"Rick Pannell used to say that his store had everything for swimmers except water, but now he sells that, too. It's Highbridge Spring Water, but the labels on the plastic bottles say "Pannell Swim Shop."
Pannell's business has made quite a splash in the swimming world. In 1985, two years out of the University of Kentucky (where he was a member of the varsity swim team), Pannell started selling swimsuits and goggles from the trunk of his car. He called on coaches at area high schools and colleges and recreational swim clubs.
When his business outgrew his car, he moved it — to his apartment. Four years later, Pannell was earning enough to rent a tiny shop on the first floor of Hanover Towers Apartments.
Eventually he owned four shops. He sold three of them, in Nashville, Louisville and northern Kentucky, so that he could concentrate on national and local business from the Lexington store. Speedo, the top brand of swimwear and merchandise for swimmers, counts Pannell among its "preferred dealers," meaning he's among the top 10 or 15 Speedo dealers nationwide, Pannell said.
Pannell bought land and built his current 7,000-square-foot location south of Fayette Mall off Nicholasville Road in spring of 2004. While retail business has grown, the store accounts for only about 15 percent of his sales. The rest comes from team orders. "It's a lot easier to sell 100 of the same suit than to sell 100 different suits," Pannell explained.
Swimmers at the U.S. Naval Academy, Colgate University, Northwestern University and hundreds of other colleges and high schools buy what they need from Pannell. Orders vary, but each swimmer on a team will likely need goggles, swim cap, bag, warm-up suit, parka, baseball cap, towel and at least one each of three different types of swimsuits.
Practice suits, made with layers of mesh, create drag against the water and make the swimmer work harder. Meet suits, in official team colors, are lighter and made with lycra. Championship suits are the same type that Michael Phelps and other Olympic swimmers wear. Made of high-tech fabrics that absorb as little water as possible, they are the most expensive.
Pannell wholesales some items to his competitors. One example is the BG2 bungee strap. Retailing for $5.95, the strap makes adjusting one's goggles a snap for even the youngest swimmers. Individual customers and teams order this goggle replacement strap, but Pannell sells many more to other swim shops.
Pannell described the swim shop business as "very relationship-based." Accordingly, he attends many swim meets and trade shows and keeps in touch with people he's known since he swam for UK. Many of them have gone into coaching and not only order from his store, but refer other coaches and aquatic directors.
The best parts of his work, he said, are his fondness for people associated with swimming and his ability to work for himself, which was a goal since he was a teenager.
The hardest part of his somewhat seasonal business is "managing the inventory." April and August are Pannell's slowest months. Summer brings orders from recreational swim teams at community pools and country clubs.
High school and college teams all start their seasons in September, so orders come flooding in then. Pannell and his staff try to anticipate demand, and leftover team swimsuits are eventually sold as practice suits.
Working with 12-14 employees, half of whom are full time, Pannell clearly enjoys his business. And when he wants to go for a swim himself, the Lexington Athletic Club is only the walking equivalent of a couple laps from his own store's front door.
Located at 148 W. Tiverton Way, Pannell's Swim Shop is open Monday through Friday from 10 a.m. to 6 p.m., and Saturday from 10 a.m. to 5 p.m. In summer, the store is open additional hours until 7 p.m. from Monday through Friday and from 1 p.m. to 5 p.m. on Sunday. Find the store online at www.pannellswimshop.com or call (859) 272-SWIM.
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