MIEL Villamor fell in love early in life. At 28, Villamor followed her heart and put up Fifth Rack, a lifestyle concept store business because she loves fashion.
The BusinessMirror sent Villamor questions via electronic mail and asked about her experiences as an entrepreneur.
What is your objective for Fifth Rack?
I want to make Fifth Rack a by word in the business in the next few years.
Did you dream of becoming an entrepreneur?
When I was a kid, I did not entertain (any thought) of becoming an entrepreneur. But it just sort of happened. I always wanted to do something that is fashion-related. I loved fashion, dressing up and putting things together. So, working with different brands that have their own unique aesthetic is really interesting.
Please describe the beginnings of your business.
It all started when I had a small online store for women’s wear and later I joined a bazaar. I recalled I had a difficult time selling my pieces because they were priced in the mid-range level. So I decided to create my own type of bazaar because I knew the market was looking for one such concept. That is when the ROW 101 pop-up store, which is a curated bazaar with different local brands, was created. I made sure that start-up brands would get the best platform they could get when (they) join my pop-up (store).
Two years later, that is when I created Fifth Rack Lifestyle and Concept Store. It is basically the same concept as my pop-up but this is a little more permanent. We lease out shelves, half a shelf or a whole module to different brands that need a place to test and sell their products. As much as possible, we try to help brands create a better relationship with their customers at a minimum cost.
How were the first months of business?
It was difficult. Everything was always a bit challenging, especially in the start. But you just have to carry on.
What were the challenges that you experienced and how did you overcome them?
Dealing with different personalities was tough. Nevertheless, ever since ROW 101, I have met a lot of great and amazing entrepreneurs. The best thing to do is just to do your best, be kind and be solution-oriented if things do not go your way.
How do you think your company is different from its competitors?
Fifth Rack is the first curated fashion and lifestyle concept store. We make sure to get quality local brands and designers in one roof.
What are the biggest challenges in this business?
There are many difficult things in this business, such as operations, managing people and competition. But one of the most difficult things is just starting it and getting the ball rolling even if you aren’t sure it will work.
What is the fulfillment do you get?
It is most fulfilling when clients and customers appreciate what you have done to promote their products.
How are you helping young fashion entrepreneurs through Fifth Rack?
We try to help them by giving them a platform at a minimum cost so that they can test out their products and see how the consumers react to the specific style or color of their product. Our main goal isn’t just giving them a space but a platform to grow through sales, awareness and opportunity.
Do you offer special discounts/rates to young entrepreneurs?
We offer half slots for P4,500 ($90.10) and whole slots for P8,500 ($170.19) a month.
Do you offer exclusives for designers whose items are only available at Fifth Rack?
Some designers and brands make special collection just for Fifth Rack. It really depends on the brand partner.
How do you choose start-ups that wish to lease at Fifth Rack?
Well it is really more of their product. We try to curate the items that join and also try to find brands that have different aesthetic from each other so that there is more variety for the customer and less competition for the brand partner.
Describe how items are merchandised, size of space, etc.
We have whole slots available, which gives you your own signage, and half slots for the accessory brands or brands that do not need much space.
Are all the items Filipino-made?
The majority of the products are local. However, we have also foreign brands.
Are customers allowed to “haggle”?
Customers can’t haggle because we cannot give a discount; only the brand partner can because it is their merchandise.
What is your target group?
Our target market ranges from young professionals to mothers and middle-age women. As cheesy as it sounds, we try to have something for everyone from women’s wear, men’s wear, kid’s clothes home items and beauty products.