pop-up store plan in U.S.
pop-up store plan in U.S.
content
Opening Letter 6 Plan Summary 8-9 Company History 10-11 Core Mission 12 Design Aesthetics 13 Company Assets 15 Flagship Store in London 16 Why? 17 Merchandise Mix 18-21 Price Range 22-23 Sales Plan/8-Week Plan 24-25 Assortment Plan 26-28 Location 29 Expenses / Net Profit 30 Store Concept 31 Marketing Plan 32 Target Customer 33 Competitive Analysis 34-25 Pricing Strategy 36-37 Market Penetraion 39 Publicity 40-41 Retail Operation Plan 42 Sources 44
opening letter Brookfield Property Partners New York-based Developer Brookfield Place 250 Versey Street, 15th Floor New York, NY 10281-1023 212.417.7000
Dear Brookfield Property Partners, As we agreed upon during our last meeting on May 7th, we are enclosing the business plan to support the business venture start-up, SELF-PORTRAIT LTD pop up store in Soho, New York. We ask for a loan, as requested, in the amount of $25,000 for start-up capital, along with a line of credit for $5,000 required for unforeseen expenses and daily operating costs. We appreciate for your consideration and look forward to your reply.
Sincerely, Leah Jeon SELF-PORTRAIT LTD 53 Green Street, Soho, NY 10013 404.932.3002 Enclosure Attached
plan summary Business Overview --------------------------------------------------------------------------------------------------------------Self-Portrait Ltd brick and mortar pop-up store opens to see the possibility of a flagship store in the U.S. market. Located in Soho, NY, the “#myselfportrait” pop-up store will grant access to a small assortment of new collection of Self-Portrait. The interior will be nude pink tone with metal interior itmes and the atmosphere of our store will be similar to the flagship store in London. The pop-up will operate under the company Self-Portrait Ltd and will cater to the luxury market; demographic includes, but is no limited to, young women within the Manhattan region with a high spending power. Located at 52 Green Street, Soho, New York 10013, “#myselfportrait” pop-up store shall operate for 8 weeks from11AM - 7PM, Monday-Sunday with prices ranging from $65-$960. The Market --------------------------------------------------------------------------------------------------------------Age: 21-40 Expressive/Feminine Young Luxury Shoppers High Spending Power High Disposable Income Critical Success Factors ---------------------------------------------------------------------------------------------------------------Planning/Location Financials Marketing Merchandise Assortment Pricing Store Concept Retail Experience
Financial Plan ---------------------------------------------------------------------------------------------------------------Planned Sales $112,362.60 Consignment Buy $42,287 Expenses $53,550 __________________________________ Net Profit $16,525.60 Government Approvals ---------------------------------------------------------------------------------------------------------------• Tax registration • Business licenses & Permits: • Business Licenses/Tax Permits - Jurisdictions require a trader’s license or tax certificate in order to operate. • Signage Permit - Jurisdictions require a permit before you can display signage. Employee Requirements ---------------------------------------------------------------------------------------------------------------Withholding Income Taxes Federal Income Tax With holding (W-4) Federal Wage and Tax Statement (W-2) State Taxes Employee Eligibility Verification (Background Check) New Hire Reporting Insurance requirements ---------------------------------------------------------------------------------------------------------------Worker’s Compensation Insurance General Liability such as: Bodily Injury Property Damage and Data Loss Personal Injury Coverage for Claims or Lawsuits Brought by Another Person/Business/Party
London based Self-Portrait was launched in 2013 in a bid to provide an accessible and contemporary brand. Founded by Creative Director Han Chong, self-portrait’s brand ethos is to provide transitional city-wear pieces using luxury fabrics, still attainable for customers. Educated from Central Saint Martins, the Malaysian born designer has lived in London for 10 years. In addition to his success in the fashion world, Chong has contributed to high-end visual arts events such as Venice Biennale in 2009 and the Munich art festival “A Space Called Public” in summer 2013. Self-Portrait has become known for showcasing designs that combine femininity with a street edge, characterized by founder and Creative Director, Han’s interest in photography, art, architecture and contemporary culture.
