Retail Success Story: Alligator Purse

The Alligator Purse in Hyde Park is a high-end women's wear boutique with five years of success. The three relatives who started the business with no previous retail experience did three smart things: they chose a high-end niche, found a good location, and were patient. They make quarterly buying trips to New York and Los Angeles to find exclusive goods and they limit the inventory to select sizes.

The owners no longer staff the store -- which might be another advantage. It's hard to work "on the business" when you're spending all your time working "in the business".