Rich Schefren turned his father's failing Manhattan store around by creating a rave-inspired retail experience instead of just competing on quality. Being better than competitors isn't enough; you have to be fundamentally different to break through.
It's not enough to be better than everyone else. You need to be different. When my dad wanted to close his struggling Manhattan store, I saw an opportunity. You see, I just had six months to turn it around before the lease ran out. And it wasn't going to be easy because I was competing with retail giants like Urban Outfitters, the Gap, and basically every major national retailer that you can imagine. And I wasn't sure that we could actually do things better than they could. So. So me and my team, we took a different route. Love it or hate it, we wanted people to remember us. So I transformed the store into something Manhattan had never seen before. A rave inspired space that catered to the underground club lifestyle of the 90s. We lit the place up like a club. We curated the clothes that match the vibe, and we created an experience that you had to at least talk about. After you left, I was able to take that store from 1.5 million to 7.5 million, a matter of just a few years. It was at that moment I realized that trying to be better is subjective and risky. But being different, that's how you truly stand out in a crowded market, and that's how you set yourself apart from all your competitors.