Pablo Ettinger Flashcards
What is the best way to build retail company?
Buy already existing businesses
What is the most important thing to do when building a retail chain?
Site selection
How did he convince other people come work on their brand?
By telling them that they’re going to build the best coffee store brand in the world and wants them to come and join
What was his dream and what do they have now?
He had a dream of building an international brand with 80 retail stores but ended up with over 600 and still counting
What was his next important step?
Building new or next coffee store
Why did they have designers for the new coffee store?
Because they wanted to systemwide their company
Why did they want to systemically their company?
They won’t be small entrepreneurs anymore once they start to roll out
What was their next important thing?
Putting in systems all the time
How many stores did it take before the brand really worked?
3 to 4 stores
At what number did they expand to the city of Manchester?
When they reached store number 17
What was his biggest headache in the long run?
Distribution
What did they have to do in the city of Manchester?
Setup new supply chains
What did they do after they found out that the people of Manchester likes their stores?
They rolled out many stores
Did all their supplies go with them to Manchester?
No
At what number did the brand go well defined?
Store number 50
What was their other big problem which could kill the if they didn’t solve them?
They kept running out of money
How do you grow when your stores get successful?
You need money to grow
What is the problem with the retail trade?
You’ve to pay your rent every quarter
When does things get more difficult?
When you’re in the middle around store number 20
When does things start getting easy again?
Store number 100 and above
What happens in the middle?
You have to work 24/7 round the whole day.
What got them going?
Customers told them they liked what they did whenever they talked to them
When did they realized that had to raise serious money?
When they reached 40
Why did they decide to go public?
Because they couldn’t keep going to their friends and fam for money
