Many department stores and apparel retailers are facing industry headwinds. But one New York-based retailer has been able to buck the trend.
Menswear retailer Rothmans has been around for decades, and continues to see sales grow every year. It's also become a well-known destination for media personalities and entertainment industry designers.
It also helps that Rothmans is in a part of retail that's especially hot right now. "I don't know if I'm the first to say this, but menswear is the new womenswear," said Ken Giddon, the president and owner of the company.
But it's not enough to just be selling products in a popular sector. According to Kiddon, vibe and assortment are even more important. "I would say the key is hospitality. Think of it as a restaurant or a hotel," he said.
Similarly, while other stores focus on trimming down their inventory, Rothmans has gone the opposite way. "As a small business, we watch our cash flow very carefully, but we believe in inventory," he said.
Still, Giddon said, being ahead of the trend curve also helps. "People care about what they're wearing now, and young people are so into it," he said. "That's probably one of the benefits of social media."
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