BENETTON Fashion Point is a start-up retail constitution that will sell stylish vesture for younger coevals. BENETTON Fashion Point will be located in Chennai which is a popular retirement and tourer finish. While our initial end is to open one retail shop, enlargement programs include potentially franchising our retail shop and constructing a well-recognized trade name name. In bend, we would trust to perforate a ample part of the on-line retail market.
The Company is a new concern aimed at supplying younger coevals fashionable vesture options to purchase and have on. As the company ‘s laminitiss, we found that Florida ‘s current stylish-wear market is losing the grade. In fact, most vesture stores for the 55+ set are still selling apparels that are old fashioned. As our local population is looking frontward for manner and styling, we recognize the demand for a store that caters to the up-beat, fashion-forward younger coevals.
However, we have identified an ideal topographic point at chief market of Chennai. The gorgeous country includes legion eating houses, an art gallery, java store, confect shop and a picturesque park in the town square. We have signed a three-year rental for a 1,700 square pes edifice at 550 Rs/-per square pes. Comparable belongingss are leasing for 12-18 SF/Year. Working with the belongings proprietor and the Chennai, Redevelopment Committee, we have secured a 45,000Rs/- grant to fancify the facade of the edifice to include picture, signage and a new sunshade. Merely little internal redevelopments will be required, such as the installing of dressing suites and cosmetic points. When sing the add-on of wall saddle horses for ware, multi-level vesture shows every bit good as originative floor planning, this installation is big plenty to back up future growing. Additionally, we will be able to carry on all facets of our concern from this location. This includes bringings and cargos, stock list direction and administrative responsibilities such as finance, purchasing and selling.
MISSION AND VISION
The followers is a list of concern ends and mileposts we wish to carry through our first twelvemonth of operations.
Complete renovating, carrying, engaging and initial selling.
Host a successful grand-opening event.
Penetrate and raise consciousness in 60 per centum our targeted consumer market.
Achieve a net income border of 50 per centum.
Construct a solid client base and mailing list.
Generate repetition and referral gross revenues.
Become a profitable concern with enlargement potency.
Establish a solid repute as quality retail constitution.
Our first major mileposts will be procuring financess and puting up our concern. This is our major focal point right now. In five old ages, we hope to hold established our retail concern within the community and within our industry. Furthermore, as co-owners, we would wish to see the growing of our shop with an addition in merchandise lines, farther incursion of the national market with on-line gross revenues and, under the right set of fortunes, the gap of franchise BENETTON retail shop in strategic locations.
PRODUCTS OR SERVICES
BENETTON Fashion Point will sell a combination of widely recognized name trade names every bit good as vesture lines from choice manner interior decorators. We will closely follow generational manner tendencies every bit good as our ain clients ‘ buying penchants. Furthermore, we will orient our stock list to run into the demands of our “ young person ” client. Entirely concentrating on the manners, colourss and tantrums to blandish the younger coevalss adjustment will be our forte. While dress, such as concern vesture, insouciant wear, denims and formal wear will be our chief basic, we will besides offer some accoutrements such as belts, scarves, and chapeaus.
Net incomes will be earned from the sale of our ware. Our pricing construction will stay flexible, as we will implement suggested retail pricing on common trade names every bit good as the standard pattern of cardinal lapidating monetary values. Additionally, we will use a value-based pricing construction, which measures the value of our merchandises to our clients such as easy entree, quality, client service and manners blandishing to our mark consumer. End of season gross revenues, vacation and overstock gross revenues, multi-buy nest eggs and promotional vouchers will be implemented at strategic intervals.
FEATURES & A ; BENEFITS
One cardinal characteristic that separates BENETTON Fashion Point from all other local retail shop and concatenation section shops in the country is our committedness to supplying younger coevals stylish, quality vesture options. Because our primary concern will be guaranting our consumers are happy with the tantrum and manner of their purchase, we will supply merchandises tailored to all forms and sizes of younger coevals. In add-on, we will do every attempt to hold petite and plus size versions of our ware in stock. If they are non in stock, telling them will be easy, inexpensive and efficient. Further, BENETTON Fashion Point will non merely be a shop that sells apparels. Our patronage will profit from an experient, knowing gross revenues staff. Out of the gate, our end is to implement a superior client service system. Beyond our friendly response and an inviting atmosphere, BENETTON Fashion Point will besides offer clients manner information and advice. Our trained forces will supply advocate that younger coevals merely can non happen at other vesture shops. The service will be likened to a cosmetician who offers advice on what hair styles best complement his/her client ‘s face. Our hip and qualified fashion-industry expertness will guarantee our clients walk off with the perfect outfit.
