new antique tools market possible!!!!!!!!!!!!

[bird]

Hi folks,
   I hope that everyone is doing well.  Our local hardware store isn't doing so great....  I live a few miles from the "wintergreen resort" in Nelson County.... the big ski resort in VA.  At one point,  if you wanted someone to build a house for you...  well, you were essentially on a waiting list.  And, if you didn't want to go to our Wintergreen True Value hardware store, you had to drive at least 25 miles to get to the nearest Lowes'  or Home Depot (still true).  But, as we all know, there aren't a bunch of houses being built. Although, business has started to pick up some.
        The owner of the store, Danny, is one of my best friends. Nelson County  has an antique store not far from here which used to have an AWESOME tool booth. But, poor Herb died (the tool guy). So, there isn't anywhere in the county that sells quality tools (antique tools!).  This county is full of artists and incredible woodworkers.
      Danny owns more wrenches than I've ever seen.  In fact, it kills me to say this, but he has boxes and boxes of wrenches that he's never looked at before.  His dad, who owned the hardware store, (and has passed away) collected wrenches. I haven't seen any wrenches like some of his....  which are close to as tall as I am. .... literally.  I guess they were used on ships?  railroads? 
      Anyhow, I've been trying to think about how the store could "rope in" a different group of persons. My only idea was that he should have a section in his store for antique tools and a section for local artists. No, it won't make him a ton of money. But, I do think it would rope in a different crowd.... largely tourists. This county has become a mecca for tourists due to the vineyards and breweries. We now have 14 (maybe more) vineyards, 4 breweries, one hard cider place, and a man that makes scotch..... I won't get into the moonshine! Between those things and the Wintergreen Resort.... there are a HECK of a lot of tourists. This place has also become a primary spot for the rich folks in DC to buy a second... third.... house.  It makes for quite a dichotomy of residents/ visitors, ect.
    Anyhow, I think Danny's given me the "OK" to "run with" my ideas. He has no idea how much to charge for the tools. I'm not so sure I do either. I roughly know what the wrenches are worth. But, if he buys/ puts my tools in the store, what should he pay for them? What should the markup be? For instance, if I thought I could sell a tool for ten dollars, what amount of money (percentage) should he buy it for?  What percentage should he make off of the sale? Should he buy it for 5 dollars? 8 dollars?,... you get the idea.
         I'm pretty sure he is going to let me run this whole new section of the store I'm talking about. Which is great!  But, if any of you own an antique store or have input, I'd love to hear it. I hope everyone is doing OK.
cheers,]
bird.

[Neals]

I have never owned a store but have delt with quite a few. Over the years there have been a number of 25% commission stores. Never seen one last a full year. What does seem to last is setting aside a small area (30 to 50 square feet) and charging by the month rent on the space. Store provides the shelving and handles the sales and charges 15 to 25% commission. Renter stocks the shelves and prices the articles. Several of these have lasted several years. Ones with higher rent and lower commission seem to have happier dealers. I have never seen a tool only store but all had a few. My best guess is that the store end up with about 50% of sales. I would suggest something along those lines at least until you learn the local market.
If he is going to buy tools I would think some he don't want for free and most bought at not over 50% of sale price at least until he learns the market. If its a tool he is sure will sell quick he could pay  more. Its all about the local market. If he buys a bunch of tools not knowing the market he will end up with some he can't give away in the next 10 years.
Just some ideas to think about. Good luck on the venture

[Branson]

Bird asked:  "But, if he buys/ puts my tools in the store, what should he pay for them? What should the markup be?

It used to be that consignment stores asked for 33% of the selling price.  That was back in the day.   You're lucky if
you can find one that takes 40% and most, now (that I know of) take 50%.   It works a lot like retail any more in my
experience.

Mark up isn't straight forward in antique or used things.   If you have a hatchet you paid $2 for,  $4 is good, unless
it's a Norlund or something that has a lot of collector interest.  You also have to price things so that they move
quickly enough that people will come back again to see what new stuff they can find.  Gotta have turn-over.