5 answers
Brandon
Student
Romeoville, Illinois
3
Questions
Updated
538 views
how quickly can i open a store front.
The only aspect of the fashion world i am missing exp. in is the retail side of things if i could get a greater understanding of what it takes that be amazing.
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5 answers
Hassan Al
Product Management Professional
372
Answers
Austin, Texas
Updated
Hassan’s Answer
It would take a significant amount of money to open a store front. Depending on location, size, and build out that could be anywhere from $50,000 to $500,000. Rent could be from $5,000 to $20,000+ a month. Most land lords will want a 5 year lease and make sure you have the money to pay rent for several months before the business takes off.
https://www.lendingtree.com/business/small/failure-rate/ says that 20% of business fail the 1st year and almost 50% fail after 5 years. After 10 years only ~34% of businesses are still open.
I'd recommend getting started by getting a job at a retailer to get you some experience. Then work your way up to thoroughly the business and operations before you strike out on your own. That would allow you to save startup money and get experience that any lender would look for to loan you money.
https://www.lendingtree.com/business/small/failure-rate/ says that 20% of business fail the 1st year and almost 50% fail after 5 years. After 10 years only ~34% of businesses are still open.
I'd recommend getting started by getting a job at a retailer to get you some experience. Then work your way up to thoroughly the business and operations before you strike out on your own. That would allow you to save startup money and get experience that any lender would look for to loan you money.
Rick Planos
Lead high performing teams in a variety of industries
1
Answer
Schaumburg, Illinois
Updated
Rick’s Answer
Depending on what type of storefront, the current environment is very conducive to pop-ups, and with the vacancies in malls there are many short-term options to get your feet wet with a trial run. If you keep your eyes open you can find amazing pricing on fixtures with going out of business sales and set something up fairly inexpensively. But you want to have a solid idea of your brand and make sure you make a statement with your pop up-depending on your product line.
Meghan Webster
Store Manager
4
Answers
Washington, Washington
Updated
Meghan’s Answer
Brandon,
I would suggest getting either a part-time or full-time job in a local retail store to gain some experience. With the workforce being light these days it may be easier to work your way up to a management position to also gain management experience as well.
I agree with Hassan's comment as well. Owning your own personal storefront can be extremely expensive taking into account rent, utilities, merchandise, marketing, and staff. It may also be beneficial to get a business partner or a silent partner with a background in business to help out with the logistics.
From personal experience, I opened a new store location in August 2021 as the store manager, and it has been a roller coaster experience. Even though we are a part of a nationwide chain, we still had several obstacles throughout the process from not having internet, no music, no marketing at the mall, and minimal supplies. The excuses being used were the global backorders due to USPS and freight backups as well as multiple store openings during a pandemic. Although some things may be out of your control, the things that are you would want to triple check. For those that aren't, take each as a lesson and have multiple backup plans to try and combat the issue.
Obtain retail job for experience
Take intro business courses at local community college
Find a (silent) business partner
I would suggest getting either a part-time or full-time job in a local retail store to gain some experience. With the workforce being light these days it may be easier to work your way up to a management position to also gain management experience as well.
I agree with Hassan's comment as well. Owning your own personal storefront can be extremely expensive taking into account rent, utilities, merchandise, marketing, and staff. It may also be beneficial to get a business partner or a silent partner with a background in business to help out with the logistics.
From personal experience, I opened a new store location in August 2021 as the store manager, and it has been a roller coaster experience. Even though we are a part of a nationwide chain, we still had several obstacles throughout the process from not having internet, no music, no marketing at the mall, and minimal supplies. The excuses being used were the global backorders due to USPS and freight backups as well as multiple store openings during a pandemic. Although some things may be out of your control, the things that are you would want to triple check. For those that aren't, take each as a lesson and have multiple backup plans to try and combat the issue.
Meghan recommends the following next steps:
Terri Robertson
Marketing/Communications
4
Answers
Austin, Texas
Updated
Terri’s Answer
Hi Brandon, I worked in boutique-style retail for many years, both chain stores and small businesses, because I loved making connections with my customers. If you want more in depth experience without opening your own shop, I would definitely recommend that you look for a role in a small business. You'll have more visibility with the ins-and-outs of retail. It's my experience that with the larger chain stores, jobs are so segmented that you won't have a robust understanding of the industry.
As for your own shop, you could certainly open one very quickly, but remember that you don't want to just sell stuff - you want to create an experience for your customer. So even if you have a ton of money, you still want to take your time to build your brand and create the atmosphere that highlights your product in the best way. You just need to be thoughtful about your approach. I really like the idea of a pop-up that another poster suggested. I also see people getting very creative! So many art/farmers markets are turning into avenues for retail. Create the coolest tent at the market or convert an old school bus/rv/food truck into a mini shop and take it to the streets! There are a lot of amazing alternatives that will get you great experience!
As for your own shop, you could certainly open one very quickly, but remember that you don't want to just sell stuff - you want to create an experience for your customer. So even if you have a ton of money, you still want to take your time to build your brand and create the atmosphere that highlights your product in the best way. You just need to be thoughtful about your approach. I really like the idea of a pop-up that another poster suggested. I also see people getting very creative! So many art/farmers markets are turning into avenues for retail. Create the coolest tent at the market or convert an old school bus/rv/food truck into a mini shop and take it to the streets! There are a lot of amazing alternatives that will get you great experience!
Janet Francis
Senior Account Executive-UGG
22
Answers
New Jersey, New Jersey
Updated
Janet’s Answer
I worked in retail for the majority of my career out of college. I also owned my own retail store and I can tell you it's far more challenging than I ever expected. I learned so much in retail, from customer service, managing, staffing, buying, trend forecasting, and the list goes on. I then parlayed that career into working for a manufacturer. I've spent the last 15 years with one of the top footwear brands in the country. All because of my retail experience! Good luck!