TAKING A GAMBLE; FIVE NEW BOUTIQUE OWNERS TALK ABOUT THE CHALLENGES OF OPENING UP SHOP IN A RISKY RETAIL CLIMATE.

Byline: Kavita Daswani

With a saturation of stores in most major metropolitan areas and consumers still cautious about spending, opening a fashion boutique these days is about as solid an investment as playing the blackjack tables.

In fact, the U.S. Small Business Administration reports that more than half of small businesses fail in the first year and 95 percent fail within five years.

However, some entrepreneurs are hoping to beat the odds.

In the first installment of a two-part series, WWD checked in with five such entrepreneurs from across the country. These business founders -- all of whom are novices to the world of fashion retailing -- said getting started meant overcoming many hurdles, but all are betting a savvy mix of merchandise, ambience and accessible price points might just make their investments pay off. We'll follow up with all of them a year from now to see if they were right.

INTIMATE KNOWLEDGE

Lucky Girl, 7205 Bishop Road,

Suite E5, Plano, Tex.

Maureen Haag used to travel with her husband, who was in the lingerie manufacturing business, to the international trade shows. Soon, she acquired a feel for buying upscale underthings.

So when she decided to start her own boutique, Lucky Girl, which opened for business in mid-September, stocking it with lingerie was a given.

"I didn't like to buy lingerie by mail order, and thought there were other people like me out there," she said.

With a mix of American and European names -- among them Mary Green, Princess Tam Tam and Simone Perele -- and with prices …