Summary
Thriving for 12+ years, our boutique offers diverse fashion, accessories, decor, & gifts in Melbourne's vibrant inner North. With constant foot traffic & a flexible model, it's a prime opportunity.
Revenue
$733,091 pa
Rent
$51,116 pa
Expenses
$209,812 pa
Net Profit
$146,038 pa
Potential
The business is ripe for growth, having organically grown over 12 years primarily through word of mouth. There's been no paid marketing in 6+ years or formal business/marketing plan. Despite a significant investment in our website launched in 2019, it's not yet fully utilised. Constant inquiries about "other stores" indicate untapped potential. With some fine tuning and a little investment, a new owner could leverage the strong foundations already in place for substantial returns.
Hours
Mon-Sat 10am-5pm
Sun 11am-4pm
Lease
3year lease remaining as of February 2024.
Employees
2 casual employees -between them covering all in-store shop hours so the owner can work remotely/ is not required in the shop
Reason for Sale
In 2012, at 24, with just a Cert IV in business & 6 months of retail experience, I unintentionally stumbled into opening the store. Despite modest beginnings, it has thrived, exceeding expectations.
A close brush with death in 2020 underscored the significance of embracing fresh challenges. Reflecting on my journey, I sense readiness to embark on a new project and to witness the business transition to a new chapter and to be thriving to its fullest potential.
About the Business
This successful and well-established bricks-and-mortar boutique, along with its e-commerce store, is poised for growth. With over a decade of successful operations, this popular and highly-regarded retailer is fully equipped for a new owner to elevate it to the next level.
Offering a diverse range of products including Women’s and Men’s Clothing and Accessories, Children’s items, small homewares, books and gifts, this store has earned a reputation as the go-to destination for customers' gifting needs.
Benefiting from a strong, loyal customer base, a high rate of customer return, and a growing local demographic of high-income earners, the store has consistently experienced annual in-store growth. However, with ample opportunities for expanding its social media and online presence, the business is primed for a new owner to capitalise on its excellent growth potential.
Distinguished by its commitment to supporting Australian-designed and made products with environmentally sustainable values, the business comes with documented standard operating procedures encompassing all aspects of its operations. Additionally, there is a spacious office/studio area at the rear of the store, offering versatility for various purposes such as running additional businesses or hosting workshops.
Opportunities for growth abound. While the business has thrived thus far by focusing on the essentials, there is boundless potential for expansion under a new owner who is enthusiastic and motivated to build upon the strong foundation already in place.
Current growth opportunities include, but are not limited to, the following:
- Development of a formal marketing plan, which has not been previously adopted, promising a significant increase in revenue.
- Strategic enhancement of social media efforts, recognising the potential for substantial growth in this area.
- Targeted marketing activities utilizing the existing customer database.
- Exploration of paid advertising opportunities on online platforms such as social media and Google.
- Maximisation of the online store's potential, which has been established but not fully leveraged under the current ownership.
- Consideration of franchising opportunities, spurred by frequent inquiries about potential "other stores."
Significant investment has been made in developing a high-quality website ready for optimisation through online marketing, offering substantial earning potential. With a reputable and user-friendly platform that is easy to manage and maintain, there is no need for outsourcing to IT companies.
History
Twelve years ago, I founded this store, and even after minimal effort post-COVID lockdowns, the business has remained resilient, proudly offering exclusive brands and maintaining a devoted customer following. We've been a cornerstone of our local community throughout. Now, it's time to entrust the business to a new owner who can seize upon its considerable growth opportunities and solid foundation. While saying goodbye is bittersweet, embracing new adventures is essential because life is too short not to pursue one's dreams!
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