The art and science of choosing a new location
Inc.com - 09/30/2014
Ted Clark, executive professor of entrepreneurship and innovation at Northeastern University, where he also serves as the director of the Center for Family Business, says that though Hibbert’s thriving Orange County locations prove that her business model works, she needs to keep in mind that Fashion Camp is a niche business. Therefore, Clark believes that Hibbert’s first imperative is to find a community large and affluent enough to support one of her stores, where a five-day “fashion camp” currently sells for $325.
Clark also says that given the high level of training and customer interaction required by Hibbert’s business model, the next store should be a reasonable driving distance from Hibbert’s successful Tustin, California, site. “Her failed Las Vegas expansion has taught her that there is much more to expansion than ‘If you build it, they will come,’ ” Clark says.