The humble belt seems an unlikely item to base an entire retailing business upon. But Justin Rhodes’ London-based store has so successfully exploited a previously untapped demand that he was named Retailer of the Year at the recent Startups Awards.
With high fashion focusing on everything from jackets to dresses, it’s unsurprising that retailers have often overlooked belts. Rhodes, a self-confessed belt addict, saw an opportunity to transform the image of belts from staple accessory to luxury item.
“I love belts but I could never find any that were interesting,” he explains. “I was thinking of business ideas and looked at what the competition was doing. It became apparent that belts had become the forgotten item in retail.
“Everything else had been done to death, but the belt was the poor man, it fell into the department of necessity, like socks.
“No retailer wanted to do it because they can’t spend time and space on it, it’s not their core competency. You can buy a £1,000 suit and they can’t give you a nice belt.”
Rhodes believed that he could meet an existing demand for high quality belts, while creating an expanding market for himself by promoting the idea that people can own more than one, usually black, belt.
While working in France, Rhodes decided to take the plunge and set up his own belt store, Elliot Rhodes, after talking through the idea with friends and family on and off for three years.
“I always wanted to do retail and feel comfortable with the product, not fighting over five and ten pence pieces like I was doing at the time,” he says. “I talked to people to see what the feedback was like.”
Two friends, who worked in factoring and finance respectively, were impressed by the idea enough to pledge startup funds towards the business, with Rhodes’ uncle also persuaded to provide finance.
By October 2003, £145,000 was in place to start up the store, although extra costs and unforeseen problems saw investment eventually rise to £215,000.
Rhodes then began a meticulous search for a manufacturer that could provide the high quality leather he needed for his belts. In a departure from traditional belts, he developed a system whereby straps and buckles are interchangeable, so that customers could mix and match designs.
“It means you can have a simple belt during the day and flashy at night,” he says. “Belts with clips aren’t new, they’ve been around for years. What I did was design a system where you change the buckles and shorten the belts.
“This allows us to custom-size for people, which helps us out in the amount of stock we need. I designed it on paper, took belts apart to conceptionalise it, and eventually realised I had it.”
During a three-day leather fair in Italy, he was recommended several suppliers, while an internet search and further networking pointed towards a small town in Spain that relies heavily on the leather industry.
The local Chamber of Commerce in Spain recommended a manufacturer that was able to produce the belts he needed. Rhodes admits that the factory initially found it hard as they had to produce products on a smaller scale than normal but after teething problems, they now provide Elliot Rhodes with the high quality leather belts he requires.
Rhodes estimated that he needed a range of 140 different belts, a number that has now swelled to around 300 styles due to seasonal ranges and new concepts.
Prices range from £40 to £80 for a strap, with buckles starting at £10. Again having to make an estimation, Rhodes admits to being surprised as to how much money customers are prepared to pay for a luxury belt.
“I was very scared about having things too expensive, but you soon realise that there are people who will spend £200 on a buckle if it’s unique and interesting,” he insists. “You realise you can price it at what the market can bear.”
One of Rhodes’ most notable achievements is the impressive location of his business. Not many start-up businesses manage to locate themselves in London’s Covent Garden area, a stone’s throw from the tube station that belches out thousands of tourists, office workers and shoppers on a daily basis.
“I had a visual concept of how the store would be, I knew that the belt had to be the focus of the store, more like a gallery than a shop,” explains Rhodes, as we sit in his impressive boutique-style premises.
“I wanted to be in the King’s Road or off Bond Street, but it became apparent that wouldn’t be affordable. I just kept looking and it was frustrating because it was hard to find a property that would take us.
“We put an offer in for somewhere, but they dithered around and it fell through. Then this place came up – it was a good size and a reasonable price and they didn’t want a premium, whereas everyone was asking for a £30,000 or £40,000 premium. Why would you want to throw that money down the drain before you’ve even started?”