In Delhi, there are no direct rivals offering our alone services or aiming younger coevals specifically. The stores most closely viing with BENETTON Fashion Point are as follows:
Eco Wise retail shop, which targets a younger demographic and specializes in natural fibre vesture. They besides carry local art and jewellery.
Caddy Corner Kids, which targets parents shopping for kids, specializes in kids ‘s vesture, accoutrements and playthings.
Katrina vesture ‘s, which targets younger coevals, specializes in offering industrial smart vesture with “ authoritative lines and a hood Gothic border. ”
Joe ‘s Fashion & A ; Gifts marks older younger coevals within our mark demographic, but specializes in the more homemade, antique manner vesture.
Petal Place Retail shop marks younger coevals within our mark demographic every bit good, but they specialize in an low-cost, cracker-barrel manner of vesture with hand-crafted shawls and embroidered shirt sets.
Second Time Around marks younger coevals and may overlap our mark demographic somewhat. However, they specialize in cargo vesture. There is one super-store within a 60-mile radius of Chennai. The shop is similar to Wal-Mart in that it sells lesser quality points at lower monetary value. But there are two concatenation section shops. They sell work forces ‘s, younger coevals ‘s and kids ‘s vesture along with place speech patterns, electronics and contraptions acquaintance is soothing, industry research indicates increasing defeat with the inferior quality, subpar client service and enormousness of super-stores. Not to advert, the awkward gross revenues staff and deficiency of choice frequently found at section shops.
To day of the month, our primary competitory advantage is the absence of any shop like ours in the Chennai country. In add-on, company co-owner has worked in the manner industry for more than 20 old ages. His experience includes working with apparel retail merchants, dressing jobbers, garment makers, and manner interior decorators. He understands the manner industry and knows how to descry the latest tendencies. While there is no warrant a rival will turn up within our country, we have no uncertainty in our manner sense, outstanding client service and quality merchandises. In bend we will rapidly set up BENETTON Fashion Point as the topographic point for younger coevals to store. Besides, we would be the lone niche manner retail-store for hip, younger coevals. While other shops offer some manner equivalents, they are non focused entirely on the younger coevals. We are, and hence, have a distinguishable competitory advantage in our niche. Our supplier relationships and sole merchandise offerings will forestall future rivals from come ining the market as a rival. Besides, it takes clip to construct a retail shop, and by the clip a rival attempts to vie with us straight, we will hold already established a strong client base.
As our company grows and our retail shop earns a positive repute, several chances will open to us. And we are sing some options already. Should we take to stay a little local retail shop, we will develop and turn our company by increasing bing vesture lines and spread outing our choice to include extra merchandises such as swim wear, intimate apparel, or athletic wear. Within five old ages, we will measure the potency for franchising our shops in choice locations. Additionally, as we build our concern, we plan to at the same time develop an on-line Retail shop. The power and easiness of an on-line shopfront is obvious to us, and we plan to develop one rapidly and expeditiously. We besides see the potency for regional and/or national enlargement at some point.
BENETTON Fashion Point is a business-to-consumer retail company. Younger coevals is our clear mark clients. However, we do recognize that we will probably pull some younger coevals with our peripheral merchandises ( pocketbooks, scarves, etc. ) . Furthermore, we expect a part of our merchandises to catch on with the younger coevalss. It ‘s of import that we do non offer merchandises that are sole to the older audience. Having said that, there are presently about 75 million childs populating in Delhi. About half of this population is younger coevals. While those born in the 1940 ‘s are still somewhat more conservative, those born during the 1980 ‘s and 90 ‘s were trailblazers and trendsetters. Specifically, these will be the younger coevals we target smartly with our selling and offerings. These younger coevals scope in age from their mid 90 ‘s to late 90 ‘s. They value singularity, convenience, service and quality. As they retire, monetary value does go a factor in decision-making. At the same clip, they were ever a coevals of the “ purchase now and pay later ” doctrine.
