WSN Academy x By Katie Nat : 3 things you should know before opening a second store
The Toulouse-based entrepreneur tells us about her journey, her doubts, the risks she took and calls for a collective approach to business.
It’s a true success story, which started with a high-end hair salon and a few accessories, and went on to the opening of three landmark concept stores in Toulouse. During a talk at the WSN Academy, Katie Nat detailed her journey and gave the public her do’s and don’ts when opening a second store.
Don’t compete with yourself
“Three years after opening my first store, I had the opportunity to take on a second space in the same building. The hardest part was diversifying and pulling off two very distinct identities. They had to be complementary without competing with each other, so I had to move out of my comfort zone and create two separate offers. The good news is that minimum order requirements are now lower than before, so we can diversify more easily without putting the cash flow too much at risk.”
Take risks, try and fail, build loyalty
“Having a genuine connection with my customers helped me in many ways. I took a huge risk by putting my biggest handbag brand – one I found on Who’s Next – in my second store. But my customers trusted me and they followed the move. To thank them, I gave them an exclusive offer with Dedicate, a brand of t-shirts and shirts I developed. Offering them this extra touch of personality built even more loyalty. Two stores mean more financial complexity, but also more opportunities to test products and understand your customers.”
Retailers are stronger together
“I opened a third store right before the Covid crisis, an edgier offer with slightly higher prices. When things went back to normal, I founded La Bonne Idée Toulouse, a non-profit for local retailers which brings together a museum, artisans, a hairdresser, a bakery and Nash, a brand of porcelain jewelry. We now work as allies rather than competitors, and we organize events that gather all of our customers and allow every network to extend.
We can do beautiful things when we work together as a human network, that is what Who’s Next offers me as well! I was invited to travel with its team during Fashion Week, to meet other stores and suppliers. It allowed us to bond and to imagine clever ways to work together, for example by sharing the orders we pass to factories. This creates genuine professional friendships that are more than necessary in these troubled times.”
