THE BEST OF INTIMA – BIANNUAL – JULY 2008 - (Page 164)

Expert Growing your business during hard times Gas prices are raising by the day, the dollar is much weaker than it was a few years ago, and the Presidential elections make everyone uneasy. So, who is mad enough to expand their business in a time like this? You should be! The Best of Intima once again turned to Mercedes Gonzales, Director of the buying office, Global Purchasing Companies to tell us how. T MERCEDES R. GONZALES here is doom and gloom in every retail report you read, however let’s start with understanding what you are reading. Most, if not all numbers, come from publicly traded companies who by law have to report sales and profits. Nationals, department stores and chains have some advantages but independents have advantages that really make a difference during slow economical times. For one, we can track a trend and change gears in just a few weeks. We also have a deeper and better understanding of our client base and we can test vendor’s price points and designs as we see them. Department stores are bigger operations which tend to move slower. When things get tough their plan B is product development, which to me means “the same old thing”. Newness, is the key to giving the consumer a reason to shop. And no one does this better than the independent retailer. ment. Make sure to build on the strengths of existing stores and improve on the negatives. Let’s take a look at the advantages to opening in bad economic times. Azul, a resort store in Connecticut has amazing summer sales and then goes flat during most of the winter months. Her key to increasing sales was to open a second location, named Solemates that had more winter foot traffic without cannibalizing business from the first store. Her game plan was that the store would carry slightly different merchandise and transfer to each other during busy times. Now both stores have peak times that offset slower seasons keeping owner Tawnya busy all year round. Most nationals report sales of $350/ft2 yet we are finding that most boutiques are doing $500 to well over $1000/ft2. The Scoop store in the Meatpacking district of Manhattan was reported to do $1,800 a ft2 by the New York Times. Still many national chains are closing locations, cutting back on advertising dollars and laying-off employees. Part of their problem was oversaturation of the market and the lack of newness. Where it was once hard to find a “good” location you’ll find that the landlords or mall developers are willing to “work with you”. You’ll be able to find deals in everything from print ads to radio time but best of all you’ll be able to find the team you need to build your business. Choosing to open or expand If we look closely spring sales were up this year for most independent retailers. Lisa Colaw the owner of Élan in Scottsdale, Arizona notes monthly increases in sales since she opened in October 2007. For a new store to not only be running at a profit but to show growth during this type of retail climate, is a bit unusual I must admit. But Lisa’s tips for success include tight inventories, heavy promotion of events - not sales - and items that can be used as margin builders. Studies have shown that businesses that open during poor economical times do better with the markets ups and downs than companies that open during market high points. The process of opening more doors to your retail operation requires a thorough study of your retail situation and the market. You have to find out what parts of your business are working and what needs improve164 Building the right team Once you are convinced this is the perfect time to open a new location, the first thing you need to do is take a good hard look at your business. It is important to have the best possible team behind you especially when you are planning an expansion. This includes a retail accountant, retail merchan-

Table of Contents for the Digital Edition of THE BEST OF INTIMA – BIANNUAL – JULY 2008

Cover
CONTENTS
EDITORIAL
SHOP SCOUTINGWORLDWIDE - Boi’s selection from Asia to Europe
NEWER NOTABLES - Kiki de Montparnasse
- Isabella’s Fine Lingerie
- Etam Lingerie
- Coeur Pistache
- Tanya Bulhoes
- Arthur
- Taye Brasil
- Balls
- Le66
PHOTO SHOOT - Summer in the city
TETE-À-TETE - John Galliano
PHOTO SHOOT - Private Room
PORTRAIT - Wendy Glez
LAUNCHING - Nicole Miller, Marie Jo
- Hale Bob, Niki shapewear
- Jezebel
- Claire Pettibone
LINGERIE TRENDS S/S 09 - Delicate innocence
- Air of refinement
- Blooming cocktail
- Eco poetry
- Ethnic modernity
TALENT - Maud and Marjorie
BEACHWEAR TRENDS S/S 09 - Precious glimmer
- Fresh clear water
- Enchanted gardens
- Vernissage
- Exotic lands
THE BEST SHOP AWARDS
EVENT - Komar
- Chantelle, Radici
- Hug Award
INTERVIEW - Bob Vitale, Wacoal
- Anthony Verbaeys, Marie Jo
- Sophie Drouad, Lou
WHO’S WHO
EXCLUSIVE - Secrets
BUSINESS NEWS - Ea Lingerie
- Donna Karan, Fashion Ribbon
- Samantha Chang, Armani
EVENT - The Femmy Awards
EXPERT - Growing your business during hard times
MARKET OVERVIEW - Russia for everybody
EXHIBITION UPDATE - Lingerie Americas
- Curve
- Mode City
EXCLUSIVE - Intima’s T-shirt no.5
NETWORK EXPRESS - Network Dessous’ 10 worldwide magazines
CALENDAR - Major trade fairs around the world
BEST SELLERS - Brands’ best-selling items for F/W 08
EXCLUSIVE - The Green Factory
FABRIC NEWS - Eurojersey, Dow Fibers, Aquafil
FABRIC TRENDS F/W09 - Sweet glamour
- Sensual skin
- Red passion
- Baroque allure
- Light & shadow

THE BEST OF INTIMA – BIANNUAL – JULY 2008