Experience modernizing a legacy retail business?

December 10, 2024

by a searcher from Yale University - School of Management in USA

Engaged in an opportunity to purchase a 75 year old local retail business ($4.5M revenue) Experiencing recent slowdown (compared to pre-COVID performance ,as 21/22 are outliers). Why I'm excited: provides a stable profitable business from which to grow vertically and expand online, however will require evolving the brand and the reputation towards a younger customer base that is moving into the area.

Would love to talk to folks with retail expertise (specialty, high-end), or searcher CEOs that approached a similar opportunity.

Reply by a searcher
from Florida State University in Birmingham, AL, USA

Thanks Luke, my experience was modernizing and growing a retail services business in the pet space, areas of modernization were brand, technology, marketing, customer Aquisition and search and how to add outbound sales activities and B2B sales and marketing channels to a traditionally inbound, B2C sales/marketing approach.

Reply by a searcher
from University of Pennsylvania in Chicago, IL, USA

feel free to reach out - I'm almost a year into a specialty SMB retail acquisition and very happy to talk through the ups/downs/watch-outs! Overall I think legacy retail can be a great opportunity and this acquisition has gone well to date, but definitely have learned a lot over the past year!

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