrations about leading edge technology and methods. Plan to attend one or two trade shows per year. You will come back with many new, potential suppliers for your store as well.

#5) Dollar store suppliers. Start getting to know suppliers even before you open a dollar store. Research the general merchandise suppliers. But don’t stop there. Examine the specialty merchandise suppliers as well. Develop strong lines of communication. You will find the best suppliers are happy to do everything possible to provide market information to help you build your sales and your profits. After all, your success helps build their success.

#6) Retail and business publications. Subscribe to the better industry publications to keep your finger on the pulse of what is happening. Don’t stop there. Read quality business publications as well. They can provide you with a good overview of the business climate and business in general. You will find sound business practices can be taken and implemented in your business to build profits even higher. To your success when you open a dollar store!