Gavin Jacobs didn't stray far from his W.P. Carey School of Business classrooms when he launched his business in the Memorial Union after graduating in 2005.
Three years later, Jacobs is less one business partner and recovering from a fire in the MU.
Nevertheless, he is still finding a way to stay competitive and is remaining excited for what looks to be a rewarding year for his store, Insight Menswear.
Jacobs developed his business plan during his last semester at ASU in a small-business entrepreneurship class.
The store is targeted toward students with the typical low budgets. It offers designer menswear like Ralph Lauren, Calvin Klein, IZOD, Michael Kors and Sean John, as well as private-label ensembles, tuxedos and other formal clothing, all at discount prices. "I know that I offer the best prices for my products around," Jacobs says. "My prices are basically unbeatable."
Despite the promising start for his new store, Jacobs has encountered more than his fair share of challenges. On Nov. 1, the MU fire damaged most of the store's merchandise and kept the store out of business until Jan. 7.
On top of this, Jacobs was left to run the store on his own after his former classmate and partner left for personal reasons. After missing out on major sales opportunities during the December graduation season, Jacobs was forced to start over from scratch.
In spite of the big losses he and his store have faced in the past few months, the difficult business world does not seem to be holding the young entrepreneur back.
Jacobs says things are looking good for Insight Menswear. Sales are increasing and he cites word of mouth as a huge factor in the shop's success. Jacobs continues to tread ahead with his eyes set on his final goal: an Insight Menswear store on 50 university campuses nationwide.
This semester, Insight Menswear has found a way to bounce back from those major setbacks while developing more of a competitive edge and making plans for growth. Jacobs is working on expanding his store by adding more casual lines such as Ben Sherman and Lacoste, while remaining faithful to its dressier image.
Hearing positive feedback from customers is what fuels Jacobs' success.
"The best part of the job is the customer that continues to come back because he likes the store, quality and value so much," Jacobs says.
He says students want to look good, but fashion can come at a high price.
"At Insight Menswear, we cater to the student with a budget," he says. "I'm developing a store concept that will help students save money and look good so they can have a positive start to their career. That's a good feeling."
