- Vivian Hoffman, who founded a boutique of women, has been careful because of tariff uncertainties.
- Hoffman said there are few US alternatives to the products she buys from Canada, Mexico and China.
- Hoffman aims to maintain low prices and adapt to market differences between tariff policy changes.
Vivian Hoffman founded the Whim Love Women’s Boutique Chain in 2017, which has five locations in New York and Connecticut. Most whim goods are a minority for below $ 100. Hoffman previously served as Director of Goods Resources in the 21st century and has been in the retail industry for nearly 50 years.
Its business is affected by President Donald Trump’s changing tariff policies for goods from Canada, Mexico and China – and possible revenge tariffs.
This interview has been edited for length and clarity.
With fees, we are simply extremely careful now. Hard is hard to know exactly what’s going on. I think it also depends on how other countries will react and then how we react again.
We are buying much less and we are very careful because we do not know how everything will affect not only the prices we are getting, but also the consumer attitudes and consumers who want to make purchases.
We really don’t know what our prices will be raising now, and I think we are very afraid of this. Every day, it looks like a new thing. Any day, it’s a new country, or it’s probably a different percentage, or it’s in these goods and not these goods, or it’s starting tomorrow and is not starting.
Do you have a story to share how your business is sailing tariff policy? Contact this reporter at nsheidlower@businsinsider.com.
Not many alternatives
A good percentage of sellers I buy from import from China, but I also buy a lot of denim. Many of the denim retailers produce in Mexico. We buy less from Canada, but we also deal with some sellers from Canada, too. We get some tights and coat from Canada.
There are no really good alternatives. Directly for me as a retailer, maybe I could go to buy from brands made only American, but in my market, there are not many of them. To be completely honest, what I know are much more expensive than the price point we are now. When we can buy from American retailers, we are doing it. But there are not many sweater companies made by America.
Our vendors are moving their products. I hear them moving throughout the country, whether South America, Portugal or Bangladesh. I have heard so many different places. But I know in Mexico, many people have made jeans there, so I don’t know if my vendors are planning to move. Maybe sellers are more directly affected in this second than retailers because we have a month or two until we take us directly to us.
We have to stand before that. Our mission is to try to keep our prices low. So the last thing I want to do is raise my prices, but we may need it. I’m sure we can have to move on to some of the price raises, but we will work as hard as we can try to get the best prices possible, so we don’t need to do much of it.
We are, of course, lowering the cost, like everyone else. We do not want it to touch any of our employees, so we are seeing where else we can reduce costs. But there are not many places. There is a little more than maybe in our software or hardware or our security, but not too much.
Survived through uncertainty
I have been through difficult business experiences. I worked for a chain that had a store in Ground Zero during September 11, and I maneuver through it, but that was very difficult. Then, I opened my third shop a week before my three stores were shut down for Covid, and I arrived through that.
I feel like I had to take it that week, day by day, and I feel that way with the fees now. I’m trying not to react too much. I am trying to be smart and try to pick up before him. The main thing for me is to try to stay agile so that I can change as things change and try to stay perhaps less dedicated than I am usually for goods.
Maybe when things seem to be a little set, it can change from where I want to buy, from which I want to buy. I have not yet seen much price raising, but this is because my retailers are starting production now, and it takes months to reach me.
The business is down
I think it’s very scary because business, in general, is terrible everywhere. I went to a restaurant last night, and the owner was telling me how empty the restaurant was. I think there is so much fear there.
I was in a big outfit show in Las Vegas about three weeks ago, and I was listening to many complaints from sellers that traffic was down. Many traders were not traveling because they were afraid to spend the money to go to the show because they do not know what will happen to tariffs and the economy.
I also heard of all retailers at the show that they were not writing many orders. They were writing much less than usual. People tell me that business is always terrible in January and February, but when retailers say business is terrible in January and February, they are comparing it to previous years.
Even in a bad economy, at least for me, I want to do with my store is just to cure the best choice possible. If I have no control over some of the prices, at least I have control over the choice.