Investors are putting some $5 million behind Fourpost, a startup that could transform the traditional brick-and-mortar model by offering small retailers and entrepreneurs a place to do business free from the heavy costs of the typical store infrastructure.
By providing small enterprises access to prime real estate in this new way, Fourpost may be helping to democratize the traditional department-store experience, as well as injecting fresh energy into physical retail — starting with malls and extending eventually to freestanding locations, suggests Mark Ghermezian, founder and CEO of the venture.
The first two Fourpost store sites are to open Nov. 1, one each at the two largest malls in North America: Mall of America, in Edina, Minn.; and West Edmonton Mall, in Alberta, Canada. Mark Ghermezian's family helped develop both malls.
"Today brands are demanding better options for brick-and-mortar," Ghermezian said. "The industry has not kept pace with modern retail. We built Fourpost to completely 're-architect' the process by building a community and breathing fresh air into what has been a stale industry between landlords and brands for hundreds of years."
Fourpost will feature these in-line cubes, which member enterprises can customize
Ghermezian says Fourpost helps lower barriers to entry for entrepreneurs by making it possible to open a brick-and-mortar storefront without the usual hurdles: long-term leases, high rents, capital expenditures, operational logistics challenges and the like.
The Fourpost Studio Shops model represents a creative alternative that offers young retail brands choices for their business spaces beyond the standard cube shape — such as triangles and rectangles. Each Studio Shop space includes fixtures, signage, lighting, point-of-sale hardware and Wi-Fi, as well as access to such amenities as event space.
“Fourpost member businesses join a community of creators and entrepreneurs like themselves, connecting to other brands within a shared space and across various locations. ”
The Fourpost dashboard gives members access to such business resources as billing and account management; training; and event bookings and calendars. Members can navigate data and access analytics to help them build their businesses. They also network and share information.
Fourpost member businesses join a community of creators and entrepreneurs like themselves, the company says, by connecting to other brands within a shared space and across various locations.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
