IF popcorn sales dictate the true popularity of movies at the cinema, or the amount of roses moved on Valentine's Day indicates how much love there is in the world, then the number of new tailor-made business suits worn by those walking the streets of Per
IF popcorn sales dictate the true popularity of movies at the cinema, or the amount of roses moved on Valentine's Day indicates how much love there is in the world, then the number of new tailor-made business suits worn by those walking the streets of Perth may be used as a barometer for business confidence.
Joseph Anthony opened its doors in London Court a few months ago and the early sales figures were very encouraging, despite co-owner Anthony Rierdon anticipating significant losses for the first quarter of operations.
"We budgeted for a loss but after only four weeks we were turning a profit, which was very encouraging, since the world's financial markets, including Australia's, were in turmoil," Mr Rierdon told WA Business News.
"Providing top quality, hand-tailored apparel for Perth's business community was a definite winner, looking back to when we first thought of opening the shop about a year ago.
"But by the time we opened our doors, the local market was starting to cool off and we didn't know how we would hold up."
The small business, which currently employs only three people, thrived in the volatile environment and even has plans to expand in the near future, concurring with the positive diagnosis from other high-end apparel suppliers about the state of business in WA.
Follow Me Menswear owner Matthew Baker believes he and his fellow retailers are in the perfect position to comment on how the business environment in WA is travelling.
"I've always thought we're a barometer for the economy; when things are going well we're firing and when things cool off we tend to feel it straight away," Mr Baker said.
"There are some sectors out there doing extremely well, but if you start taking out all the stockbrokers, I mean it has been a while since a stockbroker came in a bought like he usually would.
"But at the moment we're tracking ok, but that's because some sectors are doing ok, like insolvency lawyers; I think they're getting a pretty good run."
Despite these positive sentiments, operating a top-tier menswear business can still be a challenging proposition, as illustrated by the eastern states upmarket suit retail chain, Herringbone, which went into voluntary administration last week.
But Vic Tana, the owner of Australia's oldest gentlemen outfitters based in Perth, Parker & Co, puts Herringbone's failure down to an overly ambitious expansion strategy.
"The easiest thing is opening stores, the hardest thing is trying to make them run and make a profit out of it," Mr Tana said.
And he's more than confident about the continuing prospects for his own business.
"We've been around with the Depression, recessions and everything else that's been thrown at us; we still managed to survive so I think we'll survive this one as well - I hope," he said.
"I call retail like fishing.
"You can throw the hook in there and nothing happens and then sometimes everyone's biting - it's either feast or a famine."
