The Retail Gamble

I'm really not much of a gambler. The few times I've been to Vegas (convention-related) or Reno (stuck-in-a-snowstorm-related) I allowed myself 20 bucks or so to throw away in the slot machines. I just never understood the fun of flinging your hard-earned money down the maw of a machine rigged to keep most of what it takes in. And I get antsy sitting there at card games.

Yet having a retail business is a huge gamble.

You try to make informed decisions. You strategize, promote, learn, stumble, learn some more, do the numbers, on and on. You get a little smarter, maybe. But it's all still a gamble. Every line you bring in, every $200 or $2,000 spent on a collection is a big bet that customers will love it as much as we do. Usually they do; sometimes they don't.

It doesn't really matter that we've had a shop for 11 years – there's always a new customer, a new look, a new hot thing... and if you don't stay on top of it, you find yourself wallowing in merchandise that a big box store knocked off for half the price (and half the quality, but even so...). Or you're too early with something. It ends up sitting around and collecting dust – by the time people latch onto the idea, you're sick to death of looking at it (mostly because it reminds you of the cash tied up in it and what a doofus you were to order it). Then it all sells and ten people in a row walk in asking for that very thing that you are now finally rid of. Doh! Mostly, I have to say we're very pleased with the ebb and flow of the products we've found. It's just that the stinkers really stand out to remind you of a bad bet.

We take chances on locations for our businesses. In retail, that can be a make it or break it proposition. There are no real estate handbooks specific to your town, your corner. You do your due diligence, trust your instincts, and sign that lease. Sometimes you win; sometimes you lose. We know both sides of that coin.

Maybe I've been pondering all this more than usual because of Smith & Hawken's demise. They dreamed big, went big, fell big. Ditto Shabby Chic, Z Gallerie (not completely gone, but in reorg), Bombay Co., Crabtree & Evelyn and many others. It's not like me, but I think I'm happy just keeping life simple in our little out-of-the-way shop. Just ordering what we need (trying to anticipate what we need, anyway), fixing/doing everything ourselves (even our business cards – I laid them out on the computer and print at home on the old inkjet, then cut and crop on a vintage paper cutter), and trying to pull out every creative, inexpensive idea we can come up with.

But just in case, I think I'll go throw some good luck salt over my shoulder.