How to View Opening a RELX Exclusive Store: A Few Thoughts

This article is adapted from the genuine thoughts of a RELX store owner.

Back in 2019, I was just observing the electronic cigarette market. At that time, it was a flourishing scene with many competitors. You invited celebrities for endorsements, and I called big names to support.

On November 1, a sweeping regulation came into effect. It felt a bit interesting. What does this regulation mean? You no longer have to confront the giants head-on. To put it simply: fighting an elephant is daunting; fighting an ant, well, that’s worth a try.

At the beginning of the year, affected by the pandemic, I spent a few months reflecting. By March, I made a decision, and in April, I started renovations and officially opened. From someone who knew nothing about electronic cigarette brands and prices to now having a few customers, this is my journey of opening a store.

I don’t know how you view RELX, but from what I know, it currently holds the highest market share in the domestic market.

Let’s talk about 'opening a store':

RELX exclusive stores are starting to feel a bit saturated within the brand. However, the overall electronic cigarette market is still a blue ocean. The future looks promising.

In first-tier cities, there’s only soup left. If you want to try, consider opening an authorized store. Friends in third and fourth-tier cities, if you don’t have a store in places like Changsha’s Wuyi Square, go ahead and open one. You can make some extra money, no problem.

If you think you can just open a store in a location with no absolute foot traffic and wait for business to come, that’s a bad idea. I advise you to think twice. The customer flow of a store consists of three major components: natural foot traffic, proactive promotion, and repeat customers. If you have absolute confidence in all three, go for it; money will come.

There’s also an interesting location to consider. It’s not a hot commercial area, but within a few kilometers, there are residential areas. You can find a storefront with lower rent and take your time to build it up, like Jiang Taigong fishing. Wait for other store owners to cultivate customers and pick up the leftovers. After all, this market is still in its infancy. Standing at the right place, even a pig can fly. The barriers to entry are genuinely low, and competitors haven’t set up barriers either. The overall environment is in a stage of wild development.

Finally, let’s briefly discuss the costs of opening a store: (rent + deposit + renovation + inventory + risk reserve). Rent and deposit vary by location, renovation costs about 20,000+, and inventory about 40,000+. The risk reserve is the capital to keep your store alive if you don’t make money. Labor costs are additional (after all, many are hands-on). Preparing around 100,000 should be enough to get started.

This is just my personal experience discussing the feasibility of opening a specialty store; specific development methods are not discussed.