Written by Amelie Mills | Friday, 23 March 2012 10:52 Last Updated on Wednesday, 28 March 2012 08:19 by Amelie Mills
WINNER OF BEST START-UP IDEA
myCube is a retail leasing franchise that describes itself as a “retail revolution”. According to founder Stanley Hsu, it is the first retail business of its kind in Australia.
In essence, myCube is a retail store inside a premium shopping centre, containing a multitude of “cubes” displaying a vast range of innovative and fun products.
“All these cubes are mini shop fronts for entrepreneurs who rent cube space under contract as a platform to start their first retail business within premium retail real estate,” Hsu says.
“myCube has the makings of a low-cost setup, very simple retail operation, ideal for the owner-operator. It also appeals to investors seeking to develop their myCube business at a multiple store level.”
In addition to helping aspiring entrepreneurs realise their “retail dream”, Hsu says myCube offers consumers a brand-new shopping experience.
“myCube will position itself as the leading platform in the market of miniature retail by achieving rapid, structured and effective growth through a well-devised franchising and expansion plan in major locations,” he says.
“There will be many more competitors who will try and mimic our business model. We, however, have the full confidence that we will be leading this newly bred industry.”
“What differentiates myCube from all the other franchises out there is that we are here to create entrepreneurs while bringing a whole new dynamic to the Australian retail industry.”
“Our mission is to provide help and give assistance to people who are willing to enter the retail industry by reducing their cost and risk.”
Hsu says there were many challenging aspects of starting up the business, including “starting from zero” with no successful example to follow, and struggling to simplify compliance matters.
“The best part of starting your own business is to build the concept, idea and the shop from zero, and then share the growth – and make a contribution back to society – when the whole concept and shop are built up completely,” he says.