It may seem like the perfect storm for new entrepreneurs and veteran small business owners: the economic downturn, the credit crunch and the nation’s newly adopted frugality are combining to create unprecedented financial challenges in millions of small retailers.
Two successful shop owners are making changes in their growth plans to adapt to the new economic climate. Sally Bartz, owner of Halsea and Mindy Gayer, founder of Cotton Idea Studio, two retailers located in Newport Beach, California are reducing costs by opening their doors under one roof!
The two entrepreneurs share a space with Halsea, a beach chic travel bag company, in the front and Cotton Idea Studio, a stationary and accoutrement shop, in the back.
The shops offer different product and the spaces look different – one with sea grass wall coverings, bright fabrics and vintage navy blue love seat while the other space is decidedly more contemporary with chic white walls, floor and furnishings. But the differences end there. The two women are hoping to share a customer base that will help them weather this economic climate. They also share ideas, store hours and often package their items together to make it easy on customers to pick up the perfect gift!