Stress and uncertainty are feelings that most retail sourcing professionals are intimately familiar with. But when your business is focused on making customers feel comfortable and confident in their wardrobe, there’s no room for doubt. If you’ve ever looked into your closet and felt like you had nothing to wear (despite all the clothes hanging in front of you), then The Style Foundry knows your pain. The full-service wardrobe styling business was started by millennial retail entrepreneur Megan Moran after she spent time earlier in her career with some of the top names in retail, learning about the industry and taking note of the areas where it needed improvement.
“It started with an interest in styling, but I quickly learned that there was more to retail than the glitz and glamor that most people have in mind early on,” said Moran. “Once I gained some behind-the-scenes experience doing inventory for Nordstrom, merchandising for American Eagle and luxury authentication for PoshMark, I quickly saw the bigger picture: This is a business, and not everyone is cut out for it.”
Those early experiences gave Megan such a well-rounded background that she was able to take the best of everything she learned to create her dream company; a new and innovative business that’s different from the rest. “I can confidently say that without knowing how the backend works, and gaining insight into critical aspects of retail like how to buy, achieving what we set out to do with The Style Foundry wouldn’t be possible.”
While that experience has helped Megan master the day-to-day tasks that her business requires, she’s not immune to the occasional frustration. For a millennial who worked at a company that can be described as “eBay meets Instagram” in PoshMark, it’s no surprise that she wishes there were better digital, visual tools to replace manual processes. “Spreadsheets still play a big role, and even though things like accounting and inventory management have come a long way since I first started, it can still be very time consuming to track everything and ensure you’re making profit.”
With the mobile side of Megan’s business, having tools that can make the sourcing process run smoothly is important, as well. “Our mobile boutique allows us to bring stylist-approved looks at affordable prices to your driveway. We completely customize the boutique with outfits that match the style you’re looking for and offer our one-on-one styling expertise as you try on each season’s selection of clothes.” Megan has started to integrate digital solutions to help with vendor management, but she still thinks there is room for improvement in the retail industry.
Like any good entrepreneur, it’s Megan’s passion for what she believes in that keeps her excited and looking forward to the next challenge. “After all the work that goes on behind the scenes, seeing that customer’s eyes light up when you help them find something they love is the moment that always reminds me how grateful I am to do what I do.”
Read the first installment of our Millennial Retail Voices series.