![]() ![]() She buys clothes there for work and for fun and said it appeals as well to the younger tastes of her 22-year-old daughter. Jennifer Hammaker, who manages a fund for university startups for TEDCO in Baltimore, counts South Moon Under among her regular shopping haunts. "I like clothes that are comfy and relaxed but still look like I took the time to get dressed." "The way the millennials and new generations shop is much more of an experience."īrittany Christoffersen, a 26-year-old pediatric nurse from Tampa, Fla., was shopping in Harbor East on Thursday while visiting family in Baltimore when the window display at South Moon Under, unfamiliar to her, caught her eye. "Retail at the heart of it is: Do I have the right product in the right location that identifies with the customers?" said Bolduc, adding that South Moon Under excelled at merchandising and choosing strong sites. Women in their 20s and 30s outspend nonmillennials by a third on apparel each year, said Bolduc, citing a 2012 report by The Boston Consulting Group. South Moon Under's appeal with millennials gives it strong growth potential, he said. "We think there are pockets of retail that are struggling and will continue to struggle and there are pockets of retail that will do very well." "In the retail world, you want to be at the high end of the market or the low end of the market, competing with Neiman Marcus or Saks, or competing with dollar stores … not JCPenney or Macy's, who are all things to everyone but don't have an identity," Bolduc said. South Moon Under sells mens and womens clothing, accessories, shoes, swimwear, and home goods 105 people like this. The private equity group invests in small but growing consumer-oriented brands, including The Greene Turtle Sports Bar & Grille and ZIPS Dry Cleaners. Majority investor JPB Capital Partners also was attracted by the experience of the new management team, plus the "brand promise of South Moon Under," said Jim Bolduc, its senior managing director. ![]() While the stores will continue to emphasize a curated selection of top brands, the retailer also is hiring a designer to expand its in-house brand. The owners also aim to expand online from 10 percent to more than 25 percent of revenue. Smith said the South Moon Under concept fits well with new lifestyle and Main Street-style shopping centers being planned or built around the country, and developers already are vying to sign the brand. The first new stores are slated for South Florida next year. The new team envisions growing from 24 stores and $50 million in sales to 60 to 80 stores up and down the East Coast and $100 million in revenue over five to seven years. ![]() "They have been through what we're about to go through." "I saw a phenomenal opportunity to bring someone in who knows more than I do and understands our brand and our culture," he said. ![]()
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