LUX August 2017

lux.acquisition-intl.com/ 14 LUX - August 2017 As a lifestyle store, it is the Cornerstone Shop’s goal to provide both a brick and mortar venue for customers on vacation, local area residents, and second home owners to find one-of-kind and unique merchandise in a relaxed shopping environment, as well as provide them with in-store and in-home decorating services. Known in the surrounding 60-mile radius as a premier specialty retail store for gifts and home décor, the store even added a clothing and accessories “department” for personal shopping and gift giving purposes, and is now also a “go to” destination for specialty and boutique clothing lines. The Cornerstone Shop & Gallery is renowned for its ever-changing displays, friendly and helpful staff, and diverse assortment of home décor, furniture, gifts and clothing, as well as its decorating services. With approximately 30 departments (including home décor, furniture, linens, fine tabletop and giftware, women’s clothing, jewellery, artisan products, original art and more), the visual displays and array of merchandise generate excitement and inspire customers to find creative ways to enhance their homes, personal lifestyles and appearance, or to select the best possible gift for any occasion. The store also offers residential and commercial interior design services. Market Lake Geneva is a resort town on the shore of Geneva Lake in southeastern Wisconsin, approximately 75 miles northwest of Chicago. The city’s year-round population is only 7,800, but it is a very popular tourist destination year round. Lake Geneva is also known for its high-profile lake homes and residents. The greater Lake Geneva area is growing with the advent of the baby boomers retiring to the area, and the necessary service industry jobs required to provide services to the increase in population. The Cornerstone Shop’s target market is female, between the ages 35-70, but this varies seasonally. The customer base is predominately made up of two general markets. First, approximately 40% of customers are from the greater Lake Geneva area (within a 45-mile radius). Second, approximately 40% are from the greater Chicagoland area. The balance are from all over the United States. Customers include day-trippers, second home owners, and those staying in area lodging. What is the Future of Specialty Retail? The retail industry has changed over the years and in today’s environment, small brick and mortar stores will only survive by providing exemplary customer service in all aspects of the business. Employing approximately 30 associates, the owners strive to have the best staff who understand the Cornerstone experience and offer superior service; along with a variety of merchandise, quality product and a range of prices, all displayed in an inspirational setting that will keep customers returning and telling their friends about their experience. Services such as gift wrapping, on-floor store assistance and expanded hours of operation are a must in today’s environment; however, that is not enough. Customers must be provided with special order services for the merchandise they desire, in-home decorating services, same day delivery of wrapped presents, and social media services such as websites, Instagram and blogs that put together the latest in trends in a way that inspires customers to purchase. In-store special events that attract customers to the store are also a great way to enhance the customers’ overall experience. Merchandise Selections & Displays The store’s buyers travel the country and overseas for unique merchandise. The Cornerstone Shop is known for having the “newest” and is often first to bring new products to market. It also balances the new with the “tried and true,” which customers continue to travel to the store to obtain, thus further building loyalty with existing customers. Merchandise is continuously re-displayed to create the illusion of “new.” The Cornerstone Shop & Gallery is a 10,000-square foot Lifestyle Store in downtown Lake Geneva, Wisconsin. It was established in 1988 and is owned by Karin and Bruce Bennett. Destination for Specialty and Boutique Clothing Lines The Cornerstone Shop carries a range of price points, and buyers shop carefully to ensure there is something for everyone. Purchases are sometimes adjusted if necessary, based on product lines that are duplicated by other businesses. Given the store’s size and the desirability to vendors, the owners will seek “exclusivity” arrangements for some product lines. Lastly, the store’s method of purchasing (the vision) of themes and resultant displays make similar products more “saleable” in a better displayed environment. The owners research the psychology of purchasing and continually evolve the business to maximize the shopper’s experience, therefore creating a “destination” venue which shoppers seek out as a respite. Design Services The Cornerstone Shop offers a full range of interior design and professional decorating services. The store’s talented design team offers advice and helpful suggestions to blend customers’ visions with the functionality and style they need for the perfect look, no matter what size project. The store offers complimentary in-store decorating tips. Many customers bring photos, swatches or even dinnerware to the store for assistance in selecting lamps, artwork, furniture, rugs, linens, mirrors, clocks and accents pieces. Although in-home design services encompass everything from selecting paint colors, carpeting, window coverings, furniture and home accents, to custom cabinetry, carpentry and painting services, the store has found a niche in smaller design projects. Many customers want a dining room transformed for a special occasion or seek assistance enhancing a room with new wall art and area rugs. The team often takes products directly to customers, so they may preview and select items right in their homes. This works especially well when new furniture is delivered and the team brings complimentary accents items. 1707LU07