Core Mission
To offer beautifully crafted, contemporary fashion, Self-Portrait has redefined empowered feminine dressing for the modern woman. Intricate laces and delicately embroidered fabrics embrace the woman’s silhouette, creating statement pieces.
Design Aesthetic
Designs are inspired by street style and contrasting hard and soft silhouettes in experimental fabrics with unexpected textures, that create a feminine and sporty aesthetic with classic details. The studio’s collections include statement cocktail dresses, androgynous jackets and perfectly structured tees.
company asset Company Name : SELF-PORTRAIT LTD Company Type : Private Limited with Share Capital Company Status : Active - Accounts Field Incorporated On : 20 May 2013 Nature of Business (SIC) : 46420 Wholesale of clothing and footwear Address : Unit 207 Impact Centre, 12-18 Hoxton Street, London, N1 6NG
total current assets £18m total current liabilities £10.3m net worth £8.7m cash £8.6m
Flagship store, London
why?
29 stores Current Retail Stores in the U.S.
We have established the value of our brand in the U.K. as well as Europe. Obviously, the brand presence in the U.S. is expanding. Unfortunately, we don’t have a connection with our U.S. customers, because we have not opened a main store in the U.S. So we decided to run this pop-up store for 8 weeks in Soho, NY. Currently, we sell our products in the U.S. at 29 different stores except online. However, it is difficult to reach out to our U.S. customers because all 29 of them are not our main stores. Since we host the pop-up event, we want to establish a brand presence in the U.S. and connect with local customers as well as customers from the abroad. Furthermore, we would like to measure the possibility of Self-Portrait’s U.S. flagship store entering.
Merchandise Mix
tops
bottoms
outwear
dresses
Merchandise Mix
bridal
swim
bags
eyewear
footwear
price range
tops £240 - £250 bottoms £220 - £270 dresses £280 - £380 outwear £320 bridal £260 - £750 swim £50 - £340 bags £375 eyewear £120 footwear £300 - £400 tops $310 - $325 bottoms $285 - $350 dresses $365 - $490 outwear $420 bridal $335 - $960 swim $65 - $440 bags $490 eyewear $160 footwear $390 - $510
8-week plan
assortment plan
location
52 Green Street, Soho, New York 10013 1715 sq ft
expenses
Rent
$42,000
Launch Party
$500
Employee Parking
$2,000
Signage/Awning
$300
Installations/Displays
$8,000
Utilities
$500
Insurance
$250
Total
$53,550
Planned Sales
$112,362.60
Consignment Buy
$42,287
Expenses
$53,550
Net Profit
$16,525.60
net profit
store concept
marketing plan Overview Self-portrait “#myselfportrait” will not create a website for this particular pop up location. But, we will use social media platforms as well as brief promotional updates and other information. Internet Strategy Though we will not be utilizing a website for U.S. pop up store, we will instead promote our pop up event through social media such as Instagram, Snapchat, and Facebook. Online Marketing Strategy We will focus on the social media platforms that our target market is interested in. We are expecting to reach the demographics in order to allow more exposure for this event.
myselfportrait Market Analysis Summary The primary target customer for “#myselfportrait” pop up store, is a female aged between 21-40 who loves feminine design and patterns of Self-Portrait products. Our target customers are willing to purchase fashion apparel and accessories to get more attention from others and willing to spend for high quality design. Self-Portrait appeals to a target audience of youthful individuals with a middle to high class. Market Needs There are no main stores in the United States but there are 29 retail stores that carry Self-Portrait items such as Neiman Marcus and Nordstrom or select shops. So our pop up store would be the only main shop sells the newest products in the U.S. We have to check inventory everyday to get right amount of products because we can not get stocks from other close stores.
