Small business retailers are facing a rapidly changing landscape. In-store expectations have changed as consumers continue to shop more and more online. Traditional retail is seeing a decline in sales and a rise in store closures. And, ecommerce continues to evolve as more consumers turn to mobile.
Five retailers shared with us how they’ve used expansion capital to navigate the current retail environment and, in return, spark growth.
Stock Up and Expand into New Markets
Fido Park Avenue, Richmond, VA
“The funds allowed us to buy inventory and offer more products to our customers. It helped us handle the high holiday seasonal demand and buy products at a discount. We have grown to a 3,000- square- foot store in the same location and opened a second store, also in Richmond. We needed expansion capital to support our growth.”
Provide Superior Customer Service
Pakmail Metric, Austin, TX
“Due to the boom in the online business model, retail business and shipping has been affected. We needed working capital to add new products, remodel the store for a fresh look, and stay relevant in this new marketplace. We now are able to gain and keep customers by offering the premium face-to-face service that is lost with online ordering.”
Create Unique In-Store Experiences that Complement Online Offerings
Glory Cycles, Greenville, SC
“Our workshop is what all cyclists who have ever worked on their own bikes dream of: every imaginable tool, free coffee, beer and snacks, iPads connected to big screen for how-to mechanical videos or the latest racing. It’s open and free for anyone to use. While we have a brick-and-mortar store, our online sales account for 80 percent of the business. We used working capital to purchase inventory and beef up our part-time payroll account. We were all ready to go a week before the biggest cyber shopping event of the year.”
Keep a Cushion & Make Smart Spending Decisions
Begin Again, Tucson, AZ
“One of the things that excites me, is I am not stressing about sales; I have a cushion. This is huge for me because I wear all the hats here. One less thing to stress about helps me perform better. The portion of funds I used to purchase inventory allowed me to make some smart buys on merchandise that I have been able to resell at good profits.”
Prep for Slow Seasons & Come Back Stronger
Karma Boutique, St. Paul, MN
“Our boho chic style clothing and affordable prices set us apart from other boutiques. We needed funding to help us catch up after a slow first quarter. The funds benefited us by giving us more buying power to keep up with our demand.”
Expansion capital is a useful solution for small businesses to stay relevant, competitive, and top of mind in an ever-shifting retail landscape.
Our mission at Swift Capital is to unleash the potential of every small business by providing them with fair and convenient access to working capital. We harness data and technology alongside personalized human expertise to see the true potential in every business. Did you like this post? Tell us what you’d like to see on our blog. Email us at [email protected]