How to Effectively Edit Your Beauty Inventory, p.5

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FITTING FOR THE GILDED AGE

Founded in 2006 by John and Jennifer Graham, The Apothecary Newport is well suited for the legendary neighborhood it serves. It is located in Newport, Rhode Island, and is situated between the famous mansion-studded cliff walk and prestigious Bellevue Avenue. The company focuses on selling sophisticated, fun beauty products, as well as offering services such as skincare consultations, waxing, spray tans and customized facials.

Its target audience is females ages 25 through 65, and its product categories include skin care, cosmetics, hair care, fragrance and sun protection. Despite a diverse product offering, “We don’t carry general supply brands,” shares Jennifer Graham. “We need to have more exclusive beauty brands than your general beauty supply.”

Some of the brands carried at The Apothecary Newport include MD Skincare by Dr. Dennis Gross and Stila Cosmetics. Aside from its exclusivity factor, Graham determines which product inventory to carry by examining the track record of the product in the industry. “They need to be result-oriented. The science of the skincare product or cosmetic is very important to us. Clients are savvy these days, so we need to carry proven products and know how the products deliver,” she says.

In addition to offering effective products to an upscale clientele, the store places emphasis on exemplary customer service. The staff includes skincare specialists and makeup artists who provide a “non-rushed, no-pressure experience,” says Graham.

When starting their company, the Grahams dismissed the idea of becoming a discount retailer because online shops made it hard to compete on price. Instead, a niche beauty store serving the prestige market proved the perfect solution. “To be successful, we need to offer clients more, and we feel niche-focused beauty boutiques create an experience for customers, which helps with our overall customer retention,” says Graham.

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