As a visiting Chinese MBA student in New York City, and the Purser (treasurer) of GAM, I recently shared valuable business acumen, outside the classroom, by simply strolling down a typical Big Apple street fair. Let me share with you a business model that is both retail and fun: street fairs.
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Street fairs often open on weekends between the months of April to December. In the summer, the vendors usually open shop at 8am and finish the day at 6:30pm. During the winter, they open at 10am and close at 5pm due to the weather changes and conditions. There are many types of products sold at the street fair, and many businesses rely on the crowds of customers that visit during the busier weekends. Examples of the types of goods that are sold at street fairs are wine bottle covers, wine stoppers, jewelry boxes, bags, watches, clothing, hats, etc. There are all types of food trucks found in street fairs and customers can shop while they enjoy local cuisines from different regions of the world. One country leads the street. Many of the goods are made in China and the salesmen themselves are also from China, a country known for its great productivity and manufacturing power.
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Street fairs are often located in areas that allow ample amount of spaces for businesses to set up their displays and accommodate all the people that pass through, such as the big avenues or open squares in the city. The local officials usually block off the streets, allowing limited access to automobiles so they will not be interfering with the operations of these vendors. Tourists are usually the best types of customers to attract to street fairs because they can find products that are unique and can bring back with them as souvenirs. Street fairs can also impress upon tourists an image of New York that tells a motley story of cultural diversity. As prices are affordable and negotiable, street fairs are the most ideal place to shop for something that is different and memorable.
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Although they are small, street fairs are very famous in New York, attracting people from all walks of life. In a way, street fairs are a retail melting pot of their own. A brief stroll impresses upon you that street fairs are produced by great minds, like us, with a knack for unusual and fun business opportunities. Join us next time GAM goes on a stroll "for business sense."
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| Check out our earlier GLOG: Made In China |
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Although they are small, street fairs are very famous in New York, attracting people from all walks of life. In a way, street fairs are a retail melting pot of their own. A brief stroll impresses upon you that street fairs are produced by great minds, like us, with a knack for unusual and fun business opportunities. Join us next time GAM goes on a stroll "for business sense."
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Cathy Wei
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