Opening a Timepiece Boutique

[xicaju]

I would really like to open a watch boutique in my city but have had difficulty convincing myself it would be successful.

Does anyone have any words of wisdom or warning?

[sl7vk]

I would really like to open a watch boutique in my city but have had difficulty convincing myself it would be successful.

Does anyone have any words of wisdom or warning?

The first key would be to call them watches according to my wife.... Timepieces are for arrogant $*#$()@ according to her.

Second key would be to have one heck of an online presence.... Brick and mortar is tough in this digital age...

[borat4presidente]

Problem with Brick and Mortar: Need to cary ample inventory to pique customer interest, therefore need to turnover inventory regularly to keep the lights on and doors open. I'm not sure how much overhead B&M's put on their watches (probably different per model/ brand) but you'd need to sell enough to turn a profit and I'd image that the Watch business is pretty competitive and margins are slim-nill.

With an e-boutique you could become an AD for various watch makers, display all their pieces on your site and only after a sale has gone through put the order in to the manufacturer for the watch, therefore keeping overhead low.

(Those are the business models I'd use, but there's no guarantee manufacturers would let you become and AD with Zero inventory on hand, you'd probably have to carry some in a wherehouse)

It all comes down to your sales moxy, if you can move enough inventory to stay solvent you'll be successful.

[niles316]

Sell watches that other watch shops in your country don't carry. For example,in Singapore,there are many watch shops but a relatively new store (about 10yrs old i think) called Red Army Watches sells mechanical pieces mainly from Russia and Germany. Before this,i had no idea there were such brands like Vostok, Buran, Junkers, Aviator, etc and now they have 3 ......s (i think) and are doing quite well.

[mr00jimbo]

One word of advice: make prices visible. I hate when I am window shopping for watches and I don't know the price and I am embarrassed to ask, so I just pass. I'm sure a lot of people would love to know be able to go "Oh that looks nice, and I can afford that...Sir, can I see that one?"

I hate the "you have to ask us to see it and then you can see the price" thing.

[Watchbreath]

Sell only brands that have 'name recognition', those that don't, will collect
dust. Don't waste time listening to the BS from WIS types. When someone
tells you that they can get it cheaper in Singapore, tell them, have a safe
trip.

[gadgetfreak]

+1, If the price is not listed, I usually don't even bother because it means it's such a ripp off they are afraid to show the price, where as if they just list it, I'm like okay I can save up for that and come back or hey I can afford that lets have a look.

One word of advice: make prices visible. I hate when I am window shopping for watches and I don't know the price and I am embarrassed to ask, so I just pass. I'm sure a lot of people would love to know be able to go "Oh that looks nice, and I can afford that...Sir, can I see that one?"

I hate the "you have to ask us to see it and then you can see the price" thing.

[John MS]

I would really like to open a watch boutique in my city but have had difficulty convincing myself it would be successful.

Does anyone have any words of wisdom or warning?

A few thoughts:
1. If you are going brick and mortar you will need capital to carry the business until it becomes profitable.
2. If you are going internet sales, you will have a lot of competition from around the world so the overhead may not be as high but the volume may not be there either.
3. Do you have a business plan? If not you should take several weeks to develop one before even considering an opening date for business.
4. Be sure to research the competition for their brands sold, pricing, etc.
5. Do you have a background in sales at the price range you are thinking about? If not you will need someone to skillfully schmooze the customers.

[xicaju]

These are all good comments and questions. Thanks for commenting.

After having conversations with several watchmakers, I am not convinced that their stated profit margins can be obtained.

I thought of combining a few flagship brands with a few smaller brands. "Flagships to draw the crowd and smaller brands to differentiate"

I was hoping to specialize in the the $3,500 to under $20,000 at retail.

Also note, location would be in a metro area of almost 6MM people and 15 minutes to one of the busiest airports in the world.

It seemed good on paper but....

[lvt]

I was hoping to specialize in the the $3,500 to under $20,000 at retail.

Make sure your future shop is located near a police station