New Markets for Retail Businesses
I just read an article in Specialty Foods Newsletter that described a new program being launched by 7-11 Markets: a national Hispanic program featuring over 80 grocery items, beverages, and health and beauty products. This brought to mind something I had read about a month ago pertaining to the growing Hispanic market.
According to MarketingProfs.com, the growth of the Hispanic population has made it one of the most sought after markets. By 2007, the purchasing power of this market segment will be over $1 trillion!
So what does this mean for gift basket businesses? Since we are always looking for new business, this might be a good time to find out if this particular market segment is being served in your community. Are there local markets that carry a variety of Hispanic foods? If so, you might visit those businesses to find out what products they carry, and who constitutes their customer base. If there is a big demand for these products, maybe that is something you should consider adding to your line. Or, as Flora Brown suggested in her blog, sell your designing skills and offer to make gift baskets with products that those businesses could promote in their own stores.
This same type of analysis would work for any market segment in your community. Are there stores selling kosher only products, or stores that sell Italian foods or Asian foods? The customers that shop at those stores may be delighted to find out that their favorite foods or ingredients can be decoratively packed in a gift basket!
3 comments April 26th, 2006
