Beth Rich was a customer at Mix It Up when the associates started asking why she didn't just buy the place. She told them she hadn't moved to Coeur d'Alene to work retail on the weekends. Six weeks after she finally texted the owner to ask what the store cost, she owned it. She was in her late 50s and had never run a cash register.
This week Keenan sits down with Beth, owner of Mix It Up and Mix It Up Home in downtown Coeur d'Alene, Idaho, a certified Main Street district with no chains on it. Eight years in, she has tripled sales, opened a second store, hosts around 125 events a year, and sells more gurgle pots than any retailer in the country. She came to it with 35 years of sales and marketing behind her and no retail experience at all.
She is blunt about how she got in, and she says outright not to copy her. On her first day the previous owner sharpened a pencil, pulled out a printout of a blank Excel grid, and showed her how to handwrite a purchase order and fax it. Beth has spent the eight years since getting the paper out of the business, and she is just as direct about the number she'd inspect if she were buying a store today, which is not revenue.
In this episode:
- What she watched her mother do after being widowed at 47 with five kids, and why she calls it the kind of optimism that changes outcomes
- The emotional trap of buying product you fell in love with, and where she draws the line between feeling and data
- Standing at a stoplight asking Shopify why handbag sales were down, and what the answer turned out to be
- Why profit margin, not sales volume, is the number she'd inspect before buying any store
- The shopping bag conversation that cut a deeply unglamorous line item
- Handwriting purchase orders and faxing them in 2018, and what replaced that
- Why she refuses to fight Amazon on price, and the one thing big box can't copy
- The three things she says make an independent store work
- Hiring associates who don't need the paycheck, and the culture that came out of it
- "Can I start a pile?", the five favorite words in her store
Subscribe to Beyond the Register for conversations with the owners and operators actually running independent retail. Listen on YouTube, Spotify, and Apple Podcasts.
Timestamps:
00:00 Intro
01:27 What her mother taught her about optimism
02:38 The yellow rotary phone, and who took charge
04:40 Buying her first store in her late 50s
04:55 The emotion built into buying retail product
06:07 Knowledge is power, and the analytics retailers never used to have
06:48 Asking Shopify at a stoplight why handbag sales dropped
09:36 The accidental retailer
10:47 "Why don't you just buy Mix It Up?"
11:42 Money, money, and money
12:23 Six weeks from a text to closing on the business
13:09 What she'd inspect now: profit margin over revenue
13:51 The shopping bag call that cut her costs
17:21 The handwritten purchase order, in 2018
19:06 The plastic tub of paper under the desk
19:47 Getting the paper out of the business
22:44 Time is money
27:15 Competing with Target, Walmart, and Amazon
28:26 Why she won't fight a price war
28:45 The three things that make an independent store
33:00 Hiring people who don't need the job
42:34 Training storytellers instead of salespeople
44:18 The gurgle pot
47:23 "Can I start a pile?"
56:16 Where to find Mix It Up
Beyond the Register is brought to you by Genius™ (Link globalpayments.com/genius) from Global Payments, the retail point of sale system designed to help busy store owners track inventory, manage customers and take payments.