EVERY EDITION RAGTRADER TALKS TO A PREVIOUSLY FEATURED BUSINESS TO CHART ITS DEVELOPMENT. HERE BELINDA SMART TAKES TIME OUT WITH LENA MENDEZ AND LAUREN NICHOLLS, FOUNDERS OF MELBOURNE BOUTIQUES FILLY'S STABLE AND FILLY & MARE
STORES:Filly's Stable and Filly & Mare
LOCATION: Albert Park/Middle Park
OWNERS/FOUNDERS:Lena Mendez and Lauren Nicholls
How has your business evolved in the past five years?
The biggest change would have to be us taking on extra staff. We used to do everything ourselves, but since the company has expanded we are now more focussed on developing and strengthening the business.
What were your key challenges five years ago compared to now?
When we started out the majority of our challenges were financial. It was challenging trying to establish a buying style and applying it to our consumer, and we really had to keep in mind that the area we were trading to was very localised and therefore our buying needed to catch the eye of a niche market.
In the beginning we found that there were a few designers who were unwilling to place their product in an unknown boutique [but] now that Filly & Mare and Filly's Stable are established we're able to pick and choose more.
What were your ranges like back then and how have they changed?
Initially our focus involved supporting up and coming designers - we wanted to provide a platform that would showcase new and emerging Australian talent. For our first few years this worked well, however sometimes these partnerships resulted in the product not looking as polished and sophisticated as it does now.
These days we focus on amazing cuts, natural fabrics and quality basics across both Australian and international labels. When we started out we only ordered two or three drops a year. Now we showcase approximately 100 labels with regular drops.
Initially we just operated Filly & Mare; we opened Filly's Stable in September 08, with a homewares and lifestyle component and a higher end fashion offering. It was a natural progression to move into a second store as Filly & Mare had peaked and really found its niche.
Having both become mothers, we also wanted to explore children's product. Meanwhile our 'beautiful basics' collection - Green Pony - was born out of a need for fantastic, quality basics that used local wools, cottons and manufacturing.
Our first Green Pony collection was sold exclusively in stores in March 2007. The collection is still going strong with over 10 different styles in variety of basic colours. We have just appointed a national wholesale agent and we're excited to see how the Green Pony brand will expand over the next few seasons.
How has the retail climate changed since you started?
It was a lot stronger five years ago and there was a definite trend that involved multi-label boutiques opening and successfully trading. Given the current talk of recession our approach to buying will need to be more strategic.
How have your marketing and promotions evolved?
When we first launched we were solely responsible for driving interest in our offer. We collected names and customer details but only engaged these customers with two or three VIP nights a year. Now, five years on and with a second store, we have a much more strategic approach. We have engaged an external PR and marketing company to promote our two stores and help us communicate with our ever growing database. Talking to our customers on a regular basis is paramount.
What has been the most difficult moment of the past five years?
There hasn't necessarily been a stand out worst experience. However, we have definitely had some bumps along the way, which have included staffing, buying mishaps - those 'what were we thinking?' moments - and overall management. We don't have any real regrets as these 'bumps' have given us the confidence to continually take risks. They are just more calculated risks these days!
Filly's Stable, Bridport Street, Albert Park.