Customer Profile Youthful Age 21-40 Disposable income from parents Middle to high class Feminine Love of lace and punching details Self-Expressive and Individuality
competitive analysis Direct Intermix, Alice and Olivia
Indirect Neiman Marcus, Nordstrom
Intermix Young contemporary, fashion forward, no bold looks. Carries Self-Portrait, but has limited stock.
Neiman Marcus Sells designer clothes that has similar price points as Self-Portrait. Carries our brand, but has a limited stock.
Alice and Olivia Young contemporary, fashion forward, fun & playful, nostalgic collections.
Nordstrom Sells designer clothes that has similar price points as Self-Portrait. Carries our brand, but has a limited stock.
Competitive Advantage There are no main stores in the United States but there are 29 retail stores that carry Self-Portrait items such as big department stores or select shops. So our pop up store would be the only main shop which sells the newest products in the U.S. We have to check inventory everyday to get right amount of products because we can not get stocks from other close stores.
pricing strategy Retail prices range from $310 - $325 for tops, $285 - $350 for bottoms, $365 - $490 for dresses, $420 for outwear, $335 - $960 for bridal dresses, $65 - $440 for swim, $490 for bags, $160 for eyewear, and $390 - $510 for footwear. Our headquarter is located in the U.K., and the price measurement is in pound(ÂŁ). We measure the price in USD($) based on the price we used to sell in the U.S. It will be sold at a higher price than in the United Kindom because of the inventory and shipping costs. Also, since U.S. pop-up store will mainly sell our new collection, it seems reasonable to be measured in a higher price than the clothes currently selling in the U.S. If there is leftover in stock after 8-week pop up event, we will send it back to our headquarter in U.K.
market penetration
Brand strategy Our ultimate goal is to build our presence in the U.S. market, expand our customer range and open our flagship store in the U.S. It’s a challenge for us to have 8 week pop-up store in the U.S., but we would like to open the main store in Soho where is the mecca of shopping, with great potential through our data on U.S. revenue. Through the 8 week pop-up event, we will provide our customers with the best customer service. Also, we plan to reach out to our customers from abroad as well as U.S. customers to expose brand image. Advertising and Promotion Mainly, we will advertise through our social media platforms such as Instagram, Snapchat, and Facebook. Sneak peaks of the store will appear within these channels allowing the customer to get excited about what they expect. Promotion wise, we will continue to utilize social media to our advantage by paying attention to our following and getting to know our customers; we can help make the customer feel exclusive by inviting to our launch party. We will host Amiee Song who is our lovely friend as well as our big client and promote our pop-up store event through her fashion blog. We also want to offer a give-away to our customers on launching day. In terms of a giveaway, we can create an inexpensive yet exclusive Self-Portrait U.S. #myselfportrait pop up poster, water bottle, or tote of some sort. Sales Strategy Self-Portrait uses sales promotion as an initiative to promote and increase their sales. Our tactics have been known to differentiate between the use of packaging of products, loyalty schemes and in-store point of sale. During the launch of “#myselfportrait pop-up store,” every purchase of any item would receive a 15% discount coupon for the online purchase. Self-Portrait keeps consumers enticed with the brand and their experiences at the pop-up store.
publicity
Mainly we will use social media such as Instagram, Snapchat, and Facebook to promote our new launching products and our pop up store in Soho, NY. In addition to using social media, we will also write a press release before and after our “#myselfportrait� pop up store launches. The press release will include the aesthetic of new collection and store interior. After press releases, we expect to have variety of customers from local area.
Promotional Events - Opening day with Amiee Song: #myselfportrait launching event.
