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Forum topic by anastacia_elon posted 06-08-2016 11:11 AM 1520 views 0 times favorited 21 replies Add to Favorites Watch
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anastacia_elon

45 posts in 626 days


06-08-2016 11:11 AM

Topic tags/keywords: retail marketing consignment

I have an opportunity to have some pieces sold in a popular retail store. However I dont even know where to begin. I have my portfolio ready, but when it comes to how much to sale it to the retailer and other things. I have no clue. Any insight please.

-- LaShunda - No Final destination moments please !


21 replies so far

View Tennessee's profile

Tennessee

2410 posts in 1981 days


#1 posted 06-08-2016 11:24 AM

A lot of it depends on the level of the store, what kind of store, where you live.

If I put nice but easy to make cutting boards into my gallery at my local museum, I can get as high as $85 each.
If I put them into a local average antique and craft shop, I can get maybe, maybe $50 each.
This is also dependent on my locale, which is a community in the South where the cost of living is a bit below the national average.

I’ll assume your items are high end, so I would look at other items in high end stores that carry your kind of items. See what the market will bear.
As far as wholesale/retail, most retailers work on at least a 35% markup, most try to do more. My gallery is 40%. I’ve walked away from some that wanted 50%. But they have too much overhead to do a small number.
So if think your item will bring $500, think that you might have to sell it to the retailer for $250 to $350.
And all of this is just an opinion. Situations change by store, by city, by piece.

One last thing: If you do come to an agreement, and they sell quickly, are you prepared to duplicate them fast? I’ve never known a retailer that really likes one-offs, and no retailer can sell off bare concrete. (empty store)

-- Paul, Tennessee, http://www.tsunamiguitars.com

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anastacia_elon

45 posts in 626 days


#2 posted 06-08-2016 11:44 AM

Thank you so much for this. I’m in Hawaii and a retailer sought me out. I can get bored easy, so the duplication scenario scares me. I just want to handle myself well and I don’t want to walk out this meeting wondering if I could have negotiated better.

-- LaShunda - No Final destination moments please !

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anastacia_elon

45 posts in 626 days


#3 posted 06-08-2016 11:54 AM

What about contracts? Any advice on deposits?

-- LaShunda - No Final destination moments please !

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waho6o9

7179 posts in 2043 days


#4 posted 06-08-2016 12:00 PM

http://lumberjocks.com/huff/blog

Huff ^^ has an excellent blog on answers to your questions anastacia_elon. and may you have good

fortune going forward.

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anastacia_elon

45 posts in 626 days


#5 posted 06-08-2016 12:08 PM

Thank you waho6o9… I will check it out. Fingers crossed, thank you

-- LaShunda - No Final destination moments please !

View Blackie_'s profile

Blackie_

4535 posts in 1979 days


#6 posted 06-08-2016 12:22 PM

You don’t want to sell yourself cheap nor do you want to price yourself out of sells. Compare with others pricing item for item, the fact that it’s created by an individual and not an assembly line also how unique is it? How practical is it? How useful is it? These are the things you have to take into consideration when selling your work.

Start at a price that you feel comfortable with and if things are going great than try increasing the price just a tad over time.

-- Randy - If I'm not on LJ's then I'm making Saw Dust. Please feel free to visit my store location at http://www.facebook.com/randy.blackstock.custom.wood.designs

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waho6o9

7179 posts in 2043 days


#7 posted 06-08-2016 12:34 PM

:)

View Monte Pittman's profile

Monte Pittman

22040 posts in 1804 days


#8 posted 06-08-2016 02:01 PM

LaShunda, I know nothing of Hawaii. But spend time looking at all the stores your type of products. You want to be competitive, but that doesn’t mean that you should be lower than everyone else. If you you feel you are at or above their quality level, then there is no harm in being at or above their price. Being unique is important, but that alone doesn’t make it worth more or less. I wish you well on your adventures. Keep making sawdust.

-- Mother Nature created it, I just assemble it.

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Monte Pittman

22040 posts in 1804 days


#9 posted 06-08-2016 02:03 PM

Huff’s blog is great.

-- Mother Nature created it, I just assemble it.

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Monte Pittman

22040 posts in 1804 days


#10 posted 06-08-2016 02:07 PM

Looking through your projects, they look great. You should be able to to complete comfortably.

-- Mother Nature created it, I just assemble it.

View TarHeelz's profile

TarHeelz

46 posts in 1547 days


#11 posted 06-08-2016 02:11 PM

If you are not currently in the business of selling your creations, I would think the best approach is to set your price high. This mitigates your duplication concerns and creates the opportunity to find one of those few buyers who appreciate your art … as art.

-- Tar Heelz, Durham, NC USA

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anastacia_elon

45 posts in 626 days


#12 posted 06-09-2016 03:13 AM

Thank you all so much for the advice. I’m getting more comfortable thinking about this meeting tomorrow. Im taking notes. Monte- thank you for the compliment. I’ve been selling my pieces for almost 5 years. I a lot of my clients are military. My husband is retired. We decided to stay in Hawaii. I’ve been breaking out the military community recently. I just never thought a retailer would get in contact with me. I thought it would be the other way around. However this makes me want venture out my comfort zone. My work is a different genre of what the locals usually focus on.

-- LaShunda - No Final destination moments please !

View Kelly's profile

Kelly

1114 posts in 2410 days


#13 posted 06-09-2016 06:57 AM

Consignments or buy outright?

I had a problem with consignments when stores would take on their percent for the retail, then subtract it from that new total. This meant they dipped into my wholesale price.

To solve the problem, I just divide my percentage into the wholesale and this gives me my retail. When they subtract their percentage from the retail sticker price, we are right back to my wholesale.

PS This is just like bidding. A lot of it can be got to by being aware of your cost (shop, tools, replacements and repairs, electric, transport, materials, etc), then setting a value for your time. However, in the end, it’s as much art as it is computation, when establishing price.

In bidding, if you’re getting all your bids, you’re too low. If none, to high, or nobody likes you and you should go eat worms (so, be nice, of course, until your famous (then be nicer)).

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anastacia_elon

45 posts in 626 days


#14 posted 06-09-2016 07:28 AM

I’m not sure. Kelly ,but I’m preparing numbers for both. I was going to have numbers for retail and wholesale.

-- LaShunda - No Final destination moments please !

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anastacia_elon

45 posts in 626 days


#15 posted 06-09-2016 08:53 AM

Has anybody got any advice on what I should bring to this meeting. Besides my portfolio and list of prices

-- LaShunda - No Final destination moments please !

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