Buying for 18 independent retail stores with Priya from Lark London

Hello and welcome to another episode of Let's Talk Shop. This podcast is for product businesses where I speak to both retail buyers and brand owners about what it's really like to start and grow a product business. My name is Teresa and I'm on a mission to help you build a profitable product business through wholesale. Today I'm joined by Priya, who's the buyer and owner of Lake London. Lake was founded by Dominic 20 years ago and Priya joined about 10 years ago and since then, Lake has grown to include 18 stores which is amazing and I actually used the sell to Dominic back in the day when I was at a book publisher so it is so amazing to see how he and Priya has grown the business to expand so much and have these amazing shops and also creating a lot of jobs in their communities so I'm really excited to get to chat to Priya today so welcome Priya. Hello, Morning, how are you? I'm very good, thank you. It's really nice to have you here. I didn't tell you but you're actually going to close out the season. I think a lot of people are going to like to hear from you. Okay, wonderful, that sounds amazing. So you have been opening so many shops over the last few years and I've seen on Instagram that you're working on another one so which one will be the next to open? So the next to open will be a shop in Isha which we're very excited. It will be really close to Isha so it will be lovely to have one on our doorstep and then after that will be the last one for this year will be in Weybridge. Wow! Yes, so we're kind of going to sign which is very close. So you're going to close out the year at 20? In 18. 18? Okay. Yes, yes. Yeah, you already have the keys for like the one you've got. I've already got the keys that Dom's already in his building clothes working in them as we speak. So wow, that's amazing. And how I say to buy for like an increasing number of stores like that because that must be challenge. Actually, it's okay. It was harder when there was less stores because we were kind of each store had different products in. But now because we've got so many, every store is identical. So our buying is identical. So if I find a brand, I love it, I go to all stores please because otherwise it was really, really difficult. And I find that a lot with brands now that actually when they have a new range they come to me first. So I get all the previews which I absolutely adore because I'm inherently just very nosy. And actually buying for that many stores is easier now. It was far harder when I think there was under five. That was when it was really tricky because there's almost like each store had its own identity, which was really, it was a completely different buying job. Yeah. Well, that's good. That's interesting that it's actually easier. I like that. And I guess like buying more volume means that brands pay more attention to you as well when it comes to giving your previews and things like that. Yes, for sure, definitely. And when in the year is are you peak buying times? For myself, I've got two peak buying times. One is February and that is because Christmas is fresh in my mind because we've just had it. I've had my little break and I'm buying for the next Christmas. And I'm also on top of that buying immediate stock for Mother's Day. So I've kind of got two buying hats on Mother's Day and Christmas. And my second peak buying time is July because trends and different products have come out and I'm topping up my Christmas orders. What's out there? What does it look like? What is the world wanting? And I make sure I kind of react to that. And then do you kind of, once you're done that your selection for that, you kind of top up on those lines through us for a year. How do you find these products? Of course brands come to do that you deal with. But what else do you visit trade shows? Yes, I think I attend every trade show. With a new baby or not, I will be at a trade show. I use the platforms like Fair and Angostock mainly at night time when I'm feeding my newborn. Brilliant. And also local people come to the shops. They we have an application process now because we do get inundated with new stocks and inquiries. And we have an application form and once a week we in the buying team will have a look at what we've received and kind of go through there because that to me is the most favourable of buying is actually finding a gem of a small business and watching them grow and supporting to be able to grow. And that is my favourite bit of actually having a look. That's amazing and I think it gets like it's fun. Like that weekly thing on your calendar must be fun instead of being quite overwhelming with all the contacts that you get throughout the week. Yes, definitely. So the team actually what they do, they kind of, so they say it's like Christmas because it's based in one store. They open all the boxes. They read the lovely emails or letters that come. They see the samples. They do the first kind of audit and then they all have a weeky chat with me. We have a video call and it's just so much fun because you just don't know what you're