Close or Carry On?

motorguy

colino wrote: »

You seem to be yearning for what a lot of retailers are moving away from, a physical retail outlet that you don't need!
While the locus might give marginal benefits in promotion etc., paying staff to do nothing, storing stock where it might leak and being known as the company that has a shop that nobody goes to isn't positive in any way.
As soon as you can walk away at minimum cost, do so. Re-engage the staff if you must as promoters for your core business, you want sales and profit, not overheads you don't need.

+1

Any notion of a bricks and mortar retail unit in a business plan always makes me jumpy these days. :eek:

Vectis

Personally, I'd be shutting the shop - and even talking to the LL or agent about terminating the lease early, like next month. They'd probably want a payment but it could be less than the rent, business rates, utilities etc that you'd pay if you stayed until the end of the lease.

By the sounds of it, the longer you stay, the more you'll lose. Never be afraid to pull the plug and get out.

patman99

I think you made the mistake of not spending a few days watching foot-fall past the shop prior to opening and probably relied on the Agent's 'prediction' of how many folks passed the door.

You yourself have noticed that the pavement on your side of the street is narrow and that the people use the pavement on the other side of the road. That is therefore the side of the road you should be.

Before you decide on the potential new premises, spend time watching how many folks walk by on an average day before you make your final decision. If there are loads of people walking past, then the answer would be to take the new unit and give notice on the old one.

IronWolf

It sounds like your business is very seasonal, I would guess you would get most business at Halloween and Christmas.

If it was my business I would pull the plug in Decemeber unless something big happens in the later months of the year, you never know, one good Halloween could pay for the year.

If you have a successful events management business without it then thats great and you're already doing better than a lot of businesses. My take on it is, how much more money could you earn if you devoted all the time and effort you currently use on the retail store instead on the profitable business!