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How is the recession affecting you?

Located here in a tourist market on a beach... Last year in May we had a record breaking month, this May has started off but I have already noticed a downward trend. We are off 75% in numbers from the past years week. Anyone else?

 

 

 

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Super Seller

Right now we are down 5% month over month but up 10% year-over-year. Our number of transactions year-over-year is down but our average sale is up 19%

 

I definitely have noticed May has been soft.. but it was soft last year as well.. We get a lot of college kids in our store so May & September are slower for us.

Dina
Co-Owner Amityville Apothecary
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I am down 20% in sales.  The heat here in Texas has been part of that.  
Are any of you considering lower prices to increase sales?

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Super Seller

I'm down 30% this month, every other month until now has been up 10-30%. Summer is brutal for the MD area because a lot of people just go on vacation and with no major holidays my store does abysmal numbers.

 

Regarding prices, the irony is when I first took over the store in January my goal was to lower prices to save people money, then I started looking at my COGS and margins and said I'd try to keep prices the same and save people money. Now I just bit the bullet and raised prices to proper margins in order to hopefully stop feeling like I'm drowning. The problem was for the last 10 years my family did a poor job of increasing prices gradually because volume was good... Now volume is down and my costs have been going up an insane amount.

 

My current goal is to be 10-20% cheaper than any of the big box stores and to keep the store stocked.

 

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