Retail question,

[andrewrichardgale]

say you open a retail store and obviously your getting stuff through your manufactor, but say you get some from a 3rd party.


if you get something for 20% of $7 which would be $6.60 to you, how much do you mark it up?

ok now say you mark it up 100%

what about if the item is $50.00 with the 20% off, do you still mark it up 100% , wont that get pricey for customers?

[eliz4biz]

Mark ups vary by products. Some things, like furniture and clothes for example, are consistently marked up 100%, however other items like food products may only be marked up 5 - 10%.

[eliz4biz]

Mark ups vary by products. Some things, like furniture and clothes for example, are consistently marked up 100%, however other items like food products may only be marked up 5 - 10%.

[andrewrichardgale]

but lets say its all art.... do you still just mark it up the same as all the others or no?

[KKoher]

Ask the distributor what the retail price is on the item, or look it up online to see what it retails for elsewhere.

[RLorenzen]

It largely depends on your market. Some product markets have huge markups..others don't...this is where your market research will come in.

[Ahern & Brucker]

but lets say its all art.... do you still just mark it up the same as all the others or no?

art work is priced much differently than general retail merchandise... but i don't know what kind of art work your talking about that only costs $7.00??

let's assume it's fine art... than the price is whatever you want it to be over the amt you paid the artist. the ultimate price is going to be what the customer actuallly pays but in general, it's not unheard of to have a mark up of 300% or more for fine art work.

if we make a special piece for a retailer, we get our price and the retailer will mark it up at least 300% so a $1,000 piece we sell is sold for $3,000 in a gallery or store.

if we consigned the piece (which we don't) the split might be 50-50 or 60-40 or 70-30... who's favor depends on the piece and the negotiations.

for mass produced art work, or limited editions you get into competition with the manufacturers other wholesalers/dealers (unless you have an exclusive)so you have to either charge the same or, market better and charge more...

but never, never sell lower than your established competitors especially if you are a new merchant and your competitition is watching.

[andrewrichardgale]

well ill just be selling replicas so there wont be that much markup