Recently, a reputable industry news source (and one I respect) published an article painting a depressing picture of independent beauty retailers.
Reading the article, one got the impression that indie retailers were being mowed down en masse while a few survivors desperately shed assets and employees as they squeeze what's left of their business into a bunker.
Well, Beauty Independent is happy to report that despite what this other publication called the "squeeze", at least one independent retailer is growing, prospering and charging ahead.
That retailer is Space NK. Yup, it seems Andy Lightfoot and company are doing something right--and doing it in one of the world's most brutally competitive beauty markets.
Beauty Independent's retail editor, Erica La Sala, sat down with SpaceNK's Chief Commercial Officer, Margaret Mitchell, and one of the key architects of the retailer's success, to understand how they did it. It turns out that focusing on your core strengths and dispassionately shedding distractions has a remarkably positive impact on performance. Who knew?
And SpaceNK is not the only independent retailer bucking the trend. Many others, including The Detox Market and even smaller players, such as Beauty Heroes®, are not only weathering the storm, but growing.
The truth is that beauty got too frothy. Too many brands launched. Too many retailers expanded. Too many investors piled in. Much too much. And now we are witnessing the inevitable correction.
Meanwhile, those players with solid business models, strong balance sheets, sound theses, and super-focus on their core strengths are tapping into the 3%+ annual growth in consumer spending in beauty--and loving it.
Margaret, along with two-dozen other industry hotshots, will be on stage at our upcoming Dealmaker Summit in London. There are like two tickets left, so grab yours before they're gone and we'll see you there. https://shorturl.at/mCghp.
#weareindiebeauty #hereforthefierce #beauty #beautybusiness #beautyindustry #beautybrands #beautyretail #beautyentrepeneur #cosmetics #skincare #haircare #retail #dealmakersummit
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1moThis is amazing! this is so true, preloved is the next moment!