Wednesday, February 18, 2015
Sleepy's for the rest of your retail life
A Sleepy's opened back in December at 111 Third Ave. near East 14th St.
At first glance, it's really not exciting retail news. Or is it?
Uh, anyway, Bloomberg Business had a post on Sleepy's yesterday. The Long Island-based company has 32 locations in Manhattan alone … which, as Bloomberg points out, is more than than the Gap (13), Whole Foods (7) and Best Buy (6) combined.
Per Bloomberg: "That's no mean feat, considering that the average American replaces a mattress only once every 10 years."
How do they succeed? Well, you have to watch the video report for the answer… but basically Sleepy's enjoys 50 percent profit margins… with minimal risk (low inventory) and flexible location opportunities (Sleepy's doesn't need prime window-shopping real estate, and will do fine on a second-floor spot).
Of course Sleepy's isn't completely bulletproof. The location at 138 Delancey closed last August.
That storefront between Norfolk and Suffolk remains on the market….