Abby Price started New York home decor shop Abbode with $20,000 in 2021, and the business brought in $1.6 million three years later. She first got experience in the industry with a side hustle where she sold and hand-delivered $40 dried floral arrangements throughout NYC.
She shared her story with CNBC and what it took to scale a successful business in the city.
Personalization Leads To Differentiation
Price focused on personalizing orders early in Abbode's history, and that was a distinguishing factor that helped her stand out from trend chasers and copycats in the industry.
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"There's just so much sameness, so many trend cycles," she told CNBC. "No one's unique anymore because of the accessibility of everything. Everything is at our fingertips. I think what we're doing is so personal that it can always stand the test of time."
Her custom embroidery brand turns each purchase into an experience and makes them feel special compared to mass-produced, generic items. Most of her sales come in Q4 when people do holiday shopping.
Empty Storefronts From The Pandemic Created An Opportunity
Price only started her business in New York because of empty storefronts during the pandemic. Rents were much cheaper since landlords were desperate to get some business, and she ended up with bargain prices in the beginning.
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She got started with a six-month lease for a store on Mott Street in May 2021. She saved $10,000 and received $10,000 from family and friends to make the security deposit and cover rent payments.
"The only reason I was able to do it was because of COVID," Price told "NY City Lens" in 2022.
Scaling The Company
The business got off to a hot start and averaged $30,000 per month in sales over the next six months, but for Price, it was just getting started. She then took out $60,000 worth of loans to move into a larger space nearby. The business moved to Elizabeth Street in November 2021, and it has been there ever since.
The business continued to pick up at the tail end of 2021 and into early 2022, but monthly sales dropped from $65,000 to $45,000 as the post-COVID retail surge tapered off.
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She then hosted an embroidery pop-up event at Abbode in March 2023, and that was the game-changer.
"Everything changed when I bought an embroidery machine on a whim," she told LepelClub in 2024. "After trying it out during a slow period, embroidery took off, and a pop-up helped it gain traction.”
Abbode ended 2023 with $719,000 in sales, with more than half from embroidery orders. It became an embroidery-first business in 2024, and she rented nearby studio space for $5,000 per month to keep up with demand.
She continues to do events and partners with major brands. For instance, she partnered with L.L. Bean for a two-day event in 2024 that brought in $100,000. Abbode ended 2024 with $1.6 million in revenue and is aiming for $4 million in total sales this year.
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Image: Imagn
