Store owners Eric Mayer (left) and Taylor Diamond, who manage both the Waterford and Mystic Ice Import stores. Another is en route to the U.S. Virgin Islands.
Local entrepreneurs are expanding from the Connecticut coast to the Caribbean, where retail has benefited from the COVID economic contraction.
The business founded by Eric Meyer 20 years ago consists of two retail outlets with a very rare and eclectic inventory, located in Waterford’s Crystal Mall and Mystic’s Olde Mistick Village. A third location is in the final stages of planning for the US Virgin Islands. This success is attributed not only to Meyer’s entrepreneurial spirit, but also, as strange as it may sound, to the pandemic that has caused so much disruption to so many businesses.
In the months leading up to the outbreak of COVID-19 in early 2020, Meyer’s business, long established by loyal customers, was unable to generate enough positive cash flow to maintain inventory. I was having a hard time. Then outside events intervened and with a lot of work and the strong support of his family he was able to get his business back on track. Today it thrives.
The first of these events was connecting with SCORE (Service Corps of Retired Executives) through free workshops. SCORE is a national non-profit organization and resource partner of the US Small Business Administration that provides free, confidential advice to small business owners. His mentor at his SCORE helped him implement a financial management and reporting system and strengthened his understanding of business finances.
A second source of funding was a low-interest, long-term federal loan received to help us survive COVID-19. The pandemic also forced the state to enforce a two-month shutdown. This gave him the breathing space he needed to regroup and use government loans to build his inventory. As a result, he was ready to welcome customers after the shutdown with inventory and take advantage of pent-up demand.
Meyer’s business is booming now, and he’s secured retail space in Charlotte Amalie, the capital of the US Virgin Islands, for his third store.
“I could throw a baseball into the ocean from the front door of the store,” says Meyer. “We are located right where the tourist influx is. It’s a retailer’s dream.
“My talent is recognizing ‘cool’ products,” says Meyer.
Products offered in his two existing stores include gemstones and gemstone jewelry. Swords, daggers, armor. Incense and censer, statues and ornaments, metaphysical items. (https://iceimports.com/)
In addition to his SCORE mentors, Meyer credits many others, including store manager Taylor Diamond. She managed both stores during her 13 years and has played a key role in his success. His family, especially his wife, has been an important support.
“If I had to describe myself in one word, it would be gratitude,” says Meyer. “I am grateful for the opportunities I have had and the people who have helped me take advantage of them.”
Hugh M. Ryan is a Certified Mentor for the Southeastern Connecticut chapter of SCORE. He can be reached at hugh.ryan@scorevolunteer.org.
Commentaires
Enregistrer un commentaire