Getting the Most Out of Your Market Experience

Many retailers are still knee deep in ice melt, snow shovels and ice scrapers, but this month kicks off the spring market season with hot deals, educational sessions and networking opportunities. Each buying market is unique, as is the process for prepping for the event. As you make plans to attend your wholesaler’s market, Kyle Riddle, store manager at Redbud True Value in Lubbock, Texas, shares his insights and best practices on attending Do it Best and True Value Markets with Hardware Retailing. 

Hardware Retailing (HR): How far in advance do you plan for a market? Who else in your operation is involved in that planning?
Kyle Riddle (KR): I typically start zeroing in on what I want to accomplish at the market one to two months out. I focus on areas of my store that I have identified as needing attention. That could be moving slow movers out and bringing something new in or simply refreshing a section. I go in with a “wish list” of prioritized items or sets I’m looking to update. I am also looking for communication from my staff to relay customer feedback on items they would like to see us carry or trending items we need in the store. That communication is a very important part of my future purchasing decisions. 

HR: Do you bring other team members along to markets? How does that benefit them, you and your operation?
KR: I have not brought any other team members to previous Markets, but it is something I will do for future markets. It would be beneficial to have a second pair of eyes at these events to aid in the buying decisions. 

HR: Do you go into a market with a checklist of what you want to accomplish or a list of goals?
KR: I do have a top needs and tasks type of list that I take with me to the market. For example, this last show I was looking for updates to our lawn and garden sections, including items such as a new water hose set, garden seeds, nice discounts on existing items, etc. I also go with the goal of finding a set to replace slower movers in my store. 

HR: Do you do most of your buying at the market or before and after online? Do promotional buys influence your purchasing decisions?
KR: A small percentage of my purchases are made at the market. I often do purchase unique items we have not had previously in my store. This last market I bought an endcap display of stuffed chickens that has been a big hit in my store. I would say most of the purchases I make at the market are impulse buy-driven type items. After the actual market is complete, that is when I get back to the store and review all the items I had placed in my basket for consideration. From there I make my final decisions on what to proceed with and order. Promotional buys are certainly something I go after. I’m always looking for a deal that will help yield higher margins for us. The Closeout Zone and VIP Deals at the market are a top priority to visit each market. 

HR: How do you manage vendor relationships during the market?
KR: I make it a point at each market to stop by vendors I have met previously and purchased from. It’s always good to see what kind of new products or updates they have. I’ve only been in this industry for about six years now so meeting people in the field and different associated industries is important point for me. It’s always good to meet new vendors at these markets. 

HR: Do you take part in any of the educational sessions offered at your wholesaler’s market?
KR: I sign up for a few educational sessions at each market. I do find them helpful. I’ve attended sessions with topics such as gardening sales, paint education and others. I look over what is being offered prior to the market and decide which sessions are of most interest to me. I find them helpful and informative. 

Learn more how retailers prepare for market season here.