Tai Lopez is known around the internet as this fake internet guru with some of the most iconic catchphrases. Recently however he has been making some big business moves and is steering away from being an internet guru. In this video we are going to look at what Tai Lopez has been up to and why it might surprise you.
Tai Lopez is leaving his garage and has been buying up known brands through his firm called Retail Ecommerce Ventures or REV for short. He started REV with Alex Mehr who is a former NASA Scientist and co-founded the dating app Zoosk which he sold for 298 million dollars. This is such a weird combo of a former NASA Scientist and an internet guru but hey I guess it’s working.
The strategy behind this is that people are more likely to buy things from brands that they know because they already have trust in that brand. If some random brand is trying to sell you the future you might not be willing to put your credit card information in and hope it gets delivered. If Pier1 is trying to sell you the future you are more willing to buy because you already know the brand and have more trust in them that you will actually receive a quality product especially if you shopped there in the past. Wayfair is a fully online future and home goods store similar to pier 1 and they are currently almost valued at 30 billion dollars. At its height Pier1 had over 13 hundred stores and was bringing in 1.9 billion dollars in revenue.
I think the strategy of just buying the digital assets of an already established brand is a great idea. Many other private equity firms want to buy up all the brands assets including their physical locations because they think they can run the stores better. This is often a mistake because the stores aren’t making money for a reason. People aren’t going into retail stores anymore. There are a select few big names that people shop at like target and Walmart. These stores have everything, so a specialty store like Modell’s that only sells sporting goods is going to have trouble competing with Target and Walmart in physical locations. But online, people want to see brands they recognize and you can even sell items through amazon and Walmart’s online stores. So now you are only competing with brands that have not been established yet. Tai Lopez went from an internet meme to actually leaving his garage and is executing on a solid investment strategy and I have to give him credit for that.
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