(Editor’s note: This is the third in a series of articles about members of the 2024 Laine Business Accelerator cohort).
If what one person doesn’t want or needs is another person’s treasure, call Dylan Spencer and his brother Adam true treasure hunters.
The brothers are owners of Solemates Sneakers and Vintage, a collectibles company that operates both online and in a storefront at 98 W. Main St. in Allegany.
The business started by collecting and reselling sneakers and expanded to include other vintage collections such as sportswear.
“My brother and I started collecting sneakers in high school,” Spencer said. “Over time, it expanded to seeing what the big stars were wearing online. My dad loves shoes, so it worked out well. I was at an impressionable age, so I wanted to see what the big stars were wearing.” I always checked the shoes he was wearing.
“So, we’ve been buying and selling collectibles for the past three years and just opened our retail store in February.
“We are in the buy and sell business and are similar to a pawn shop in the sense that people can sell their shoes or clothing (if applicable in stock) or exchange it for something that is currently in the store.”
Spencer said there will always be a resale market for sneakers, but to take advantage of it you need to know what you’re looking for.
“For a long time, wholesale shoe margins were too small to make a profit,” he says. “But we have been profitable in each of the three years since we started.”
Spencer said owning vintage or collectible clothing is a great complement to both the online and retail markets. “In fact, our online and retail businesses dovetail well,” he said.
“Many people have supplies in their closets that they no longer wear and that look attractive to others on the resale market.”
What are the best selling Solemates athletic shoes? “Nike Dunk and Adidas Yeezy Slide,” he said. “They are popular because they are quite expensive at retail but more reasonable in the aftermarket.
“I think of it like buying a used car in good condition,” he continued. “You get comparable shoe value without paying list price. Instead of paying $150 to $400 for new shoes, you pay $50 to $200. It’s a good deal for me.”
In Snyder’s words, the business sells “luxury sneakers like Nike Jordans, Adidas Yeezys, New Balance, and Asics, as well as Buffalo Bills and other sports apparel, Carhartt jackets and pants, and vintage clothing like 1990s Nike. We also sell old concert t-shirts, Disney t-shirts and crew necks, jerseys and snapback hats. ”
Spencer said Solemates sells on internet platforms such as eBay. “We will be able to reach a more diverse customer base with that platform and similar platforms,” he said. Additionally, Spencer said social media is critical to the company’s marketing efforts.
“Especially when it comes to online sales,” he said. “People get a glimpse of what we have available, and that’s what makes our site attractive,” he said. “Social media platforms also impact store traffic.”
Solemates’ presence at the Laine Business Accelerator is critical to the growth of the business, he said.
“First and foremost, we want to work with people like us, owners who are going through similar struggles, and we want to share their victories with them,” he said. said. “We want to be encouraged, inspired and learn from our fellow peers.”
Dylan graduated from St. Bonaventure University, while his younger brother is still an undergraduate there.
“The message I would like to convey as a result of our experiences is that, like all Bonaventure students today, we have been there before, and my brother I want them to know that they’re graduating from that, that they can choose their own path, that they can be happy, and that they can still have fun. It’s all possible and we are proof of it. ”
And what is trash to one person is treasure to another, proof that it is a business.
