Transcript Investigating Business Retention and Expansion among Antique

Investigating Business Retention and
Expansion among Antique Retailers in Tourist
Destinations Regions
Christopher M. Sieverdes, Clemson University;
Sharon K. Strouse, The Ohio State University
Assisted by Ute Sybille Hecht, Clemson University
Sample/Methods
• 32 mail surveys completed
– Ohio (10)
- South Carolina (22)
• 18 non-responses, after multiple contacts
• Storefront retail business with address
listing
• Currently in business
• Located in a tourist destination region
(Heritage Area)
Description of the Antique Business
Retail
Wholesale
Dealer
Non-Dealer
Tie to other business
Estate Sales, Auction
Consignment
7+
27%
12%
23%
2%
10%
Type of Antique Merchandise Sold
Furniture, clocks, large items, carpets, rugs
Small items, china, novelty, silver, pictures
19
13
Ownership of Antique Business:
Single Family Owner/Operator 23
72%
Separate Owner/Operator
1
3%
Partnership
6
19%
Other
2
6%
Years in Business:
1-4 years
6
5-7 years
10
8-15 years 8
16 + years 8
19%
31%
25%
25%
Years of Experience in
Antique Business:
1-8 years
8
25%
9-15 years 8
25%
16-20 years 8
25%
21 +
8
25%
Percentage Local & Regional Sales
Under 34%
11
38%
34-66
13
45%
8
17%
Over 66%
• Percentage of In-State Sales
• Under 34%
18 62%
• 34-66
9 31%
• Over 66%
3 7%
Percentage of Out-of-State Sales
• Under 34%
20 69%
• 34-66
8 28%
• Over 66%
1
3%
Highest Sales Day
Saturday
30-60% of all weekly sales
86%
Less than 30%
14%
Next highest sales day:
Friday – 5-40% of all sales
Frequency of Sign Change:
Weekly or Monthly
5
19%
Quarterly
4
15%
Once a Year
6
23%
2+ Years
3
12%
Never
8
31%
Importance of Location of Antique Business (3 Factors Rated)
Be in center of action, high traffic area 23 (79%) Very Important
Be clustered with other antique retailers/dealers 10 (39%) Very Important
Be a “One of a Kind.” Few retailers/dealers near 5 (19%) Very Important
Expectation of Demand Change
Expect increase 19
66%
Stay the same
9
31%
Decrease
1
3%
Special or Unique about Products or Services
Specialized items
9
35%
Large variety, large inventory
7
27%
Customer service, integrity
5
19%
Quality product
5
19%
Peak Business Season
Fall & Spring
29%
Fall
21%
Summer & Fall
14%
Winter
14%
Summer
11%
Christmas & Summer
11%
Peak Reason
Tourist Season
62%
Travel
39%
Most Successful Means of Attracting Customers to Establishment
Factors Ranked First by Category
Location and signage
13
45%
Word of Mouth, repeat customers, honesty integrity
15
52%
Attractive storefront, interior, layout
5
16%
Related business
3
10%
Newspaper ads, inserts
2
7%
Special pricing, special promotions
1
3%
Communication with target audience
2
7%
Tie to community events, festivals, carnivals, sports
0
0%
Problems indicated
with Public Services
and Employee
Training Needs
• Minimal concerns related
to public services such as
public safety, zoning,
EMS/hospital, building
inspection reported
• Some concern about
Water/sewer service (n=3)
• Too high traffic volume
(n=3)
• Lack of chamber support
(n=4)
Success Factors Cited:
Customer Service
11 (41%)
Quality Products
7 (26%)
Location, traffic Flow
3 (9%)
Price Value Marketing
2 (6%)
Variety Merchandise
2 (6%)
Economy Strength
1 (4%)
Favorable Business Hours 1 (4%)
Advice from Antique Retailers:
Start small
24%
Build knowledge, pricing, quality
12%
Reduce financial burden
8%
Research marketing base, plan
20%
Focus on customer service, integrity, dependable hours
12%
Do not expect to get rich
24%
Summary of Findings:
• No difference in size/scope
between Ohio and South
Carolina antique retailers
• Focus of sales on Friday &
Saturday
• Lack of employees
• Lack of training (skills,
hospitality industry)
• Community services – nothing identified as a barrier to
operations (building codes, zoning ordinances, etc.)
• Lack of understanding/ identification of antique retail business
terms (dealer, non-dealer, wholesaling, web-based retail, etc.)
Red Flag Issues
• Lack of communication and connectivity to
chamber/community - identified by
owners as a weakness.
• Lack of perceived need for local/regional
advertising and communication.
• Lack of dependability regarding storefront
business hours/days of week.
• Lack of business diversification related to
technology.
Implications
•
•
•
•
Product
Customer Relations
Location
Independence
Investigating Business Retention and
Expansion among Antique Retailers in
Tourist Destinations Regions
Christopher M. Sieverdes
Clemson University
[email protected]
Sharon K. Strouse
The Ohio State University
[email protected]
Assisted by
Ute Sybille Hecht
Clemson University
[email protected]