Downtown businesses thrive through the ages.While North Bay's proposed waterfront development is expected to help revitalize re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. the downtown core
The Downtown Core is a 266-hectare urban planning area in the south of the city-state of Singapore. , two business families with nearly a century of downtown involvement have already unlocked their own secrets to long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. success. Small independent businesses need to make use of their advantages over big box and chain stores, Bob Alger, owner of Alger's Furniture and Appliances, says. He would know. In 1912, his grandfather established Alger's Electric Supply Company downtown, where it ran through 1986, when Alger established his own business. He now works alongside his two sons, ensuring the family legacy lives on. Without having the constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. of having to cater to a larger corporate master, smaller stores have more flexibility to offer unique products or individual items which can be specially brought in for specific local tastes, Alger says. As another businessman with downtown business connections dating back nearly a century, Gerry Ger·ry , Elbridge 1744-1814. American politician. A signer of the Declaration of Independence (1776) and a delegate to the Continental Congress (1787), he served as governor of Massachusetts (1810-1811) and as Vice President of the United States Lefebvre of Lefebvre's Source for Adventure agrees. "We have to give people a reason to shop with us, and one such reason is to sell unique, better quality goods," Lefebvre says. "You have to give them something that's different, be it the latest in sandals or tents or what-have-you. It can be more expensive, but sometimes that's what you have to do to make sure you're selling something good." This isn't to say missteps can't be made, or that recovery from difficult times is impossible. With Maytag having spread their product beyond independent stores such as his and into large retail chains, Alger decided to get out of the furniture business to focus on appliances for nearly two years. The effects were disastrous, leading him to lose $80,000 in that time and forcing him to restructure his efforts. Since reinstating furniture sales and leveraging his strengths, business has grown such that he's been able to scale back on advertising. As one step on the path to success, Alger points to the power of networking, which he says is often overlooked by smaller companies. "For the longest time, I thought 'Who needs the old boys' club?' But I came to realize that it's important to be involved with other people in the community, and we've definitely become more visible through the Downtown Improvement Association. It's made a big difference." Lefebvre also believes in the advantages of branching out. In the interests of keeping competitive with the bigname chains, he sought out partnerships with like-minded businesses through the Source for Adventure group. This 168-store buying group allows Lefebvre to purchase stock at lower rates, and its buying committees help to guide him on what's up and coming in the industry. However, he's not above doing his own legwork leg·work n. Informal Work, such as collecting information or doing research in preparation for a project, that involves much walking or traveling about. , and does his fair share of research through trade shows and industry magazines to try keep ahead of the market curve. "Sixty to seventy per cent of the time, we're right, which leaves a fairly big margin of error. Still, we have a loyal customer base, and people know and trust the family business." [ILLUSTRATION OMITTED] This dedication to taking a chance and being willing to adapt is another key to ongoing success, Lefebvre says, and as an example, he points to the progression his own business has seen throughout the years. First known as Lefebvre's Sports and Tobacco--"a pretty unthinkable combination these days," Lefebvre says with a chuckle--the business got its start in 1913, selling guns and fishing rods alongside pipes and tobacco. As time went on and Gerry's father, Frank, took over from his own father following World War II, the store became a "sports and hobby A hobby is a spare-time recreational pursuit. Origin of term A hobby-horse was a wooden or wickerwork toy made to be ridden just like the real hobby. From this came the expression "to ride one's hobby-horse", meaning "to follow a favourite pastime", and in turn, shop," replacing tobacco with toy trains toy train n → tren m de juguete . Gerry took the reins reins pl.n. The kidneys, loins, or lower back. of the family business 29 years ago, converting it to an outdoor sports-focused outlet in the last two decades. "If you're not changing your business, you're out of business," Lefebvre says. "You have to be a like a chameleon chameleon (kəmē`lēən, –mēl`yən), small- to medium-sized lizard of the family Chamaeleonidae. About eighty species are found in sub-Saharan Africa, with a few in S Asia. , always changing your spots." However, this approach doesn't work for everyone. Alger says the reverse is true for him, and that adherence adherence /ad·her·ence/ (ad-her´ens) the act or condition of sticking to something. immune adherence to tradition and consistency helps to keep customers aware of how he operates. "Half the reason I'm still here is that I'm not quick to change," he says. By NICK STEWART Northern Ontario Business Northern Ontario Business is a Canadian magazine, which publishes monthly in Greater Sudbury, Ontario. The magazine covers business news and issues in Northern Ontario. |
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