MergerPlace

Iconic Women's Boutique in Richmond

Virginia (Richmond City)


  • Asking Price: $575,000
  • Gross Income: $1,271,103
  • Cash Flow: $278,326
  • Real Estate: Not Disclosed
  • Inventory: Not Disclosed
  • FF&E: $130,000
  • Listing ID: #207813
  • Established: 1996
  • Employees: 2 FT / 15 PT

Business Description

This upscale women's boutique offers an exceptional selection of beautiful formal wear and casual wear to discerning clients. For over 20 years, Lex's of Carytown has attracted customers throughout the mid-Atlantic and has become a destination itself! While many retailers have experienced a decline in sales due to the Amazon effect, Lex's enjoys steady growth year-after-year as women and young ladies look for a personalized experience for that special occasion.

The owner enjoys the flexibility of a part-time schedule, relying on the experienced staff to provide the exceptional customer service that the shop is known for. By periodically shopping markets and fashion shows, the owner is able to carefully curate a wide selection of apparel that appeals to a diverse client base.

This transaction has been lender pre-approved for financing for a well-qualified buyer. The seller is willing to negotiate an adequate transition to help ensure success of the new owner and to provide brand continuity.


Business Details

Primary Business Category: Retail Trade - Clothing
Location: Virginia
County: Richmond City

Company Information

Year Established: 1996
Home Based: No
Franchise: No
Relocatable: No
Number of Employees: 2 FT / 15 PT

Financial Information

Asking Price: $575,000
Gross Revenue: $1,271,103
Cash Flow: $278,326
FF&E: $130,000
Seller Financing Available: Yes

Property Information

Facilities:

The 5200 sq. ft. shop is located in historic Carytown (sometimes described as a Georgetown-like) and has dedicated parking. However, it does not rely on foot traffic for business as it has become a destination in itself. It is expected that the buyer will negotiate a new lease under substantially similar terms.

Growth & expansion opportunities:

Growth is limited only by the imagination of the new owner. Specific opportunities include further expansion into the bridal sector as well as an expanded e-commerce offering.

Competition:

Competition is limited as very few retailers can offer the quality, selection and service that Lex's of Carytown is known for. Upscale retailers like Saks and Nieman-Marcus often feel institutional and cannot provide the personalized experience that these customers expect. The industry continues to grow as formal occasions take on even more meaning in today's casual society. Even in a down market, customers won't skimp on that special dress!

Reason for selling:

Seller is retiring.

Support & Training:

Will train for 2 weeks @ no cost No special license is required, but the buyer should have an eye for fashion, strong business acumen and a passion for delighting customers.

Contact Business Seller

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Business Listed By:

Michael Metzger

Murphy Business Brokers