Well, unfortunately I do know what is going into the Hollywood space.
A 53 million dollar a year business based out of Arizona, called Buffalo Exchange will be opening.
Buffalo Exchange is almost identical to my store, poor little rich girl.
For those of you unfamiliar with my business, I have been open in the square now for 7 years, and specialize in second-hand modern and vintage clothing for women. Initially I was open in the space of Magpie at 416 Highland.
I do now know how to feel exactly about this, but all I know is that it will have a devestating effect on my ability to afford Davis Square rent, and it will affect Artifaktori, and La Chic Boutique, probably Goodwill too.
They have a great business model, are very successful, but are in no way shape or form a local business, they are a giant chain.
Buffalo Exchange is not a consignment store. Instead they pay out (fairly) low $ for items upfront.
I will probably change the poor little rich girl consignment policies to a 30 day contract (60 days currently) so everyone can get paid faster, since I know the temptation will be to go to an instant payout. Although people who wait for consignment profits make considerably more money.
I am not afraid of competition, I know that with Buffalo Exchange in the square more second-hand fans will come to Davis, but I am absolutely terrified about the drop in sales affecting my ability to pay rent, and to pay my employees decent living wages.
I can be reached directly at plrgbuys@gmail.com if anyone wants to contact me in regards to this, or I can be found at the Somerville Local First booth at Artbeat.
Thanks to all who patronize poor little rich girl, I really appreciate it. We may look like a big business due to the size of the space, but we are truly a small business.
Sincerely, Meredith Byam owner, poor little rich girl
![[community profile]](https://www.dreamwidth.org/img/silk/identity/community.png){kind=small}
![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
Bad news for local business, mine in particular...
Date: 2009-07-12 05:30 pm (UTC)Well, unfortunately I do know what is going into the Hollywood space.
A 53 million dollar a year business based out of Arizona, called Buffalo Exchange will be opening.
Buffalo Exchange is almost identical to my store, poor little rich girl.
For those of you unfamiliar with my business, I have been open in the square now for 7 years, and specialize in second-hand modern and vintage clothing for women. Initially I was open in the space of Magpie at 416 Highland.
I do now know how to feel exactly about this, but all I know is that it will have a devestating effect on my ability to afford Davis Square rent, and it will affect Artifaktori, and La Chic Boutique, probably Goodwill too.
They have a great business model, are very successful, but are in no way shape or form a local business, they are a giant chain.
Buffalo Exchange is not a consignment store. Instead they pay out (fairly) low $ for items upfront.
I will probably change the poor little rich girl consignment policies to a 30 day contract (60 days currently) so everyone can get paid faster, since I know the temptation will be to go to an instant payout. Although people who wait for consignment profits make considerably more money.
I am not afraid of competition, I know that with Buffalo Exchange in the square more second-hand fans will come to Davis, but I am absolutely terrified about the drop in sales affecting my ability to pay rent, and to pay my employees decent living wages.
I can be reached directly at plrgbuys@gmail.com if anyone wants to contact me in regards to this, or I can be found at the Somerville Local First booth at Artbeat.
Thanks to all who patronize poor little rich girl, I really appreciate it. We may look like a big business due to the size of the space, but we are truly a small business.
Sincerely,
Meredith Byam
owner, poor little rich girl