The CBC recently reported that cannabis stores outnumber Tim Hortons locations in Manitoba. I’m sure this will set off alarm bells in a lot of people’s heads and likely for different reasons, so let’s try to look at the problem rationally. With 155 stores servicing an adult population of roughly 1.1 million, it works out to about one store for every 7,200 residents. I remember seeing a study or two from years back that estimated that for an independent cannabis store operator to make money it needed a trading area of around a minimum of 10,000 residents. Colorado imposed legislation so that the number of stores would not exceed one per 9,000 residents. Based on these estimates, Manitoba may have gone a bit overboard. There may indeed be some consolidation ahead for these folks.
The same scenario may play out in other provinces. What are you as a retailer prepared to do about it? The difference between survival and oblivion may be due to design, product selection, the quality of the advice and service behind the counter, or many other factors. Learn what the most successful retailers are doing at our Retail Zone Summit Stage, which will offer a two-day business-dedicated training program. It’s a “retail school” of sorts that will feature peers and experts ready to advise established and aspiring retailers on both the big picture and the smallest of details they’ll face as they gain a foothold in this burgeoning business. Everything from best-practice customer service, merchandising, promotion and tech tips will be covered in our 360-degree approach to retail. Register for the O’Cannabiz Conference & Expo, June 1-3, at the International Centre, Toronto, Canada.
Photo credit: SevenPoint Interriors |