going to get. And we've only started doing this in the last few months but it's really inspired me to actually give a lot of faith in small businesses and kind of just watching people's creativity rather than just doing the rows and the trade show. I guess it shows you other brands that wouldn't maybe afford to go to show yet. Like a lot of these people, they're making it in their front room, they're a local mum and I think that's, I don't know, it's far more enjoyable to kind of watch them progress and even give feedback like they haven't thought about packaging. So we'll be like, why wouldn't you think about this? They're like, oh perfect. And then we might even have some suggestions of packaging suppliers that they could use. So helping that is fantastic, really enjoyable. That is so fun and I mean, I also love that process of seeing small businesses grow. Like yours has, which is amazing. And how about you mentioned marketplace platforms? Yes. Like fair and anchor store. Do you discover new brands on there? Or like, do you mainly buy from brands you already buy for from? And do you prefer to place your orders that way? So I do both. I do buy from pre-existing brands. Let me stop. But I also use it as a way to find new brands, which I do all the time. His, a trade show's happened a few times a year while brands are being constantly uploaded. And it's just really inspiring to see what's out there. And it's, you just, you know, really quick, check new in and I can do that in the middle of the night. So absolutely great. Which actually with the new board might be the best thing for you. Yes, yes, I have plenty of time from the hours of 2 a.m. to 5 a.m. when the world is asleep. Actually, one of the things I, when I used to sell was, you know, so it wasn't surprising, but it was always kind of fun to see. Like, independent buyers, the times they would e-value orders or race orders, completely like different. Of course, yes. When you're self-employed, you just have to do it when you have the opportunity. Yeah. But I think a lot of my brands have probably seen these 4 a.m. emails two weeks later because I haven't had an opportunity, but in the middle of the night, finding the time. And how do you and Dominic split up? But who does what now? You said that he was in the store, actually, building and doing stuff. Yes. So what we've discovered to maintain a really happy marriage is that we have to do very different things. Otherwise, there's too many cooks in the kitchen. So we have quite specialised roles. So I am in charge of buying and the operation of Lark will report to me. So things like staffing, social media, merchandising, they will, they all have their own kind of staff members in charge of these, but at the end, they will have to report to me and I have to overlook that. Dom is in charge of shop, fit out, legalities of leases if we're getting new shops and he's in charge of all maintenance. So really joyous job for him. So if there is a toilet leaking, Dom will go and fix it. If there is, I don't know what else, a light bulb needing change, he will fix it, which is very humbling, he's he said the other week when I think one of the shops had lots of sewage leaking from the ceiling. He found that very humbling that gosh, we have 18 shops and he's there, like full full of shit, basically. And he's like, I think I'm going to quite enjoy doing the buying career and I'm like, no, no, you can carry on doing the maintenance. So that's his main job and he does do, he now oversees, but doesn't do it all anymore is all the invoicing and but keeping. Yeah. So yeah, but the shop, fit out, it's all him. I will say, I think your role says more fun. It's definitely much more fun, definitely much more fun, but let's not tell him that. In terms of what, you know, you have the application for now, but like, what kind of brand do you to stand out when they approach you through like the application? Like when they write their letters or they write their applications, what makes your team go, okay, let's put this in our meeting and then for you to go, oh wow, yeah, we need this. So firstly, firstly, which I can't stress the importance, putting cost prices. That is really quite important and the amount of time we have to say please tell us how much this lovely item costs. That obviously doesn't stand out, but that's a necessity. It's quite necessary and good branding and good packaging because we are mainly a gifting store. So packaging is really, really important and branding and just making it consistent. And the second thing that's really important is the idea that it has a story. So our merchandise can put the products together. So we can see where they would go in the shop. We can visualize that they will go together on this table rather than sometimes we get a few new brands and they're products are very disjointed. You can't put them together. And I think with strong branding and strong packaging, that's probably the most important things to make you stand out. Yes, well, it's good then if people are kind of visited and they can almost see themselves because then it'll be easier for you to see