With the help of NatWest Bank, we have been transforming a 2,500 square foot property located in the heart of Camden, London - 'the music capital of the world'.
Soon the Music Walk of Fame, which will be officially linked to Hollywood Walk of Fame Stars, will nearly be at Tower 47's doorstep beckoning those weekly visitors (100,000 ) to come into Tower 47.
The goal within the walls of this 2,500 sq feet is to create an environment providing unique Customer Experiences for visitors and local residents which translate into revenues. The Customer Experiences will comprise of exciting and fun technology, coffee science, workshops, retail, music rooms, and art galleries. Many of these proposed facets of Tower 47 have been brought to life over these past 6 months. This Customer Experience model vs traditional Stock and Display model has already gained interest which we hope will be shared with all high street shops via future short film documentaries.
Ideally, other high street shops will consider this model and together we can all give internet shoppers a reason to come back to the High Streets. In the case with Tower 47, the Customer Experience begins when you walk into Tower 47. Firstly, you find yourself immersed in the aroma of the leading boutique coffees roasted in London (Monmouth, Workshop, Volcano, Nude, Climpson & Sons and Caravan - and in the future, Tower 47's own roasted blend) brewed by using the most exciting methods such as Pour-over, Syphon, Aeropress and Espresso. All the amazing choices could be ground, sold, and/or prepared by the finest baristas London has to offer with Tower 47 packaging.
Walk a few more feet inside with the coffee or other hot beverage you couldn't resist buying and you could likely find yourself purchasing a pair of guitar strings or drum sticks on the mezzanine stage with its gorgeous display of high-spec musical instruments beckoning even those who have never played before. With this next purchase, you might find yourself using them when you rent one of the completely decked-out practice soundproof rooms endorsed by the industry leaders located on the level above the mezzanine. After a practice you might want visit the Tower 47's repair workshop where you can chat to one of the leading directors of London Hackspace about the bespoke guitar pedals being developed or about the technical aspects of just about nearly anything! How does that scenario compare to the traditional shopping experience on the internet?
Hopefully, when more and more retailers implement High Street Customer Experiences, internet shoppers will want to return to the high streets!
Substantial accomplishments to date
- Secured a lease on what we feel is one of the most sought after buildings in Camden.
- Received £80k from NatWest
- Made arrangements with Makerbot's Head of Global Distribution, RJ Wafer, to supply Tower 47 with Makerbot. Makerbot is now with Tower 47.
- Endorsements promised from the leading music brands; Pearl, Sabian & possibly Gretsch.
- Have nearly completed transformation of property and have launched parts of the business with success so far. Grand Opening to occur when build-out is complete and celebrity artists are available and are confirmed by our suppliers.
- Filmed entire process from the beginning which will be useful for when Tower 47 pitches the Customer Experience model (giving shoppers a reason to come back to the high streets) to the networks.
- Have secured an all-star team for every facet of the new business. Each member possess expertise in their areas of operation and knowledge in other areas of the business. Cross skill sets a must.
Tower 47 is located where the Walk of Fame will be located in the near future. The Roundhouse is a few doors down, the Camden Stables is across the street, the famous Barfly is 2 doors down. We plan to have coffee/food, music, art, repair workshops, secret gigs, practice lesson rooms and retail (retail not included as part of this fund raising) - all have synergies - all compliment each other and will create foot traffic for each department within Tower 47. This combined with a great team of managers, sales staff, apprentices and Matt and Syd’s background, focus, drive, energy and passion for this business, Tower 47 will be on its way to becoming something very special as well as profitable.
If Tower 47 captures just .05% of the weekly 350,000 passing trade, that would equate to 1,800 customers walking through the Tower 47 each week to browse and hopefully buy a cup of coffee.
With regard to the lessons, we have already booked several hours have already been requested/pre-booked from the relationships we've established with teachers, pupils and practicing musicians.
The second year in Camden is planned to see these lesson rooms fully booked as marketing efforts begin with offers to university students, additional teachers, additional practicing musicians and singers.
Use of proceeds
The funding requested will be applied to the following:
- £10,000 towards general advertising/marketing materials for customer memberships and merchandise such a Tower 47 Camden t-shirts, coffee bags, cups, sleeves and other souvenirs that assist in our branding efforts.
- £10,000 towards the completion of soundproofing, building a stage, lighting, seating, and other items to create a venue ready for renting - currently this 700 sq ft sits empty and idle
0% of the money raised will be contributed to any part of the musical instrument retail department as that is a separate business from all the other facets mentioned however it is expected to generate plenty of foot traffic for Tower 47.
