Thoughts on a Third Store

hint, not right now

One of the most asked questions by those I know and those I do not know so well is “do you have any plans to open a third location?” The answer, for the moment & foreseeable future, is no.

The truth is running (and maintaining) a retail store is a lot of work. An overwhelming amount at times. Not only is there sustaining profitability, but there is inventory management, hiring & staffing, and keeping customer interest piqued with new (& hopefully exciting) products. In all honesty, I was naive when I opened Lycette’s first brick & mortar location. Though I am grateful for my innocence, because without it I would have never expanded Lycette.

PS I think that naivety in any business (wholesale, retail, online, brick & mortar) is essential, it allows you to make bold and brave decisions.

Lycette has been fortunate and our team has worked extremely hard to have a presence in the needlepoint industry. I am grateful for the support we have, the relationships we have made, and those who helped us along the way. Lycette has two brick & mortar locations (Palm Beach & Newport), a website, an office on island, and a fulfillment center off island. Our team is continuously growing and, frankly, it is more than I ever imagined for a company that started with less than ten designs.

But, would I open a third location?

I love browsing online. My Pinterest wishlist boards are overflowing, but I rarely complete checkout. I am overwhelmed in large chain & department stores, and find them lacking charm. Again, I rarely purchase. I adore the idea of walking into a high end designer store and having a Pretty Woman moment- buying outfits, bags, and shoes. However, the lack of brand personality leaves me cold and my pockets shut tight. BUT, plop me in a small business or boutique that is beautifully and thoughtfully curated & decorated, and I will shake the couch cushions for spare change to spend. The scene in Sweet Home Alabama where she is allowed to chose her engagement ring in a Tiffany’s open only to her is lovely, but I’d rather spend an evening in The Shop Around the Corner from You’ve Got Mail.

My goal for Lycette was never to be top dog in the needlepoint industry, to dominate market share, or to be a highly profitable big box needlepoint store. I don’t want to carry every single design on the market or hundreds of lines of fibers (actually, this might be lovely), because it doesn’t feel authentic to my aesthetic or who I am.

Part of what makes needlepoint stores delightful to visit is that every single LNS (local needlepoint store) is more than a shop, it is a boutique. Each store carries different fibers, different designers, and has a different feel. They are decorated uniquely and run distinctively. Some want to be top dog, some were started as a way to write off a hobby, and some just love being surrounded by and promoting things they find beautiful (this is Lycette). There is a space and a need for each kind of store.

I love the two Lycette brick & mortar shops, and, yes, I do have a third location in mind. BUT, I worry about becoming too big, about Lycette losing charm. The fact is that an additional location means more overhead, more inventory, more staff. These facets all require more sales. Yes, every business is dependent on sales (duh), but I never want sales to be our main goal at Lycette. I have always felt that when you put sales first you put originality, charm, and authenticity last.

Two of my favorite shows are Seinfeld & Curb Your Enthusiasm. Larry David, a creator of both shows, said “I wanted to make a living, but I really was not interested in money at all. I was interested in being a great comedian.” This is why I think both shows are beloved. They weren’t created with a goal to get rich or acquire more wealth, they were created with authenticity and a desire to make people laugh. Viewers like, respect, and are drawn to authenticity. Authenticity is the cornerstone of success and longevity.

While someday Lycette may open a third location, today is not that day. This year is not that year, and maybe it will never happen. I am okay with that. I would rather maintain the business I have, than grow and put emphasis on pushing sales. Like Larry I want to make a living, but I am not interested in money. I am interested in communication, creativity, and inspiration. I am interested in the intangible things that you can’t list on a profit loss statement, but that when nurtured make a business shine.

So, while I won’t be opening a third location I will be focusing on communication, creativity, and inspiration. I hope that is enough to keep customers coming back to Lycette. I hope even on our bad days our authenticity is apparent, and our love for needlepoint evident. I hope that you can understand these reasons and also look for and support more small businesses. I can almost guarantee they share the same goals.

xo,

Mrs. N