Chennai accommodates a robust retail market. While auto franchises, grocers and place betterment retail merchants account for a ample part of the retail market, the chief local shopping territory of Chennai. With tree-lined streets and quaint stores and eating houses, the downtown retail territory is the societal and shopping hub of the community. The current population of Chennai is merely fewer than 40,00,000. 54 per centum are younger coevals who has a average age of 32. Their average income is above the national norm at 48,000. Furthermore, harmonizing to National News, Chennai is one of the 2008 Top 6 Towns to Retire for young person. Many of these retired persons are looking to retire on the H2O in a cosy, yet booming community. In add-on to local consumers, we will besides profit from tourer traffic. Chennai is located a mere 30 stat mis from the Red Fort. Our town boasts a healthy and recession-proof touristry industry. In add-on, Chennai hosts several one-year trade and golf events, which bring several thousand of our mark consumers into the country each twelvemonth.
The retail manner industry is a solid concern with ever-changing manners and ever-present consumer demand. While supercenters and megastores ruled the past two decennaries, more and more consumers are looking for alteration. They ‘re seeking for a more calm and client friendly shopping experience. This is true particularly for those nearing retirement age. In world, as the young person Numberss decrease, there will be fewer older Generation X-ers to sell to. However, this market lessening will non happen for at least twenty old ages. Even so, vesture will ever be in high demand. The manner industry in Delhi has been booming since the coming of traveling images.
STRATEGY & A ; IMPLEMENTATION
Our company ‘s nucleus concern scheme is to unite exceeding and knowing client service with choice fashionable ware. And n bend, we ‘ll supply an gratifying shopping experience for our clients. BENETTON Retail shop ‘s mission is to offer younger coevals a broad choice of stylish, figure-flattering vesture. Our purpose is to set up our company as a innovator in this youth-obsessed industry and construct a retail shop trade name name that will be synonymous with the manner industry revolution.
We are presently working with several dress jobbers, garment makers and two free-lance manner interior decorators to piece our stock list. We are besides working with metropolis economic development functionaries to procure all needed licenses and occupational licensees. Once funding is secured, we will travel in front with the facade redevelopment, which will be paid for through the PDRC, every bit good as buying stock list, retail shows, and office supplies. Prior to the expansive gap of BENETTON Retail shop, we will schedule an event with the Chamber of Commerce and commence with pre-publicity circulars, advertisement and extra selling activities.
As the Internet has become a basic of Delhi life and retail selling, BENETTON
Retail shop will hold a Web site. We have secured the sphere name BENETTON Retail store.com and will get down site development as financess become available. Further, we plan to engage an established Web interior decorator that will accept modest wage in exchange for future profit-sharing, we intend to showcase our trade name, our vesture and supply clients with the ability to buy points on-line. As the site progresses, we will include characteristics such as manner advice, interior decorator interviews, newssheets, and Internet-only specials. Finally, we hope to set up and foster an on-line societal community where younger coevals can garner and discourse subjects of the twenty-four hours, web and portion vesture secrets.
We expect our scheme to pull consumers into BENETTON Fashion Point from the really get downing. Furthermore we will engage a local PR house to assist us develop and implement a strategic selling program and steer our promotion attempts in a cost-efficient mode. Our selling message, logo and mottos will go around around the thought of the younger coevals as revolutionists and tendency compositors. Younger coevals is in their premier and at their best, intending these younger coevalss deserve to be recognized as a force within the manner industry. Our end is to maintain our selling budget to no more than 5 % of our gross one-year gross revenues. We will spouse with local organisations such as the Chamber of Commerce and Chennai Merchants Association every bit frequently as possible. We already have connexions in all the necessary topographic points. These strategic partnerships will let us to piggyback on promotion for local events, every bit long as they are within our targeted demographic. BENETTON Retail shop ‘s initial selling attempts will stay local as we set up a presence in our community. These will rely to a great extent on local print and broadcast media coverage, traditional advertisement, signage, a direct mail selling run and networking. A important part of our advertisement budget will be allocated to publish and air media. Of class, we will construct expectancy and exhilaration about the new retail shop prior to its expansive gap. Working in concurrence with the Chamber of Commerce, we are already speaking about a expansive gap. The aggregation is presently on show in the Chennai Art League Gallery. We will besides keep a drawing for a 5000 shopping fling and manner audience. Entry aggregation will get down at the expansive gap and go on throughout the hebdomad. Name callings and contact information will be utilized for follow up selling enterprises. The Chamber of Commerce and the Chennai Merchants Association will advance the event in local newspapers and wireless advertisement. Comprehensive advertisement and semi-annual direct mail selling runs will follow the expansive gap. Low cost promotion activities will besides be taken advantage of such as posting sale circulars on community bulletin boards and online. Finally, selling chances will be continually utilised as we expand our concern and our consumer Numberss grow.
