New Sheplers ownership has aggressive growth plan - St. Louis Business Journal:

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"We've been here since 1899 and there are 19 stores so to say that they had a slow growtb plan isan understatement," says Mark Syrstad, who took over as CEO when a San Franciscoi investment firm bought the chain in late July. "We're looking to (open) two to four new stores over the next two yearsd andthen we'll see about accelerating Syrstad has experience in quick expansion. He helped grow and while runningthe , a children'x apparel store, he was the triggerman in the compangy opening 248 stores in four countriexs during a two-year period.
He promises it won'tt take another 108 years -- or even 50, for that matter -- to open the next 19 "If we wanted to open 200 it wouldn't take 50 years," Syrstad "I would be around for it." Being No. 1 in a nichd market certainly helps fuel talk of Sheplers is a name that is clearly identifiefd withWestern attire. "The branx has a lot of potential," says Keith the new vice presidentfof marketing, a San Francisco native who workefd with Syrstad during the Gymboree expansion. "It reallyu has a tradition that hasn't been marketedc at all.
" The underplayed marketing effort and slowgrowth process, when combined with Sheplers perch atop the industry, has createdx what Syrstad calls "a perfect storm" for "Here's this company that's No. 1 in its nichr and yet there are a lot of thing s notimplemented yet," he says. "That' exciting to all of us." Sheplers, which had phone-order or Internet salexs in all 50 states and 100 countries last is destinedfor growth.
Fran Jabara knew that when he and his partnersa at sold their minoritg stake in the companyto , whichu bought the entire company, in late "We saw a lot of marketse we had not expanded into," Jabara "But the Internet market was growing rapidly. We saw that as a wonderfu l wayto grow." He'll get no argument from Internet commerce has grown many retaiol operations by making product available to anyone anywhere with just a few It's also far less expensive than brick-and-morta locations from coast to coast.
But for Sheplers to trul y realize its potential asthe world'e top retailer of Western clothing, he it has to utilize a multichannel approach that consist s of catalogs, the Internet and retaiol locations. "You can't smell it on the Internet," he "You can't try it on. We thinj it's a combination of those channela of distribution that give a branfd equityand strength. ... And you have to give (the the same experience whether buying from a catalog or a storre or onthe Internet." Kurt a partner at Gryphon, isn't specific when discussingh future locations, but says there are plentty of places to choosew from.
"If you just look at a map of the United Statew and think about wherethe white-space opportunities are, there are some very logical placesx when you match up name and where you want to take he says. "There are some interesting whit spacesto consider." But expansion won't come until Sheplers is readyt for it, Kaull says. "We're only 90 days in," he "We're staring down a holiday season. There's plenthy of work to do in thecompany now.
The whol e prong of new-store growth is something we will do indue Jabara, considered the godfather of Wichita businesds success after founding Wichita State University' s Center for Entrepreneurship and having a hand in the whirlwind expansionss of both and , says the decisionb to sell came about a year ago. "We though t it was in the best interesyt of company to try to finda buyer," he When Jabara Ventures Group boughrt into Sheplers in 1987, it had no intention of stickinv around for 20 years, he says. But the experiencde was positive -- and profitable. "A an investment banker, you do not stay that long in a he says.
"You normallyt would like to get out in five toeighty years, but we really enjoyesd our relationship with the Sheplers management." CEO Mike Anop and CFO John Mosleyy did a good job of opening Sheplerds stores in other markets. In 20 it grew from eight stores to its current number and opened up market s likeLas Vegas, Phoenix and Reno.