Share this on

Real estate know-how can boost any business

Michael Greene -- Furniture Today, September 22, 2002

Sometimes, I think that rough times are good for business. Michael! you exclaim, are you nuts? Businesses need tough times like we need holes in the head!

Well, the Ol' Swami answers: Perhaps we do need holes in the head because, with so much marketing stagnation, perhaps some fresh approaches could be poured in. Besides, it's healthy when new techniques are called for by a poor bottom line, and easy downsizing is not one of them. That's a real hole in the head.

In both hotsy-totsy and blah-blah times, keen merchants know they've got to use all the real estate they pay rent for. Not just floor space but walls and ceiling areas. Here's one Michael Greene classic case:

My old neighborhood had a fantastic button shop. From floor to ceiling this operation had endless boxes of buttons, each with one sample stapled to the front. One day I marched in to match an overcoat button, scouted around and spotted one on a box front. The oldtimer who had managed the shop for decades approached and politely asked if he could help. I proudly pointed to my find, but in a split second he pulled down a different box and proudly proclaimed: "This is a better match!"

And it was. He sure knew his inventory.

About six months later, my Bubbila and I spotted a fresh face in the button shop window. "Oh! No! Bubbila," I exclaimed. "The oldtimer has sold out and that new guy is going to lose his shirt." The new gentleman was Korean (nothing new in our town) and how in the world would he engage fussy button customers in button-color language?

I knew that Koreans were very hardworking families and already had turned big-city vegetable stands into food emporiums, with add-ons like a salad bar, yogurt, fresh flowers, boxed chocolates, bowls of fruit salad and 24-hour service. They're experts at using their real estate. But buttons? I shook my head sadly.

A month later, I again passed my favorite button shop, and there was a sewing machine in the window, with an operator and a sign reading: "New Alteration Department." The new broom was using his real estate know-how!

And two months later? The store's multi-box display was neatly rearranged to half its original size a-n-d the other half was up for rent! Real estate, again.

But, Michael, you say, we're not in the button business. I know, friends, but neither is my furniture friend in Maryland, who built such a booming business on his walls with mirrors and picture frames that he had to acquire a workroom to turn it all out. Neither are the gas stations that have "express" food stops. And neither is Bed, Bath and Beyond, which just plopped a whole other store into the middle of their already-money-making machine.

Think real estate and you'll pop your buttons too.

Thanks, again, for listening.

Share this on

Executives

Feb 24, 2011

Hometown heroes succeed in variety of ways

Dec 14, 2009

High Point Market offers dozens of educational seminars

Oct 12, 2009

Educational seminars set for market

Oct 5, 2009

Educational seminars set for market

Sep 7, 2009

Also by this author

Also by Michael Greene

Featured Company

FurnitureCore.com

FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more

Most Recent Resources

Atlanta International Gift & Home Furnishings Market

Here is a selection of products shown at this month's International Gift & Home Furnishings Market here.

Networking at the 13th annual F/T Leadership Conference

NAPLES, Fla. — Industry executives and guests took the opportunity to network and play golf during down time at Furniture/Today's 13th annual Leadership Conference here this month.