How Dealers Cope With the Economy
Leon Temiz, of the New Jersey-based Electronics Expo stores, had been in an expansion mode until the recession hit hard late in September, and has put the brakes on further growth for now. But instead of lamenting the economy and the caution behind consumer spending, he is training his promotional efforts at higher-ticket sales. “We’re doing more targeted marketing and dropping any focus on commodity products, which only lose money in this economy,” he said.
At the Indianapolis-based specialty retailer Ovation Audio Video, buyer Jeff Miller, said tailoring product assortments is a major strategy for weathering the recession.
“We have fewer lines and are concentrating on products that are right for our target audience, which is the higher-ticket customer,” he said. “They’re the ones who still have discretionary dollars and the desire to buy. In audio, especially, we’ve gotten away from categories like tabletops and portables, in the effort to focus on products [that] appeal to our better customers.”