By Daniel Meurer WG’17, Founder of Laguna Beach Towel Company
Today, retail entrepreneurs have a major opportunity to build lean, profitable businesses and capture share from large retailers.
Changes in distribution, advertising and freelance outsourcing accessibility have created the opportunity for entrepreneurs to offer equivalent value at lower prices. Smaller, newer, and nimbler companies can organically build brands and narratives that resonate with consumers and can do this using low cost, but high impact, advertising channels. This has pressured margins across the industry, but has simultaneously offered creative entrepreneurs the opportunity to create successful retail businesses.
Legacy retail companies can ride this trend by aligning themselves through partnerships, investments, or acquisition with smaller, upstart consumer brands. Retailers can also gain through association with smaller, more narrative focused brands and leverage brick and mortar stores, and established brand equity to play a greater role in curation, aggregation and distribution.