Innovating the Face of Retail
As small business owners around the country are feeling the burden of rentals, and the current pricing and markets prevent many would be retailers from entering the market, we are starting to see a new innovative entrepreneur emerge in the space. I am talking about the [soon to be] trend of co-retailing. I love it, and think it is absolutely awesome.
Last night I went to the launch of a floristry business called Black Orchid, a very trendy spot near the main strip at Dulwich Hill in the Inner West of Sydney – the interior was amazing, sleek and simple, the flowers were gorgeous and the Lawyers office was very much at home amongst the whole thing. That’s right two small business owners – Florist, Olivia Downy and Lawyer, Danny King – have banded together and come up with a stand out collaboration that serves all their business needs.
Other examples of this are starting to pop up around Sydney as well, in the city you have VIVO Cafe and Eagle Waves Radio Station sharing the same space, creating a unique point of difference for customers. So is the the way of the future? I hope so, they have been doing this type of thing in rural Australia for ages with in store bank kiosks and the like. So the thought of it taking off across various other industries is rather exciting.
One thing is for certain, for retailers in the city that still want to have a customer facing business, collaborative thinking and innovation in the retail space is going to be necessary to retain the margins they used to enjoy. And this is definitely one way to even out the costs!