Gordon Segal, co-founder of Crate & Barrel, describes the harsh winter slowdown following the opening of their first Chicago store.
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“And then February of 63, I remember, was probably one of the snowiest months in Chicago's history, and we had one day where we did eight dollars, and the whole month was only 2000 dollars.”
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More from Gordon Segal
AssertionNot checkable as stated
Segal offered half of Crate & Barrel for $10,000 before opening
“I spent six months running around to everyone I knew who had any wealth and offering them half the business for 10,000 dollars.”
Gordon SegalNov 18, 2019▶ 6:16Crate & Barrel: Gordon Segal (2017)
Insight
Segal: Youth and lack of wisdom are advantages in entrepreneurship
“The value of being very young is you have a lot of energy and passion and no wisdom. And so being that young was a great advantage”
Gordon SegalNov 18, 2019▶ 8:29Crate & Barrel: Gordon Segal (2017)
Insight
Segal: Direct European importing enables significantly lower retail pricing for unique goods
“Obviously, the motivation of going into business was to find beautiful things for other young people, but if we could buy things from Europe directly and just mark them up normally as if you bought them domestically, not take a big margin, but take a short mar…”
Gordon SegalFeb 20, 2017▶ 3:56Crate & Barrel: Gordon Segal
Disclosure
Gordon Segal failed to sell 50% of Crate & Barrel for $10,000
“And I spent six months running around to everyone I knew who had any wealth and offering them half the business for 10,000 dollars.
There was no such thing as venture capital in those days.
There was no such things as startups in those days.
Yeah.
And I litera…”
Gordon SegalFeb 20, 2017▶ 5:50Crate & Barrel: Gordon Segal
Insight
Segal: Youth and lack of wisdom are great advantages for entrepreneurs
“I mean, the value of being very young is you have a lot of energy and passion and no wisdom.
And so being that young was a great advantage, and we had no children.”
Gordon SegalFeb 20, 2017▶ 8:03Crate & Barrel: Gordon Segal
Insight
Crate & Barrel's core thesis: direct European sourcing with standard domestic markups
“Obviously, the motivation of going into business was to find beautiful things for other young people, but if we could buy things from Europe directly, and just mark them up normally as if you bought them domestically, not take a big margin, but take a short ma…”
Gordon SegalNov 18, 2019▶ 4:22Crate & Barrel: Gordon Segal (2017)
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