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OBJECTIVEMike's Camera was a high-quality, full-service camera store that had operated in Boulder under family ownership for 35 years when a Frederick Ross Company broker presented the idea of opening a second location. Her retail experience convinced her that the move was right from a business standpoint, and Mike's liked the idea, however, after 35 years as a single-store operation, the owners were hesitant to "pull the trigger" and expand. Believing consumers needed to see more of Mike's, the broker stayed in contact for a year. | ||
RESULTSThe Ross broker's conviction that the quality of Mike's business was a competitive advantage that would bring success in additional locations evolved into an aggressive new business strategy for the retailer. Mike's built an 11,000 square foot building in the Park Meadows area, occupied half of it, and the Ross broker leased the other half at above-market rates. With success at this second location, the broker was called back to pick a site for a third store as well. Instead of a business opportunity leading to rethinking real estate needs, in Mike's case a real estate opportunity triggered a strategic rethinking of the basic structure of business. |




