Urban Clothing Retail Store Business Plan - Essay Example

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Urban Clothing is a mid-priced clothing retailer that will be catering to the target market of 18-25 year old buyers. These make up a large percentage of potential buyers in the Converse, Texas area and can be recruited/targeted using effective marketing tactics and promotions…
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Urban Clothing Retail Store Business Plan
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Download file to see previous pages Converse Texas currently maintains a total population of 18,110 individuals, which is a 54 percent increase from 2000 (city-data.com, 2012). This represents a substantially growing market that continues to improve in population density, thereby attracting a variety of new potential customers, due to improvements in job infrastructure and job availability. To the advantage of Urban Clothing, the median income per household is considerably above the national average at $49,396 per year (city-data.com). Of the total population, Converse Texas maintains 31 percent under the age of 18 and 33.9 percent between 25 and 44. Thus, this represents a significant portion of the total population in the city that could be recruited through inventive marketing concepts for urban-inspired clothing fitting of the youth profile. Additionally, 44.6 percent of total Converse, Texas households maintain a child under the age of 18 (another considerable market opportunity through relationship development in marketing). Globally, clothing retail has witnessed considerable growths since 2009. Clothing retail, as a global whole, grew by three percent since 2005 with volume sales at 8 percent growth (gaapirfrs.com, 2011). Of these sales, women’s outerwear grew 60 percent of the total value sales after 2006, suggesting that Urban Clothing should provide considerably more women’s fashions than men in order to appeal to this diverse group of buyers. In Europe and the United States, clothing retail witnessed the most foot traffic on Mondays and Wednesdays (Goodman, 2011). Therefore, the business will focus on attracting buyers during the weekends, something important for youth buyers who attend school or...
This business must be hip, trendy and cater to the lifestyles of younger consumers looking for innovative fashions and this can be done through marketing creativity and by following successful business models for companies that have been able to build lasting relationships with young buyers. The organization relies heavily on a high mark-up based on the costs of procurement overseas (supply chain) however much of this cost is offset by the chosen method of supply in foreign low-wage countries. Net income is estimated at $75,000 in the first year of operation after considering all costs of operations.
In order to make Urban Clothing work effectively, the sole proprietor will have to ensure that the organization meets all standards of quality, service, and relationship management through marketing and direct sales tactics. Thus, there must be a system of education and training in place so that all members of the sales staff understand the goals and mission of Urban Clothing.
Therefore, the burden of training and human resources will have to fall on the owner and be a part of the team-working and sales tactics models. This will require considerable investment on the sole proprietor in order to find total marketing success. ...Download file to see next pagesRead More
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