Gross saless STRATEGY
BENETTON Fashion Point plans to bring forth gross revenues through strategic selling attempts. These concentrated attempts will be aiming new and returning clients every bit good as single-visit tourer consumers. We will besides implement a referral plan rewarding clients who refer new clients with price reduction vouchers. Following our expansive gap, we will carry on a direct-mail run to targeted consumers that we have signed up through our in-store mailing plan. The direct Mailers will be comprised of 5,000 full-color post card Mailers. Each will include at 10 % voucher. We will offer promotional price reductions and seasonal and clearance gross revenues throughout the twelvemonth. BENETTON Fashion Point will accept hard currency and payment through major recognition and debit cards. Cash layaway programs will besides be permitted. Tax returns and exchanges must take topographic point within 30 yearss of purchase and grosss are compulsory. Our gross revenues staff will include both co-owners and 2-3 part-times gross revenues associates. Combined Comprehensive preparation will be provided to each gross revenues associate to include selling ware every bit good as how to supply manner advice to clients. Our gross revenues squad will gain an hourly rate, plus a generous per centum of committee from each sale.
BENETTON Fashion Point plans to fall in the Chennai Chamber of Commerce every bit good as the Chennai Merchants Association. These organisations are dedicated to advancing local concerns within our community and sponsor several events downtown each twelvemonth. As a member of these organisations, BENETTON Fashion Point will derive exposure, make concern contacts, and will profit from Chamber and Association advertisement, Web site publicities and events.
As a retail constitution, BENETTON Fashion Point will carry on concern seven yearss a hebdomad from 10 a.m. to 6 p.m. Monday through Thursday, from 10 a.m. to 8 p.m. Friday and Saturday, and 12 p.m. to 6 p.m. on Sunday. During the vacation seasons and during particular events, shop hours will be extended. At this point, the retail shop will take necessitate about 2/3 of the edifice ‘s available infinite. The balance will be utilized for stock and administrative intents. In add-on to the two full-time co-owners, three parttime employees will be hired to function clients. Our company will procure ware from local makers with salesrooms. We ‘ll besides hold entree to, which is the largest sweeping ware warehouse in the province. Buying from FAM, purchasers receive merchandise shows and promotional stuffs with purchase. Additionally, we will work closely with our regional gross revenues representative. We will besides go to relevant pre-season manner trade shows. To command costs, track stock list and manage stock degrees, an stock list control system will be set in topographic point. This will include the standard saloon codification with its related equipment and package will carry on one-year stock list audits and engage outside hearers when necessary. All accounting and fundss will be maintained utilizing particular packages.
BENETTON Fashion Point will necessitate 12,690,000 Rs/- to acquire our concern off the land. We are presently seeking funding from outside investors and concern loans. At this clip we have raised 22, 50,000 Rs/- in equity capital and an extra 5, 40,000 Rs/- for a specific-use grant. Both co-owners, have invested 11, 25,000 Rs/- each into BENETTON Retail shop. We are seeking investors for an extra 76, 50,000 Rs/- in equity investing and 22,50,000 Rs/- in loans.
Use OF Fundss
Fundss will be used to pay for redevelopments, including the outside facade ( to be paid for through PDRC grant ) , building of adjustment suites, gross revenues counter, painting, rug, illuming, decor and show fixtures. We will besides buy stock list, a hard currency registry, computing machine equipment and an stock list direction system. The balance of the start-up financess will be utilized to cover operating disbursals, such as rent, public-service corporations, selling costs and rewards.
Our projections are based on the premise that the economic system, consumer disbursement wonts and population growing in Chennai will go on for the foreseeable hereafter.
We must besides presume that our present and future providers will go on to sell stock list to us at monetary values that allow us to keep our present borders. It is besides of import that we are able to engage employees at sensible rewards.