Recognizing and Responding to Rapid Changes in the Retail Industry
Skylar Moon, the owner of DZIR Nightclub in San Antonio, talks about his approach to transitioning among businesses in various industries as well as his strategy for adjusting to the retail industry's rapid changes, considering trends, consumer expectations, and economic challenges.
You own different types of businesses that don't seem to have anything to do with each other. So what was that transition?
So yeah, so I was stuck in the phone business for about a decade, and as the years went on and more people had, there was saturation in the market., more people had cell phones. Everybody's got a phone from your six-year-old to the elderly folks, everybody's got a phone. So there's really no new customers out there, right? So at this point in the wireless industry, it's just how do we get people to switch back and forth? So it's really not a very profitable business for the retailer anymore.
For the carrier, they've still got the recurring revenue every month. But for a retailer who's having to bring in new business every month, it is extremely difficult. So they've also crunched our margins. So said all that, and then by the time Covid comes, I'm looking at this thing. I've always tried to have a five-year, at least five-year outlook, on what's coming up in the future.
And you can just see being in retail, having 40-some-odd stores. With Covid being around, it's probably not a great idea, right? It's probably not something you wanna get stuck in, so I had some early intuition and I got lucky.
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