Today's Economy and Your Store?

[BerryDiveCenterdotcom]

How's Business in today's economy? I own a couple other businesses as well as a scuba store and I can tell you that all 3 are down in this economy.
Is a dive store your primary income? If so how do you make a good living? I have 3 corporations and the scuba store seems to be the lowest grossing of all.

What are you doing in today's economy to help your store? We are giving personalized laser engraved luggage tags and gear tags away just for stopping in our store.

Nick

 

[bjf123]

We aren't really doing anything new. Our business for the first quarter this year is about even with the first quarter last year. The dive store is my wife's only income. I have a different job that provides most of our income and benefits, though that income is also down over 30% (construction related industry).

 

[cappyjon431]

We have not been hit by the downturn in the economy (yet), but I am not sure what the future bodes. Our area mainly caters to backpackers who are on a limited budget anyway. In addition to dive charters, we also offer full day snorkeling tours of the islands for $20 which I believe will be recession-proof.

Perhaps I am an optimist, but in some respects the current economy might be good for us. Our area (Bocas del Toro, Panama) is relatively cheap for hotels, restaurants, dive services. It is entirely possible that people might travel to our area for diving because it is significantly cheaper than other areas in the Caribbean. Costa Rica is only 20 miles away, but they charge almost double for dive trips/courses. I.m hoping that travellers might turn away from upscale locations (Hawaii, Aruba, Bonaire) and visit less expensive alternatives.

On a side note, yesterday two of my competitors asked me to meet with them to consider raising the cost of our OW course (we are $20-$30 cheaper). I explained to them that with the current state of the economy, I don't consider raising prices a financially sound decision.

 

[Mike Manthe]

Hi,
Q I/09 was one of our best quarters and the current month has a good chance to be our best month ever. Maybe it's just the storm before the calm or it's just that we are the only shop in the whole area east of Hamburg and north of Berlin offering equipment, training and activities for technical divers. Tec has become our cash cow

 

[bjf123]

I just closed the books for May over the weekend and it was one of the best months we've had since we bought the business on 9/1/07. I hope it continues!

 

[duncan1958]

Ok here are some numbers for you
April this year 87% down from previous April
May 78% down from last year
June up by 14% from June last year (this does not even make up for losses in April/may)
July down by 48% from last years July
my out goings are only marginally down.
Number of certs done in 2008 total 29 this is over a six month period as there is little call for diving in the area over winter period to make it viable to remain open (paying taxes etc)
This year to date have done the grand total of 7.
The cost of flights along with the weak sterling to the euro added to the price of car hire is the death of it for me.
Where am I mainland Spain.
Not for long.....
Anyone need/looking for manager??