it. Yes, yes, of course, and they can see how we merchandise. Oh, my product will fit perfectly there, which I think is something that is really important. Yeah, for sure. And I think in the gift and lifestyle story, packaging is just as important as the product itself because it's the first, it's what makes customers pick it up in the first place. Of course, let's not tell the consumer that, but it's completely as important as the product. Yes, 100% agree. Which is like, I suppose if you're a maker, maybe that's a little bit like, you craft a labour over your cattle, for example, but like, and learning everything that goes into and then like, it comes down to the box. I know, it must be heartbreaking. It must be absolutely heartbreaking. And when we sometimes have to tell these lovely local people, like, your product is amazing, your capital quality is perfect. We burnt it quality there, but you know, you might need to juge up your box. We might need to come in a box. They're like, we want, that the product is so good, I'm like, it is, but you know, the consumer needs the box. For you to feel like a gift perhaps? Yes, yes, for sure. What is something that your favourites, or your go-to suppliers do, that makes it easy to deal with them? Having a really good B2B, that's, you know, you can access. Like a website? Like a nice website. It's fantastic. It's where I can order at night, because I'm generally paid for this. And actually, there's a lot of them, stockers that don't have websites at all. They only do catalogs. But now I find it easier using websites. When I went to the shop, I prefer to catalog, but now I'm working from home. I like a PDF or website. Yeah, it's a tricky one, isn't it? Because for the smaller brands, it costs money to have the holes on a website. But that's, I guess, when things like fair and customer can come into it. Yes, of course, of course. Because I guess if you, they pitch to you and you like them and they say, "Oh, and you can order on fair with our link, then you could do that." Yes, and it's really easy using platforms like fair and angst, and they're perfect for that. That's good. And how does, what does your suppliers do to kind of build on your relationship with you, guys, like in terms of keeping in touch with you, presenting new things? What do you enjoy that they do? As I touched at the beginning, actually, I really love a preview. I love a preview. I love looking at a prototype and just keeping in contact. Or even if they ask me, "What am I looking for? I love that." I'll be like, "Do you know what I really need? I really need some colourful 7x5 frames." And they'll be like, "Oh, I'll keep that in mind." So I just, that, that level of conversation that we can be like, and the transparency is fantastic. And I, yeah, I love, I love looking at them. I guess if they ask you, like, do you prefer this design or this design, and we haven't created yet? I mean, they already have a radio made customer for it. Of course. And actually, I do that with about, I think, well over 100 brands. So they'll be like, "But when they, on their cat images, they'll be like, "Okay, what do you like here?" And I'm like, "Woo, that's what that is." And suddenly, those things appear, you know, they come into production those things. But yeah, I really enjoy doing that. It's kind of like magic, isn't it, to get to like be there before it's like a thing, and then see it come alive, and then see this story. It's fun. Definitely. And especially because at luck, we don't do production of items. And actually, I'm completely a gate to doing production in items. This is the closest I get to it. So, it's quite fun. See, you don't want to start doing own brand or anything like that. No. I love the fact we, we stuff over 500 brands in the store, and I absolutely love the idea that we do that. We will continue to do that. How about exclusives to you, or collab? Why do some of that? So, it's so full October. We've got some really exclusive from Elizabeth's to Galer, which I quite enjoyed, designing with them and discussing. Yeah, so I do quite like doing that. That's quite new for us, because we've only recently, like, got to this many shops where exclusives can become an option. But it's, yeah, been very exciting going down that road. Yeah, I guess it's easier for small brands to do that already produced in small quantities, maybe. Yes, yes, for sure. So, a thing to do. And what are you looking for? I guess now you've pretty much done your buying for this year. Yes, yes, I'm just doing the little reactional buys now. But then I have done, I would say, 95% of it. Is there anything that you're thinking I am missing this for Christmas? Well-priced photo frames. That's something I'm missing for Christmas. Well-priced photo frames and potentially some key rings. Key rings. Yes, like adult key rings. That's nice. Quite a specific request. There you go. Yes, but I actually think that's one of the things that small businesses, like, does quite a lot of. So, maybe you'll get some applications after this. Yes, maybe I will. That sounds great. And how about for spring, because I'm guessing you have also