New owner will be Rapt with boutique
Rapt is the go-to for gifts, home decor and women’s fashion with an impressive presence in Botany Town Centre’s renovated Garden Lane.
While the boutique store has traded successfully for many years, there has been a noticeable increase in sales since introducing women’s clothing and footwear to the previous range of gifts, home decor and fragrances.
Dawn Engelbrecht of Link Business Brokers has been engaged by the vendors to market this opportunity, offered to the market after 20 years.
“Customers love the atmosphere and shopping experience, and Rapt is complemented with excellent neighbouring retailers boosting foot traffic to their brick-and-mortar store,” Engelbrecht says.
The business was established in Botany Town Centre in 2001, originally known as Surprizes.
The current owners recognised the store’s potential and purchased it in 2007, rebranding to Rapt.
Rapt is located in the town centre’s newly renovated Garden Lane, which boasts an award-winning piece of architecture not seen in other malls.
In 2009 there was a strong trend toward businesses moving online, and the owners saw this as a great opportunity for Rapt.
“Having 13 years of online presence has put Rapt ahead of its competition in the boutique retail industry,” says Engelbrecht.
The online side of the business has produced exceptional results and considerable growth, and in 2020 Rapt extended its online reach with exposure through third-party websites.
“They have built a strong social media following on Facebook and Instagram as well as growing a large database of active, engaged customers,” Engelbrecht says.
Run smoothly under management with minimal owner input, Rapt operates cloud-based solutions that make information accessible from anywhere in the world.
“This creates an opportunity for investors to purchase a managed business and secure high returns with minimal effort,” says Engelbrecht.
With predicted growth, there are significant opportunities for a new owner to explore. Rapt is constantly approached by Westfield, Kiwi Property, AMP Capital and other landlords to open stores across Auckland, Christchurch, Tauranga, Nelson and Wellington.
“This shows a great opportunity for a new owner,” says Engelbrecht. “There are already great systems in place and expansion, even franchising, could be viable opportunities for an entrepreneurial owner.”
Having moved to the South Island in preparation for retirement, Rapt’s owners are ready to hand over the reins.
“This opportunity will appeal to a wide range of buyers. From owner-operators looking to be hands-on in this resplendent business, escaping the rat race, to investors and entrepreneurs, there’s opportunity here for anyone with the right skills and motivation,” says Engelbrecht. “With an excellent EBITDA this is priced very well at $795,000 plus stock.”