BY MAUREEN WERTHER
Pinchot University defines entrepreneurship
as “the willingness to take risks and develop,
organize and manage a business venture in a
competitive global marketplace that is constantly
evolving … They are dreamers and most importantly
– doers.”
Business partners and sisters, Cathy Hamilton
and Gloria Griskowitz, are local personifications
of that entrepreneurial spirit.
At the forefront of the “foodie” revolution, they
took a leap from highly successful jobs in the
corporate world and opened the Putnam Street
Marketplace on Broadway in Saratoga Springs in
1995. They’ve never looked back.
Born and raised in Philadelphia as the children
of entrepreneurs–their father started a
construction business and their mother owned
a furniture store–Hamilton said that “growing
up within the context of a family owned business
is a specific mind set.”
Out of eight children in their family, three
of their brothers continue to run their father’s
construction firm and a fourth, a geologist, has
his own firm. Hamilton and Griskowitz see entrepreneurship
as something of a “family tradition.”
However, neither woman specifically planned
to pursue entrepreneurship initially. Griskowitz
had a successful career as national sales and merchandising
manager for Clairol, while Hamilton,
a self-confessed “science nerd,” steadily rose up
the ranks at General Electric to become general
manager for sales and marketing at GE Plastics
for 10 years prior to opening Putnam Market.
After years of pursuing – and achieving –
corporate success, Hamilton and Griskowitz
both felt it might be time to think about making
more time in their lives for things like family
and community.
Hamilton had been impressed with Saratoga
Springs and talked with her sister–who was
commuting into New York City from New Jersey
at the time–to consider relocating to Spa City.
Both women recall frequent trips into New York
City with their mom while growing up and visiting
shops like Dean & DeLuca. They saw the need
for a similar kind of store in downtown Saratoga
Springs and began creating their vision for the
Putnam Street Marketplace.
Opening in 1995 in an 11,000-square-foot
space on Putnam Street, devoted to gourmet
“whole foods” retail, the sisters were ahead of
their time.
“Initially, we didn’t make anything of our
own,” said Griskowitz. But as the store grew and
evolved, so did their vision.
By 2000, they made the move to Broadway,
shortening the business name to Putnam Market
and shifting steadily to the making and selling
of their own products. By 2013, they completely
revamped their business goal and dedicated the majority of space to their own products. Today,
said Hamilton, Putnam Market is really more of
a manufacturing business than a retail company.
Hamilton described the corporate mind-set
and the family owned business mind-set as being
distinctly different.
“In the corporate world, you feel like a captain
of industry. You’re connected to the business, but
in a specific role. And you are measured closely
by your accomplishments.” Whereas, in the world
of family owned business, the focus some days
is on “making sure the toilets flush,” she joked.
In addition to the daily operational challenges,
there are external challenges. With the “foodie”
culture present in the upstate region, Putnam
Market has competition that was non-existent
in 1995. Remaining current, innovative, and relevant
is critical to the sisters’ continued growth
and success.
Paying attention to details and being advanced
technologically is one key to their ongoing success.
Griskowitz excels at analyzing data and
tracking product performance. If it’s not selling,
they stop buying it or producing it. Each item
made in the store is scrupulously broken down
into measurable components.
Hamilton gives the example of making a sandwich. “Think if everyone here put a different
amount of meat on a sandwich. It may not initially
seem like a big deal, but over time, it could
mean a huge difference in profitability.”
They also have a loyal and well trained team,
something they said is a tangible component of
the store’s profitability. Built on a cornerstone
of collaboration and open communication, the
Putnam Market staff is invested in the success of
the business and takes ownership of their work.
Griskowitz credits the success of the team to
“lots of training, lots of oversight and a little bit
of nagging.”
And there’s risk-taking. Like true entrepreneurs,
Hamilton and Griskowitz aren’t afraid of
a challenge and are always trying new things.
“It keeps us relevant and has fueled our success,”
said Hamilton.
Their advice to women considering making
a move into the world of entrepreneurship is to
“cultivate leadership skills, whether it’s through
athletics or work experience. Also, learn how to
present yourself and manage your voice in a way
that gets people to go your way.”
And, Hamilton noted with a nod to Griskowitz,
“it helps to have a good team with complimentary
skills.”