Brooklyn Industries: Holiday ShoppingBrooklyn Industries: Holiday Shopping
This year's Black Friday and Cyber Monday shopping weekend was a significant boost for US retailers, raking in around $53 billion nationwide. That's a number that far surpassed most projections. But while big box stores head into the rest of the holiday shopping season armed with slashed prices and seemingly endless inventories, small retailers have what can be a daunting task of trying to compete. "It's a game we have to play—but we play by different rules," says Lexy Funk, CEO and co-founder of Brooklyn Industries, a clothing retailer that boasts 14 stores in cities including New York, Portland, and Chicago. "If we discounted 70 percent off of everything for the whole month of December, like a big chain would, we'd be out of business." After 11 years running a small-but-growing retail business, Funk has learned how to maximize holiday transactions, which make up about 23 percent of Brooklyn Industries's annual sales figures. Here, she shares some lessons from the front lines. Tune in to your best customers. Not every customer wants what the mass market offers. Instead, focus on personality, personalization, or one-of-a-kind items. Funk says this year Brooklyn Industries is offering a line of handmade leather bags. "While we charge more for this item; it is unique to us. It's what our customer comes to us for," she says. Her team chose to promote these bags as holiday gift items, and, so far, the bags are bestsellers. "People are willing to pay more for something that is
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