Tourists, Musicians, Artists and everyday people like me. Tower 47 has enough of a few great things to capture the attention of the most average person to the most extraordinary person. Furthermore, there are plenty of people like myself who like to experience something different from the traditional stock and display environment or just a stand alone coffee shop. In both of these situations, within a few minutes I have exhausted the experience and need to move on. Whereas with Tower 47, there will be interesting things going in various rooms which will likely keep customers lounging/roaming about a little longer. With the Tower 47 model, it all begins at the front door for just about any type of person. The exciting new technology draws the customer's attention to the overall location. Upon inspection, food and drink become instantly apparent as well as the art and retail.
As for musicians being a target market, given that Camden is considered the Music Capital of World, there is a good chance that passer-bys will be musicians and/or groupies both of which will find Tower 47 useful as 'all things music' attract this type of customers. The lesson/practice rooms target a specific target market which are pro-musicians, students and teachers, making this a destination location for this target market. This type of customer will again create foot traffic for the coffee/food area. The art galleries combined with coffee and wifi are perfect for hundreds of thousands of tourists that Camden receive each weekend who are people like myself who are looking for a good cup of coffee in a good environment.
Characteristics of target market
With regard to Tower 47's market:
According to BBC, Camden is the Rock'nRoll capital of the world. According to miPRO, information based on Census information, within London, Camden is 1 of 3 boroughs with the highest concentration of musicians. That is an ideal demographic for a state-of-the-art music rooms that Tower 47 will provide. Currently Scar Studios in Camden provides music rooms for musicians, but the rooms and equipment are arguably nearly in ruins. Although it is in very poor shape, each room is booked solidly every day which translates into approximately £510,000 per year turnover.
With regard to coffee entertainment: we think if people are willing to queue at the neighbouring Costa, they will likely want to prebook to queue at Tower47 when they discover the coffee entertainment.
With regard to the 3D Printer: this will be facing the street for all passer-bys to see. Who wouldn't want to watch something being created from nothing happening right before their eyes?
Tower 47 will focus intensely on social networks by holding contests and creating events to drive traffic to Tower 47. Each day Tower47's street team will walk into surrounding businesses offering vouchers good for various samples during the first few months to learn and understand locals' interests and demands. With approx 350,000 tourists visiting each week through Camden where Tower 47 is located, hundreds of people will be passing Tower 47 every hour. Therefore creative signs will be built to capture their eye amongst all the other businesses.
Within walking distance from Camden is Primrose Hill which is where some of the Tower 47 team members reside. Those residents will make great customers as they tend to seek highend foods - the type that Tower 47 will be offering. Additionally, there are a number of recording studios in Primrose who cater to high profile musicians and bands such as Snow Patrol and Coldplay. And just another walk in another direction up Haverstock Hill is the enormous Air Studios which accommodates a never-ending list of artists.
Tower 47 will most certainly form synergies with and try to complement those businesses with their services wherever possible. It is common to have high-profile artists associated with workshops so ideally some of them will partake in Tower 47’s workshops in the future. These high profile studios and artists would feel confident in placing their trust with Tower 47 as members of Tower 47 have already begun to establish a reputation for accommodating these high profile artists.
Through working tirelessly, Tower 47 members developed relationships and provided services to high profile customers such as the Birmingham Symphony Orchestra, Hungary’s Szolnok Orchestra, Dame Evelyn Glennie and The Royal Academy of Music via Julian Wolstencroft.
Currently, there is one educational facility in Camden which is Scar Studios. Scar has been servicing Camden musicians for 17 years, but in recent years we think it has been neglected, with the rooms themselves starting to look dilapidated. However, each room is booked solidly every day. Tower 47 plans to have approximately 500 hours available each week.
In the unlikely event that Scar relocates the business nearby, it's viewed as a positive addition as competition contributes to an industry cluster within the music economies further solidifying Camden becoming an educational hub of London. Therefore, it’s a ‘win-win’ with either outcome. With regard to coffee entertainment, to date no one is doing anything like what Tower 47 will be doing. Therefore, for now, we think there is 0 threat. With regard to technology such as the 3D printers on display creating objects, again, no one to date is doing this in London. The first London 3D convention only took place in October 2012 , so most people aren't even aware of 3D printers.
So for a little while, Tower 47 will be unique on this front. As Tower 47's model is about creating Customer Experiences, Tower 47 will surely have new Customer Experiences to implement within no time at all making their environment again unique from their competitors.
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