Question

Topic: Strategy

Opening A New Retail Store, Need Help With Ideas!

Posted by Anonymous on 250 Points
I want to open a retail concept store that is very focused on a niche market. I have thought about several ideas, including a vintage inspired shoe store with a modern twist, a vintage inspired wardrobe store, a leather goods store but affordable, a store that markets to people looking for sustainable wardrobe alternatives, and a retail store that inspires your senses with boutique perfumes vintage sunglasses and vintage inspired shoes.

I am looking for some input, because, as you can read, I am a little all over the board. Any thoughts or input would be greatly appreciated!!
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RESPONSES

  • Posted by Jay Hamilton-Roth on Accepted
    There's two parts: what you're fanatical about and what your target audience is interested in (and willing to pay for). If you love sustainable wardrobe, but your audience doesn't, you'll be wasting your time/money. What can't your audience get in your area? Why can't they get it? Before sinking in $ in a retail store, do your research and perhaps even create a small pop-up store to test your product/market.
  • Posted by Harry Hallman on Accepted
    It is obvious, from your current ideas, that vintage is a something you love. I see no reason why you cannot combine the vintage idea with the sustainable idea. They both offer more Eco friendly alternatives. In effect you will have a lifestyle store that carters to those who are interested in Eco and also those interested just in vintage style. You would be offering new and old items.

    This also gives you several platforms to market,
    -Eco Friendly
    -New Designs
    -Vintage style

    Any one of these independently might be a harder sell, but together it broadens your market.

    You can include apparel and accessories as well as perfumes and such.
  • Posted by arnabbanerjee100 on Accepted
    it depends on the location of your store.

    near educational institution: retail store of stationary goods

    near law court: law books retail store

    near zoo: meat retail store like KFC etc.

    near sea beach: vintage sun glass

    near sports club: retail sports goods store etc.

    it depends on location...
  • Posted by Gary Bloomer on Accepted
    Whatever you're going to sell you need enough turnover in your inventory and you need enough buyers and a high enough wholesale to retail margin to generate funds to pump back into your buying efforts.

    Added to this you need wholesale terms that are favorable enough to allow you to select, order, price, display, sell, and reorder merchandise with the money you've made on your initial wholesale buy before your initial wholesale terms fall due.

    Until you've worked out your finances through these cycles it's probably unwise to do anything. So, you need a business plan, a buying plan, and a marketing plan. These three documents outline what you'll sell, to whom, and how. No bank is going to lend you start up capital without some kind of solid, well thought out plan.

    You also need to think about the long term value of a typical buyer, and how often that buyer will buy from you (and at what price points).

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