Turn passion into profit
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By John Sarantakis -- Video Business, 5/25/2007
MAY 25 | In today’s competitive market, how does your store compare to the bright and attractive big rental stores out there?
Sarantakis
Do you feel, perhaps, that you’re in a dying industry and you’re basically waiting for the bitter, digital end?
Well, I believe you can start taking advantage of the declining market.
It’s obvious that a lot of the larger video chain stores are starting to feel the pressure of an advancing technological age.
Netflix, digital downloading, video-on-demand—all of these are growing, and as they grow, they will take customers and revenues from the stores that rent DVDs.
There will be less of a demand for the big video retailers, and as their numbers shrink, the volume of available renters in the independent market will rise.
(Independent stores will not be affected in the same way as the big guys, because the big chains are already over-stored, they cannot react nimbly, and their shareholders will demand that they cut operations to preserve profit margins.)
Will you be ready?
U.S. consumers have become accustomed to the visual impact of Big Blue and Hollywood, and they are going to be looking for that same WOW! factor when choosing a new rental location as these over-saturated companies continue to close stores.
Remodeling is a must! You have to be fresh, exciting and on the cutting edge. Paint + Promotions = Profits!!!
We talked about this very topic at the IDEA Chicago chapter’s second annual “Free for All” retailer event held recently at my People’s Choice Video Express store in Waukegan, Ill.
More than 80 independent video store retailers coming from as far as New Hampshire and Texas attended, as did more than 30 vendors, including major studios Paramount, Disney and Lionsgate, as well as the more risqué adult video distributor I.V.D.
Also represented were many ancillary products, including state of the art tanning equipment, Betson Imperial’s in-store vending and amusement, Mediabank, DVDExpressStore.com automated 24-hour DVD rentals, Hershey’s ice cream, Pop’s popcorn, Astro Carpets and Specialty Store Services.
“We are not in competition with each other anymore,” I wanted to stress to all who attended. “We have to come together and share ideas to help each other grow. With the market in a decline, there is going to be more than enough business for everyone. However, only the strong will survive.”
With endless energy, we conducted round tables covering subjects including hiring and training, in-store promotions and mass mailings, eBay sales, store remodeling, automated DVD rental, tanning (and how this small investment could add big dollars to your bottom line) and legal issues in carrying adult product.
I had one store owner come up to me and ask, “If we were to take the first steps to becoming a rental store of the future, what would they be?”
My response: First, brighten up your store. Add more lighting and a fresh new coat of interior paint. New carpet always has a big impact. Customer service may also require a fresh new approach. The customer may not always be right, but the customer MUST always be satisfied.
With two locations—a 36,000-square foot video store and family entertainment center located in Waukegan, Ill., and a 5,000-square foot location in Tucson, Ariz.—I have been in the video business for over 20 years. Evolving to meet the needs of an increasingly market-savvy consumer base takes more than media advertising to keep people moving through the doors; it takes passion and drive.
John Sarantakis is president of People’s Choice Video Express
