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Retail tradition wants a high markup on the products they sell. Some other things that you will need to discuss with potential retail partners are their return policies (some are very liberal, allowing customers to return a product for any reason) and co-op marketing requirements. Both of these have the potential to reduce your profits even further.
Yes, offshore manufacturing can help reduce your costs, however, I've worked with some companies that partnered with manufacturing companies in China only to later learn that these companies copied their product and sold it under their own name. I'm not suggesting that all Chinese manufacturers do this, but be wary. I've traditional found that US companies are excellent to work with when prototyping, but have a hard time competing with offshore companies on price when going to full production.
If you choose to prototype in the US and then partner with a company offshore for full production to reduce costs, you could end up paying double on tooling costs unless you can find a manufacturer that has a location in the states for prototyping and offshore locations for mass production.
The other option to minimize your headaches for taking your product to market is to license your patent to a manufacturing / marketing company. You earn a royalty on sales and leave the burden of taking the product to market to the company that licenses your design.
All the Best,