started looking for spring. What is there anything in particular that you're looking for? George, it's taking me off guard that question. I've got my Christmas hat on still. Really nice scarves and really thin scarves. A really nice nightwear. For gifting. Really nice. Still on this lounge, but it's thinner loungewear, but like luxurious nightwear. That sounds good. There's some nice stuff now that are I think. For sure. Like the cotton kind of like screen printed in usually in the bag. Oh, block printed, I guess they are in India or something. Yeah, the trade show there was some lovely piece. Actually, the trade shows I've just been to are really inspiring. It was really nice to see what's out there. And we found some fantastic new brands. And do you place orders when you go to shows? I do. Sometimes. Sometimes it's because we're kind of spreadsheet based and I need to speak to the merchandise of colourways. What normally happens is I say, oh, I like these products. Great little list. And then I will figure out what colours are going to be in the store at that time. That's a little bit more complicated now. Yeah, I can't just be like, I want to buy this and it's going to be in the store for three weeks because if I do that, I think my merchandise will resign. It's quite cautious of that. And you need a good merchandise. Yes, my merchandise. I've got two. One for South London, one for West London. They are fantastic and they've been very patient with me. So that's nice. What trade shows have you been to this autumn? So I've been to Birmingham and Top jaw. I didn't make it tarrogate because I was about to give birth. Otherwise, I would have been tarrogate. Those two. Do you have a favourite show? I love harrogate. The whole experience. It's just like the nice issue ever. I also love harrogate. I know it's not like the biggest or like the busiest and actually when I used to exhibit, it was never the best or most profitable for me. But I just loved it. It's just so nice to be in the harrogate. I know, I know. And as buying, I may not make, I'm very few orders in comparison to the other shows. But I love it. Yeah. But you've had more time to chat with people like I always found the buyer is they came to harrogate, had a little bit more time because you never go for just one day, usually. So you have a little bit more time to chat because there's less brands there that they buy from. So I think it's great for relationship building. Yes, for sure. Definitely my favourite. And are you going to continue to open stores next year? What's the future plan? Yes, we will continue to expand. Maybe not as rapidly as we have done this year. I think you've opened a lot this year. Yeah. Because of the new one, she doesn't sleep currently and we're a bit tired. When she starts sleeping for a few more hours at a time, there will definitely be more stores opening. Yeah. You still want to grow. And will you grow like further out because you've gone to Surrey now? Yes, we've gone to Surrey. But potentially, we've always got an open mind. So we have somebody that helps us find our shops. And then he's always showing us things that we would never have places we would never have thought about. And yeah, let's see how they go. So I don't know yet. Let's see how the ones in Surrey do first before I make my mind up. But it's exciting. I find it particularly exciting when shops are opening, when the economy, well, all we hear in media, like regular media is about store closures and the economy being tough. But you have still taking the leap in open shops. Has that been a hard decision? I think what the hardest decision is the shops that we've opened thank goodness are doing well. But our hardest thing is right now is shoplifting, actually, which you probably know to spin all over the news. And we noticed this a few months ago that the increase, like Dom said, over 20 years he's had the shops. We had more shoplifting than one week that we've done in that 20 years. Wow. It was people coming in the day, groups of people. Maybe three big guys come to the shop, take a whole rail of clothing in the morning, come back in the afternoon. That was what I found quite memorialising. That's so sad. Because there's nothing we can do. We call the police, they're not coming. Then they come back a week later or they've just gone to another log that's around the corner. That's what I found the hardest. That's almost stopping me from wanting to open. It's not the economy, because the shops are still doing well. People still want to have nice gifts. They're just spending a bit less. I love supporting local businesses. I love having local shops and making community happy. That's something I love to continue doing. But the shoplifting has been really tiresome. They're almost so entitled. You ask not to. You say you're falling the police and they're like, well, the police aren't going to do anything. I'll see you in a few hours. That is infuriating. That is. I didn't know that they weren't even discreet about it. No, no, no, no. That's what's happening now. What can you do? You don't want your staff to be like my poor staff don't deserve