Evaluating Marketing Efforts Getting Amiee Song to come to the launching party would be amazing and worth it. It would make the pop up store at Soho, NY successfully. The first day of launching event can be an easy way to get people shopping, talking, and social media posting. It can drive sales and traction easily. We would only need to provide champagne and light bites. We can stick to the theme of “#myselfportrait� and do spiked popsicles and childlike snaks like cheese and crackers.
retail operation plan
Reporting Policies We will be equal part managers of “#myselfportrait pop-up store”. If either of our temporary sales come up with an issue, he or she will be able to discuss with both sides as managers and employees. Depending on the matter, the issue may be resolved on the spot or discussed to find the right solution. If any of the managers has an issue with one another, a meeting with all managers will be held until an agreement can be reached. Also, the issue will be automatically reported to Self-Portrait headquarter in London. Employee Development Prior to opening the pop up store, we will have a Self-Portrait representative to educate us on the Self-Portrait’s products and methods of selling. Self-Portrait will be providing the representative, and he/she is going to observe our opening day. The representative will train the three managers as well as the employees. We will be employing for the month of July. We will be trained one day before opening in advance. Self-Portrait representative will stay at the pop up store on opening day for continuous training. Staffing Levels Two employees have to stay in the shop at all time, one manager and one sales. This will ensure that no person will ever be left alone in the store during business hours. Hours + Days of Operation We will be open seven days a week with varying hours depending on the day. From Monday through Sunday, we will open from 11:00 AM to 7:00 PM. Inventory Control The Self-Portrait’s “#myselfportrait” has limited selling space and will therefore complete a physical inventory of the merchandise on the floor once a week. Security Systems + Shrinkage Control We will install some of security system such as Secom and a safe. If necessary, we have the right to search any property of the temporary sales to ensure that no product is being stolen of the store without permission.
sources https://companycheck.co.uk/company/08537264/SELF-PORTRAIT-LTD/companies-house-data#key-financials https://companycheck.co.uk/company/08537264/SELF-PORTRAIT-LTD/financials https://www.self-portrait-studio.com/stores-us https://www.facebook.com/pg/theselfportrait/about/?ref=page_internal https://www.self-portrait-studio.com/icons https://www.loopnet.com/Listing/52-Greene-St-New-York-NY/11826023/ https://www.appearhere.us/spaces/search?q=Manhattan&utm_source=google&utm_medium=cpc&utm_campaign=Appear_Here_-_USA_-_EN_-_Retail_Space_-_Rent_-_Manhattan_-_BMM&utm_term=%2Brent%20%2Bretail%20%2Bspace%20%2Bmanhattan&gclid=CjwKCAjwiZnnBRBQEiwAcWKfYvDqNhdoiCKGV_Aa-2DrmefmCBkhx3C0se3NhPZJ5AE1OyXeeHCGHRoCeOMQAvD_BwE&search_id=t5kbwjdwx6k&page=1&type=space https://www.cnbc.com/2018/08/11/manhattan-real-estate-is-the-most-expensive-in-the-usper-square-foo.html http://www.arcstreet.com/2017/05/self-portrait/pre-fall-2017-ad-campaign.html http://www.thehivemanagement.com/blog/heather-kemesky-self-portrait-ss16-campaign/ https://www.fashiongonerogue.com/self-portrait-pre-fall-2016-campaign/ http://www.minititle.com/news/2718/ https://the-dots.com/projects/campaign-design-proposal-self-portrait-215208 https://www.cameraclub.com/news/19/03/ed-quarmby-creative-directs-the-new-self-portraitspring-summer-2019-nbsp-campaign-nbsp https://www.vogue.com/fashion-shows/pre-fall-2019/self-portrait/slideshow/collection https://www.pinterest.com/pin/289074869823818422/?lp=true http://www.songofstyle.com/2018/05/a-romantic-dress-in-the-city-of-love.html
Leah Jeon FASM 430 Prof. Kevin Knaus Final Project Self-Portrait Ltd Pop-up Store Plan in the U.S. Fashion Marketing and Management, Savannah College of Art and Design
#myselfportrait
#myselfportrait