Sector - Retail
This is a store with dedicated followers and customers in a region where fishing and outdoor camping provides a great customer base to continue building on.Give me more information
Fully describe the business's activities?
Retail Fishing Store in North West selling a range of fishing related products
How does the business operate on a daily basis?
This is a retail store with a long established client base - The business operates normal retail hours from Monday to Friday 09:00 to 17:00 and on Saturdays from 09:00 to 13:00
What Advertising/Marketing is carried out?
Some event sponsorships over the years related to fishing, due to long history of company a lot of references are also made to company in archived online reports and news events
What competition exists?
In the region there are a number of fishing tackle stores due to proximity to the Vaal River, these are largely limited to a store per city in major areas
How could the profitability of the business be improved?
There is significant opportunity to increase sales through more active involvement in business and energetic drive in local fishing communities and followers, adding a webfront to store as well as social media exposure via Facebook, Instagram, Tik-Tok and others will yield great results due to the loyal following and nature of fishing enthusiasts to share stories, further to that by targeting new and more youthful/younger market significant benefits could be extracted by sales in these other segments. By engaging with fishing venues in the area the business will further enhance its image and subsequent exposure in the different target markets/segments
Give a breakdown of staff/ functions/ length of service?
Staff has been with company a long time and understands the business well
Do any have management potential?
Store assistant basically manages all aspects of the store already
How involved is the Owner in running the business?
The current owner is at store most of the day, yet the store is very well managed by current store assistant
When does the current lease end?
The lease is available and flexible according to new owner needs as building is owned by current seller of the business
What are the trading hours?
Normal retail hours - Monday to Friday 08:00 to 17:00 and Saturday to 13:00
What are the main assets of the business?
This is a retail store with normal shop fittings and Stock
- This is a business with more than 60 years of history in the region, with significant and loyal customer base on which business can continue to be built.
- The business established significant business relationships with vendors over the years, continued nurturing of these relationships could build even greater exposure for the business
- The existing customers are loyal towards the business and are very willing to share stories, experiences and great spots for fishing across the region, by adding a platform through which they can share their stories with the wider world and their fellow fishing enthusiasts, such as Facebook/Social Media the business can use these relationships as an asset to the business development efforts
- The business age of more than 60 years means that all processes, purchasing and other administrative functions are well established, thus the business is relatively easy to run/manage
- The owner age and health resulted in less active and aggressive marketing of the business, therefore more positive sales could have been achieved over the last few years
- There is significant opportunity to increase sales through more active involvement in business and energetic drive in local fishing communities and followers, adding a web front to store as well as social media exposure via Facebook, Instagram, Tik-Tok and others will yield great results due to the loyal following and nature of fishing enthusiasts to share stories, further to that by targeting new and more youthful/younger market significant benefits could be extracted by sales in these other segments. By engaging with fishing venues in the area the business will further enhance its image and subsequent exposure in the different target markets/segments.
- Expanding the current product offerings to full outdoor offering, such as camping and outdoor equipment could increase sales into new product categories
- Covid lockdowns in future could impact business, this threat could be countered through online/web front store
What is the reason for the sale?
Owner wishes to retire
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