CammoTX said:
I actually think Trader Joes would thrive in Waco. So would Aldi.
My of my favorite business stories is how Trader Joe knew their customer better than they knew themselves.
One of the owners said something to the effect "our customers are educated but not smart...they have the money to spend but don't have taste"
Basically college educated people who don't realize they are overpaying.
[Trader Joe's locations are mostly in well-off neighborhoods. In 2022, the typical Trader Joe's customer was a married person living in an urban area, between 25 and 44 years old, earning at least $80,000. When deciding where to open locations, the chain typically looks for areas where the
median household income is over $100,000.]
"In June 1982, my wife, Alice, and I went to Lima to visit the canning plant. We witnessed something very interesting: the United States had a quota for imported tuna. Once Peru's quota had been filled, a biological miracle occurred right there on the canning line. What had been tuna was now pilchard, a member of the herring family, on which there was no quota. The like hasn't been seen since the Sea of Galilee! To this day, Trader Joe's is virtually the only retailer of pilchard."
We never had "closeout" sales. What a terrible practice!
You train your customers to wait for the "sale." Any product that failed to sell was given to charity. ]