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What can you learn when a business closes?
Today, I received the sad news that a local business is closing this week. I told my wife last week that I didn't see them lasting much longer. This business had been a thriving business since the 1960s. I can remember going to it as a kid and buying candy and sodas. What went wrong?
I hesitate to sound like an armchair quarterback, but I think there are some lessons that can be learned from their failure.
One, if something is working, leave it alone. Or at least, make truly minor adjustments over time, but don't cut off something that is working. This business has changed hands a number of times in five decades. Most changes kept the business like it was before. The last one, decided they had a better idea.
The business had been a local landmark store with minimal groceries. In recent years they added wine and craft beer. It also added food about 3-5 years ago, and it was excellent. The addition of food drew more customers in and the craft beer selection also added to the clientele, with the craft beer craze. The penny candies were still there. You could stop for a local paper, a sandwich, a loaf ... more

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