Case Studies.
Dr Cap - from RMU to the Dragon's Den
One small idea, on a shoestring budget can expand and grow into a very successful credible business, as proven by Darren Duraide and Richard Lee. These budding entrepreneurs launched their business, which specialises in baseball caps, through Retail Profile with just a single unit in The Shires Shopping Centre in Leicester.
After working there for several months between May and August of 2005, they left the Shires to expand into a permanent location in Croydon, Surrey.
This year, they found themselves on BBC1's Dragon's Den looking to acquire an investment of £150,000 for a 20% stake in their business. The money would be used to set up a further five shops around the country and help to create a credible brand identity for their chain.
Their pitch caught the interest of several of the Dragon's panel, but in the end it was Duncan Bannatyne who agreed to the £150,000 investment in exchange for a 50% stake in the business. Darren and Richard are great examples of how one small business idea can show dramatic growth with the right tools and attitude.
Darren says;
'Retail Profile gives you the perfect opportunity to test the market for your product or service. If we wouldn't have tested the market we wouldn't be where we are today. It gives you a risk free platform from which to propel your business.'
Skating to Success
To take a chance in any business can sometimes prove to be a risk. But when a risk pays off, the rewards to befall may be somewhat fruitful. Retail Profile took a chance on Paula & Lee Elliott. The hiring of an RMU during the Christmas season is traditionally only open to merchants that we have operated with previously and throughout the year.
However, in November 2006 when the Christmas contracts were due to commence, it emerged at the last minute that a long-term merchant was pulling the plug, leaving Retail profile and the Metro centre with a vacancy. It was here when Paula and Lee first wheeled their way onto the scene. Situated in a prime location, the RMU quickly became The Skate Shack, retailers of Heelies, the shoes with wheels in the heels. Their business flourished, with the product becoming a craze to soon sweep the nation. In February and March, they took on an additional unit as the strength of their business progressed.
Sadly, The Elliott's will be leaving Retail Profile at the end of May to move their business forward even further. These ideal and inspirational tenants have secured themselves as the only approved retailer of Heelies in the North East. Paula and Lee are now proud owners of a brand new shop within the Metro Centre (in the Gateshead Mall). Northern Leasing Representative, Jackie Gallone, assisted in the seal of the lease by providing them with a sparkling reference.
Although, this has been their first venture into the retail industry, their pursuit to discover ways to continually improve and grow has fully paid off. Paula may have given up her midwifery to concentrate on the Heelies business full-time but their risk is one that has well and truly resulted in success.
Click here for newspaper article to find out more details regarding this case study.
Retail Profile gives you the perfect opportunity to test the market for your product or service.