this. They're really intimidating. They don't come just one person. They're coming in trees, walls, taking the thing, taking the items and going and coming back. There's something you can do. You can't lock them in because you'll get told off a false imprisonment. The police aren't coming because they're inundated because there's not enough of them. I'm sure if there was, I know they're not twiddling their thumbs. They've got a lot to do. I'm sure they would want to stop these serial offenders, but it's just ridiculous. There's TikToks telling you how to steal and what shops are still from. Really? That's happening. It's just absolutely awful. I know that there's lots of campaigns going out. I know there's lots of intervention that's now hoping to come because of the media publicity, but it's just that's the bit that I'm struggling with the most, and motivating my poor staff. That's not fair. That's not a lovely work environment. I want my staff to come to work. I want to enjoy to come to work, not to be intimidated by these people knowing they're going to see them a few hours later. That must be so awful. I think when you work for an independent business, you want to protect that business. Yeah. I would be so scared. Yeah, it's horrible. But hopefully, intervention will be coming. Otherwise, it's going to be quite a tough Christmas because profitability of margins, it's, you know, because you can't have a strategic guard in this shop. Can you? No, and even if we have contemplated the idea that when that security guard goes on lunch, what's going to happen? And will the security guard stop three people? I don't know. Probably not. The security guards would have to be really big, like, intimidate. I don't know. That probably wouldn't help, actually. Yeah. And actually, the people that are coming are quite big and intimidating. But wouldn't it be enough to scare them off to not go to yours because it's harder to go to yours? I don't think you want them to go to anyone else. But I have, we have tried in a couple of stores putting somebody like by the door with a presence. And actually, it just means that they had a bigger group of number coming in. So it's, I don't know, I don't know. I think, I think as the moment it becomes punishable again, I think then it will stop. I think that's the only thing that will stop. And I think we just need more support on the high street because it's not just us. It's also, you know, supermarkets are getting hit really hard as well. Which is heartbreaking. And, you know, inherently, we're all going to have to pay for this. It's not free. These people might be getting it just stealing the stuff. But, you know, the supermarket will raise the prices. And it's going to, you know, we're going to have to raise the prices to kind of make sure we're making the margins. And so it suddenly has to change. And I'm sure we'll do. I'm sure we'll do. I mean, if it, because it's such a big problem, it has to change. But I guess the police can't keep up, even if you had CCTV and like, yeah, we have all of that, yeah. Still. Well, I hope that they will change sooner rather than later because they will have a big impact on Christmas. And if it has a big impact on Christmas, it will put prices up even more like you said last year. Yeah. Yeah. Well, let's hope there's a lot of it, a lot of it being talked about the press right now. So we can only hope that something is going to happen. Yeah. Absolutely. I, I mean, it has to happen. Something has to happen. Yes. People connect with you. So like with your application form, how can they find out how to apply, for example? So you do on our website, there's a lot of London.com, go and contact us. There's an email. And if you email about email and, and they will give you an application form. Amazing. Yes. And otherwise, how can people connect with you guys and, and find you if they don't know about you yet? Buyers. Sorry. I'm sorry. Maybe like just people that want to check out what you do. I guess social media, maybe social media. Yes. Because so some of that will get fed back to me, but probably the best thing is the email to be honest. Oh, yeah. Yeah. No brands will email, but I guess if they want to just browse as a customer. Oh, browse. Yes. So for you guys are websites, but yeah, social media is fantastic for that. Yeah. And well, thank you so much for coming on a podcast. I'm very happy to have you here. And it's nice to see you grow so much and supporting both small brands and, you know, other UK suppliers, because for the industry, it's amazing that you're playing all these stores, especially when the economy is like it is. So it's really inspiring to see. So thank you very much. Oh, thank you for listening to me. Thank you. And it's been fantastic. And thank you everyone who is listening. I hope that you have enjoyed this season of Let's Talk Shop. This is actually going to be the last episode of the season. And I guess subscribe to my new status so you can have a be notified when the next season starts. And I hope that you have a really good Christmas season and that you make all the sales. Thank you so much for listening.