click image to zoom How does the professional beauty industry define success? When it comes to business acumen, sustained business growth, and managerial leadership, it’s spelled S-A-L-O-N-T-O-D-A-Y-2-0-0.
While there are many industry competitions that reward artistry and technical talent, the SALON TODAY 200 (ST200) is the first and only one that maintains a singular celebratory focus on salon and spa business. When we launched the program 17 years ago, we had multiple goals. We wanted to celebrate, recognize and honor the accomplishments of the salon and spa owner. We wanted to create a forum where owners could share best business practices with one another. And, we wanted to begin collecting the important data that both painted an accurate landscape of the salon business environment, but established important benchmarking goals against which owners across the country could measure themselves.
Today, the SALON TODAY 200 remains all those things, but it’s evolving into much more. While the phrase ‘SALON TODAY 200’ has become a badge of honor, its members are forging into a community of business-minded owners who recognize, support and share with one another. And, together they’re defining what success in the professional beauty industry truly looks like.
THE ST200 Landscape
This year, the number of applications continued to be high, a positive reflection on the recovery of the economy. The South and the Midwest regions accounted for the highest number of applications, with seven states capturing the most applications: Florida (9%), Texas (7%), California (6%), Ohio (6%), Colorado (5%) Massachusetts (5%) and Illinois (5%).
Since the inception of the SALON TODAY 200, the honored salons have shown a pattern of growth year after year, but the rate of that growth definitely reflected the ups and downs of a turbulent economy. For example in 2010, the competition still showed the pre-recession robustness of 21% growth from 2007 to 2008. But the following year, showed the impact of the recession, as growth rates shrunk to an average of 10%. Since then, we’ve been on a slow and steady climb back upward, and this year post an average growth rate of 19 percent.
This year’s class posts average gross sales of $1.823 million for 2012.
The ST200 Salon Profile
For a mental picture of success in 2014, we can create a composite profile of a ST200 salon by showcasing the averages of the entire group of honorees.