My competitor next door.?

Question

I opened a retail shop 1 and a half years ago. Started this year there is a new shop opened next to me. Most of the item they sold we also have in our store. When just started it still ok. Business is business, they do their business and I do mine. Its fair enough. But recently I found out they try compete the prices with us. The item will be sold just to earn 10 or 20 cent. In this situation do you think I should fight back? Anybody encountered the same problem with me? How do you solve the problem?

Answer 1

You shouldn't "fight back".  You will lose because you already have been in business, you know what you have to sell items for to earn enough profit to stay in business.

Better ways to spend your money:  Reach out to your returning customers and establish personal relationships, add some new & exciting inventory and put it in your front window, have an "event" with balloons, soda and hot dogs just for the name recognition.

Good Luck!

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