part II Claudia Aguilar, Carissa Hanley, Nicole Guion, Sydney Jones
Table of Contents I. Objectives
(Sydney)
II. Target Consumer
(Claudia)
III. Financial Implications IV. Expectations V. Location
(Nicole)
(Nicole)
(Carissa)
Objectives increase brand awareness with this brick and mortar opportunity by appealing to our target consumer through alluring & pleasing displays, effective advertising, and desirable product selection. build relationships with new Experiencer & Innovator consumers by expanding our marketplace to the United States. create customer loyalty by spreading our message of accessible, luxurious jewelry and offering thoughtful customer service.
Objectives Through the physical space of our store, merchandising, customer service, and advertising, this pop-up shop will convey our brand image to consumers. We aim to generate loyalty among consumers who believe in and resonate with our identity.
Target Consumer New Customer Reach A mindful shopper
Experiencer, Innovator
A millennial woman
Our location is a popular area for trendsetters
Our customer is predominantly 25-35
Creative, inclusive, bright
Our location’s median age is 31
Trend savvy, social, not risk averse
Has an evolving sense of understanding on internal and external corporate affairs & social issues
Willing to pay more for quality and ethical practices
Educated Median income: 50k
Customer wants to be heard and valued Common underlying pattern of making purchases to celebrate, mark a large life event, or simply treat themselves.
Target Consumer New Customer Development Impact The launch of pop-up Mejuri shop will impact new customer development in that it will expand the consumer base to a broader US market.
Brooklyn is a popular area for all things new and up and coming including fashion, music, lifestyle trends, etc. This location allows our customer to evolve into the indie lifestyle & cool girl crowd. The consumer has a laid back vibe leaning towards Indie, local, Williamsburg labels such as: Life:Curated, Swords-Smith, and Catbird.
Target Consumer Growth of Market Share Now in its 4th year of business, Mejuri is doing better than ever because of its unique approach to marketing and selling fine jewelry to women. Since launching, Mejuri has grown 400% yearover-year through organic marketing and strong social strategy. Mejuri’s personal connection with its community has garnered the brand a loyal consumer base with repeat customers accounting for over 40% of its monthly transactions.
Financial Implications
Creating a pop-up shop in a high density area creates brand exposure. Higher brand awareness creates more sales and heightns revenue/profit. Holding a pop-up shop when traffic is highest in the holiday months gains holiday sales and brand awareness. Adjacent jewelry store is flashy fashion jewelry, contrasting with our minimalist aesthetic. Expected increase of around 58% in sales.
Time & Place Williamsburg, Brooklyn November-December This time frame allows customers to shop before the busy holiday sales but also during them. The density in foot traffic increases near 40% during the holiday times and this location houses the largest demographic of our target consumer.
Why Williamsburg, Brooklyn? 48% Trendsetters
“We're young and we live life to the fullest. We're educated, single, and want to stay that way. Our income pays for upscale city living and entertainment. We spend our free time dining out, discovering local art, and exploring new hobbies. “
Last 10 years, 200% increase in foot traffic in Williamsburg, Brooklyn Median Income: Around 47k Median Age: 31 Population 198,000 Foot Traffic Sept 2017: Morning: 2,566 people Afternoon: 6,127 people Mid morning weekend: 3,527 people -According to the NYC DOT Pedestrian Count
Why This Pop-Up?
This pop up will allow customers to become intimate with the brand and allow them to see products in person. They can also try on rings to determine their correct size. Having a shop with products and employees allows for face to face interaction outside of the normal e-commerce that Mejuri is.
Expectations Retailer can learn about success of a potential new market in a specific location See if the people respond to the brand & if the location is right for the brand Comp Advantage: A low-cost investment instead of a full stand alone store can give you an advantage of knowing the market to see if there is a good mix of competition and similar retailers Retailer can learn if the people in this location respond to the product, merchandising and visuals of the store Comp Advantage: Will be helpful in future reference for potential stores Can test out several different strategies at a low cost Can get feedback from customers
The Space
Rent: $7,000 per month ($84 per sqft) Space: Ground Level: 1,000 sq. ft. Lower Level: 650 sq. ft.
Sources https://www.esri.com/en-us/arcgis/products/tapestry-segmentation/zip-lookup https://www.businessinsider.com/mejuri-fine-jewelry-founder-interview-2018-9 https://www.marketwatch.com/press-release/mejuri-closes-series-a-financing-to-continue-building-the-fine-jewelry-brand-of-tomorrow-2018-09-04 https://www.point2homes.com/US/Neighborhood/NY/Brooklyn/Williamsburg-Demographics.html http://www.nyc.gov/html/dot/downloads/pdf/bi-annual-ped-count-readme.pdf http://andrewlax.net/2016/09/10/which-new-york-city-areas-have-the-most-pedestrian-foot-traffic/ https://ny.racked.com/maps/williamsburg-best-stores-nyc https://www.agorafy.com/listing/149788/138-Havemeyer-Street-Retail-for-Lease-Ground
Thank you