In the spirit of “real talk, always,” I’d be lying if I said we weren’t having to pull ourselves away from watching the Paris Olympics to do our jobs. It’s only been a few days, but give me headless, operatic Marie Antoinettes and an aria from Carmen, and I’m sold.
The Olympics show us not just the peak of athleticism, but also the apogee of specialization — it’s physical ability plus knowledge, skill development plus experience, talent plus training. There's an inspirational poster somewhere that says "champions aren’t born, they’re built."
✨ Like many other parts of life, when outcome really matters, you want to rely on the pe...
We love reality television. Not so much for the colorful content that allows us to shut our brains off, but for the wealth of material it offers to help us explain how the retail real estate process works.
So in today’s episode newsletter, we’ll turn to Selling Sunset and The Bachelor* because even though Selling Sunset is the show about real estate, you actually want to approach your retail real estate deal like you’re on The Bachelor.
In Selling Sunset (and residential real estate), successful tours always end with, “if you want this house, you need to put in an offer today because tomorrow might be too late!” There is time pressure to commit NOW lest you lose the opportunity entir...
Let’s say that Dolly Parton is hosting a party and you’re the guest of honor. All eyes will be on you. You have to find the perfect outfit, duh. Your outfit has to match the vibe of the event, you need to feel fantastic in it, and you know that the general public will see the photos and feel quite confident expressing their opinions until the end of time.
🛍 Where would you go to find this outfit?
You’d go to a store where a knowledgeable human being will work one-on-one with you to show you options that match your requirements, where they will help you in the fitting room to assess what can and cannot be tailored, and where they can pull stock from the back that just arrived, or fr...
As readers of this newsletter probably know, the Old Navy's and Neiman Marcus’ of the world have a lot of science behind their art of retailing – from buying plans to inventory markdown schedules to marketing strategies. The Hub brings these tools to smaller and newer boutiques through its educational programs and network of service providers like Pedal.
The annual Boutique Hub Summit took place over two days in early June in Dallas, and I had a fantastic
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Partnerships of all kinds are tricky, and we learn this fact of life young.
My daughter, Alice, went from an S+ to an S on “cooperates well with others” on her third grade report card this past trimester, and when I asked her about it, she said, “that’s because SARAH was my partner!”
Reality Show Candy GIF by Children's Miracle Network Hospitals
By the time we’re starting our own businesses, we’ve experienced challenging partnerships (both professional and romantic) many times over, and we know what qualities to look for in a potential business partner. But opening and running a business throws real challenges at even the most simpatico partnerships, and you know what can REALLY ...
Dear Pedal,
I’m opening a bakery and I would LOVE some advice on how to negotiate rents. I read your newsletter so I know the number I see on a flyer is supposed to be negotiated, but how do I know how much to negotiate it? I definitely want to get the best deal possible but I HATE haggling!
Help please!
Bashful Baker [not their real name]
Dear Bashful Baker,
THANK YOU for writing in to us - it’s a great question, so let’s dive in.
My first pro tip is to use a broker - come on, you knew I was going to say that! Brokers negotiate retail deals all day every day - they will have a good sense of what is “market rate,” meaning, the rental rates of similar spaces nearby. ...
"What if the right space for me isn’t out there?”
This question comes up on many First Location Program consultations, and most of the time, it’s super easy for us to answer. There are dozens of “right” retail spaces on the market at any given time that could work for a business, and, after all, you only need one. When you’ve got super clear real estate criteria, it’s typically pretty easy to find a handful of spaces that could work. Narrowing them down and 🕵️♀️ picking the best option is the hard part.
But for Pedal Retailer District Champagne, DC’s restrictive liquor license laws cut our options down dramatically. This is the story of how owners McLean and Joseph persevered to loc...
Retail rents are HIGHLY negotiable. On a scale where 1 is Taxes and 10 is Facebook Marketplace, I’d put retail rent at a solid 9. Since rent is one of the highest fixed costs for brick-and-mortar businesses, it’s worth the upfront investment to negotiate it down. You will absolutely have to spend some money to do this (brokers, lawyers, architects etc.) BUT this “one weird trick” is actually free, and invaluable.
I’m talking about preparing and practicing a killer “Elevator Pitch.” For those who spend elevator rides frantically ping-ponging their eyes around to avoid the catastrophe of making eye contact with a stranger, I’ll explain. An Elevator Pitch is a clear, confident and compellin...
