Multi-sports store viability here in Memphis?

Forum guidelines BT super discount
General Discussion Triathlon Talk » Multi-sports store viability here in Memphis? Rss Feed  
Moderators: k9car363, alicefoeller Reply
2008-07-12 3:42 PM

User image

Regular
86
252525
Memphis, TN
Subject: Multi-sports store viability here in Memphis?
Hello everyone!

Recently I've decided that I'm going to try my hand at opening a tri-sports store here in Memphis. That is assuming of course that it ends up being a viable option. I've begun working on the business plan, but I thought it would be a good idea to see what my fellow local BTers thought of the idea.

The concept isn't too complicated, just your basic retail store with a full range of equipment and services for Triathletes. Bikes, shoes, triathlon specific clothes, wetsuits, swimsuits, etc. would all be available. Of course there would also be full service bike fittings and run analysis.

I'm also planning on getting certified as a USAT coach, both to help with the store itself and to possibly coach on the side.


So speak up, would anyone be interested? Is it even a remotely viable idea? I know we've got a number of bike shops and run specific stores around, but we don't seem to have a dedicated Multi-sports store.

This wouldn't be happening tomorrow or anything, I still have quite a bit of planning to do, and then there is the issue of raising all that wonderful money I'll need to get started.




2008-07-12 9:47 PM
in reply to: #1525040

User image

Extreme Veteran
310
100100100
Colorado Springs
Subject: RE: Multi-sports store viability here in Memphis?
I would say it depends on the market. Will you have a strong enough potential client base to profit from such an endeavor? Also, what would be your "Unique" marketing niche? Aside from having your products co-located, why would someone leave their LBS or LRS to come into your shop? Remember, loyalty is a huge part of the business.

I am not familiar enough with the Memphis multisport community to say whether or not this type of business would be successful. I think a lot of the success will come from how active your community is in multisport events.

Just my 2 cents, I am not a business expert. I do wish you the best of luck, and if/when you get it up and running, let me know. If I ever drive through, I'll make sure I stop in!

Good Luck!!
2008-07-13 8:52 AM
in reply to: #1525040

User image

Regular
113
100
Memphis, TN
Subject: RE: Multi-sports store viability here in Memphis?

There is definitely a need for this type of store in the Memphis Metro area. Getting aligned with or creating a triathlon team would a great way to get your name out there get some consistent buisness.  Most of the bike shops in town are primarily just that bike shops with MAYBE one rack of tri- cycling gear, no swim gear, and no running gear. Again I think there is a need for this type of store and with the right location and good marketing strategy (i.e. group rides, group OWS, and group runs; Triathlon team; race sponsership; Triathlon coaching) it could be successful.

 This is just my personal opinion. I hope it helps to get another Memphian's thoughts.  

2008-07-13 8:57 AM
in reply to: #1525040

User image

Memphis, Tn
Subject: RE: Multi-sports store viability here in Memphis?
There already is one store out by the Wolfchase Galleria. It's called RB's Cyclery.  They seem to do very well.
2008-07-15 6:20 PM
in reply to: #1525040

User image

Regular
86
252525
Memphis, TN
Subject: RE: Multi-sports store viability here in Memphis?
We've got a pretty decent triathlete community, and with the Memphis in May triathlon, at least one huge surge of triathletes every year. I think overall the market should be pretty strong, and it should only get better as our sport gains popularity. I checked the race results for MIM 2008, and I found 257 racers (not including myself obviously) from the Memphis area. That's obviously not a comprehensive census of local triathletes, but it's a good start.

Thanks for the input everyone, I've got a better idea of what I'm going for now and what competition I have in the area. While RB's does seem to specialize in Triathlon bikes, (thanks Frank, I hadn't heard of them), I think the one-stop nature of my store will give me a competitive edge.

If anyone has any other ideas, I'd appreciate them. Thanks again for the help
2008-07-16 9:35 AM
in reply to: #1525040

User image

Extreme Veteran
477
100100100100252525
Subject: RE: Multi-sports store viability here in Memphis?
I live a couple hour from Memphis and think it would be a great idea depending on location. Location is key. Plus it would be awesome if the store hosted a sprint triathlon or something similar as a promotional tool. There's not enough triathlons in the Memphis area.

2008-07-26 9:36 AM
in reply to: #1525040

User image

Regular
85
252525
memphis
Subject: RE: Multi-sports store viability here in Memphis?
I think it would go over really well, i would definately dito all the previous suggestions. I am new to this hole game and it is frustrating to have to go to several stores trying to find the right gear. I would also suggest employing only triathletes!
2008-07-28 9:27 AM
in reply to: #1525040

User image

Regular
86
252525
Memphis, TN
Subject: RE: Multi-sports store viability here in Memphis?
Thanks for the ideas!

I agree that another race in the area would be nice, will have to look into that. I'll definitely try to hire only (or at least mostly) triathletes, since they would be more likely to care about what about the store and the customers.

If anyone has anymore suggestions, I'd love to hear them, this has helped me out quite a bit!

2008-07-28 6:39 PM
in reply to: #1525040

User image

Veteran
405
100100100100
Memphis, TN
Subject: RE: Multi-sports store viability here in Memphis?
I think it's a good idea. Hopefully you'd be centrally located, ie. not Cordova, Germantown or Collierville. One area that is lacking in most of the local shops I've seen is a good nutrition section. Some have a few gels and powerbars but very few drink mixes. Good luck!
2008-07-30 6:04 PM
in reply to: #1525040

User image

Member
46
25
Subject: RE: Multi-sports store viability here in Memphis?
I live in Jackson, Tn about 60 miles east of Memphis, and I would make the drive to visit a tri store. As everyone has been saying lacation would be important.
2008-09-06 2:20 PM
in reply to: #1525040

User image

Regular
86
252525
Memphis, TN
Subject: RE: Multi-sports store viability here in Memphis?
Just wanted to update everyone who was interested, I have decided to go through with the idea.

As I said before, it will be awhile before I can even think of opening up, but I am writing the business plan and ironing out the details.

I've launched a website. There isn't much there at the moment, but I'll be adding content pretty regularly, as well as updates on the company.

Thanks for the interest everyone!

2008-09-06 4:19 PM
in reply to: #1525040

User image

Expert
760
5001001002525
Memphis, TN
Subject: RE: Multi-sports store viability here in Memphis?
Do we get a discount when it opens ?
2008-09-07 1:20 PM
in reply to: #1525040

User image

Regular
86
252525
Memphis, TN
Subject: RE: Multi-sports store viability here in Memphis?
It is a bit early in the process to say for sure, but I would definitely like to offer something like that
New Thread
General Discussion Triathlon Talk » Multi-sports store viability here in Memphis? Rss Feed