Starting your own retail store in this day and age might sound crazy.
But when you focus on your customers and what they really want, you can create a great retail experience and a profitable business.
You can add a retail section onto your studio so people can come in and see people creating the jewelry while they shop!
We have Robin Kramer back on the show with us, our lovely co-founder at Flourish & Thrive Academy!
She’s so knowledgeable with all things wholesale and retail!
It’s all about creating an experience your dream clients will come back for again and again.
Brick and mortar isn’t dead, it’s just becoming very personalized and consumer focused.
Let’s dive into all the pros and cons of starting your own retail store!
Control Your Company Culture
When you have your own retail store for your brand, you can control the vibe of your brand. You create a culture around the brand and build a team with really great energy.
It’s a great way to communicate core values in what you stand for as a business, brand, and company. Especially as a local business you can really grow your tribe!
People Love Shopping
Believe it or not, people still love shopping in stores! Yes, online shopping is convenient and makes it super easy. But for certain things, people really want that experience of browsing around and trying things on and seeing things in person before buying.
Because of the growth in online sales, some people really miss that personal connection you get when shopping at a local shop. Plus, who doesn’t feel a little bit happier walking into a store like Sephora or Kate Spade? They call it retail therapy for a reason!
Consider Holidays & Vacation Time
Some downsides to owning a physical store is that you are tied to a location. This is why hiring a team of people to run the store while you’re gone is important!
Keeping to regular hours – whatever they are – is a huge deal to your customers. They’re planning their day around going to your store, so this is one way you can build trust with them by keeping consistent store hours!
We’re sharing so many more things to consider on this episode, it’s really a great one!
Are you coming to NYC this September? We'd LOVE to see you at Flourish & Thrive LIVE!
xo, Tracy & Robin
P.S.
Halstead Bead is sponsoring this episode, we love them because they’re such a great resource for our designers. If you're considering partnering with a wholesale jewelry supplier, check out Halstead!
Enter code: THRIVE at checkout to get $10 off your order if you buy before July 30, 2018! Plus they have their grant application open right now!
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