Paul Byrne's Retrorumage is a vintage furniture company specialising in quality, affordable mid-20th century design. Much of the furniture is sourced in Britain and Europe for a loyal clientele accessed via Byrne's mailing list and through vintage fairs and markets.
What's sets your business apart from the competition?
My unique selling point is a free call-out service in the greater Dublin area. I bring larger furniture items to a client's home, allowing them to view them in their own space before purchasing. It's a popular service.
I like to be hands-on when sourcing pieces. It helps me keep my finger on emerging trends. There is a great excitement negotiating with some of the best vintage dealers in Europe and the buzz of unearthing a Danish classic or Eames chair is fantastic.
What was the best piece of business advice you've ever received?
Know your product. If you know your product, it's easier to identify with it, to sell it and to understand your clients' needs.
What's the biggest mistake you've made in business?
After spending many years in a corporate environment, I felt that entering the world of interiors and vintage furniture would offer a more holistic approach to business. My naivety was in thinking that I would be swimming with dolphins when there were many sharks in the water.
The majority of my peers in this business apply good ethics to their day-to-day dealings. Unfortunately there are some horse traders hiding in the long grass and they spotted my greenness in the early days. I really do believe, though, that the knock-backs have taught me how to run a better business.
And your major success to date?
I collaborated on the Green Room in Whelan's in Dublin. My other projects include Mrs Robinson's bar and kitchen in Greystones and Number 37 Dawson Street in Dublin. The commercial side of the business has helped build brand recognition for Retrorumage.
Who do you most admire in business and why?
Kim Winser – one of the most influential women in retailing you've never heard of. My first senior management role was as distribution manager for a golf equipment manufacturer. The company's distribution infrastructure was in the dark ages and a challenge for me to turn around.
I saw Kim in a BBC documentary about her role in re-branding clothing brand Pringle in Scotland. Her hands-on, glass overflowing attitude was infectious. I emailed her after the programme to ask if she had any tips and, to my surprise, she sent me correspondence with words of wisdom which have guided me throughout my career. Kim went on to become chairwoman of Agent Provocateur and now runs her own clothing business.
Based on your experience in the downturn, are the banks in Ireland open for business to SMEs?
I pride myself on the fact that I have never had to borrow for Retrorumage because I used some of my redundancy money to set up the business. If I expand to a retail space this year, I may have to approach the bank, so it remains to be seen.
What one piece of advice would you give to the Government to help stimulate the economy?
I try not to be negative about the present Government because they inherited a basket case of an economy and are slowly trying to turn things around. My advice would be for us to build our economy from the inside out and support local business.
What's been the biggest challenge you have had to face?
Replenishing stock. Much of it is sourced through the UK where the vintage furniture scene is thriving and prices are on the up. I have to allow for an unfavourable exchange rate which adds 20 per cent to my trade prices. Coming back to resell items in a deflated economy then is difficult.
How do you see the short-term future for your business?
I think the vintage market scene will reach its peak over the next year and as the economy improves, businesses will revert back to retail. My goal is to establish a small, non-traditional retail space just outside Dublin and I would also like to attract some more commercial business.
What's your business worth and would you sell it?
Somebody else could replicate the basics of my business but my knowledge and infrastructure are intrinsic to Retrorumage and it would be difficult to sell it on without me. Coming from a logistics background I keep my storage small, stay on my toes and turn stock over quickly. I think others would find it difficult to manage that.
In conversation with Ruth O'Connor.
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