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Sunday, January 9, 2011
Sharing Retail Space - More than Just Sharing Costs
Sharing retail space is not an uncommon approach to reducing costs among retailers. I recently toured the Lower East Side Business Improvement District with representatives from the City of New York's Small Business Services and was excited to see a nice example of shared space. The Lower East Side is historically known as America's original bargain district. Today its identity is in transition, as some of the original garment stores co-exist beside new entries into the market. One of those new stores is Earnest Sewn, a back to basics men's clothing store that fits right in with the district's historic identity as a garment district and newer identity as a hip place to shop, east and visit. We got to meet the owner and hear about his growth (this is their second store, the first is in New York's Meatpacking District). What intrigued me was the boutique flower store is tucked in a corner inside the store. At first it didnt' seem the most logical fit, until you looked around and noticed how wonderfully the floral and plant arrangements complimented the merchandise. The owner mentioned that the shared space arrangement is something that they have replicated in their other location. I took some pictures to share...enjoy!