Table of Contents Facts …………………………………………………………………………… page 2 Company ……………………………………………………………………… page 3-4 Customer ………………………………………………………………………. page 5 Culture ………………………………………………………………………….. page 6-7 Completion ……………………………………………………………………. page 8-17 Industry Overview ………………………………………………......................page 18 Vision/Mission/ Shared Values ……………………………………………… page 19 Local Assessment ……………………………………………………………... page 20 Plan- o-gram ………………………………………………………………….....page 21 Layout ………………………………………………………………………….....page 22 Décor …………………………………………………………………………… page 22-25 Sales ……………………………………………………………………………... page 26-27 Budget ……………………………………………………………………………page 28 Management Style……………………………………………………………...page 29 Profit/Loss………………………………………………………………………….page 30 Events………………………………………………………………………………page 31 Detailed Events…………………………………………………………………..page 32-34 Value of a Customer…………………………………………………………….page 35 Human Resources………………………………………………………………..page 36-39 Store Guarantees/Policies………………………………………………………page 39
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Facts -Vintage based accessories boutique specializing in vintage jewelry, scarves,
and handbags. - Catering towards our unique customer who doesn’t fit the “cookie-cutter mold”. - Located in downtown Chicago. - We do the hunt for you, “We find it, you keep it.”
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Company Expanded Description of Company A vintage accessories boutique, specializing in the hunt for one of a kind treasures for our customers. Our Products Our store will carry a carefully selected array of vintage and vintage inspired accessories, which will include, but is not limited to, jewelry, scarves and handbags. Most of our vintage furniture display pieces will also be for sale. Our Customer Our customer is that woman who doesn’t fit the cookie cutter mold. She wants to express her individuality through her clothing and accessories. She likes to own one of a kind pieces that she knows no one else will have. General Geographic Location We will be located in downtown Chicago.
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USP We will do the searching for our customer, to offer them one of a kind, handpicked vintage accessories. We will also have what we call our Vintage Pick of the Week, which will be an opportunity for our employees to express their individualities by being able to choose a vintage piece currently in the store that is their favorite. We will have this piece and our employee’s reason for picking it located on our website and in store every week.
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Customer GEOGRAPHIC: Region: Midwest City Size: Chicago (~2.7 Million) Urban/Rural: Urban Climate: Four seasons DEMOGRAPHICS: Age: Mid-20s to Early-30s Sex: Female Family Life Cycle: Single Income: 42,000 – 59,000 Occupation: Interior Designer Religion: Agnostic Ethnic Background: White Psychographics: Social Class: Middle Class Personality: Individual, Artistic, Socialite Life-style: Socialite CONSUMER BEHAVIOR: Benefits desired: Individuality, Quality Usage rate: Light to Medium
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Culture The internal culture of our store is definitely unique. The atmosphere we create for customers by the staff we hire and the mood we make sets for a very relaxed and different shopping experience. Our employees will have experience in the industry as well as a passion for vintage. Our employees must be involved as much as we are in the findings of each piece we sell. Each individual employee may have a better knack for a type of merchandise however, for example, there will be an employee who enjoys finding and working with vintage jewelry and another employee who works with vintage furniture. All employees will go on hunts for merchandise just as much as we, the owners do. That is a perk for them being employed with us, and part of their job description. The employees will also take part in the research that goes behind each individual piece they find. That way each member of the store will have background knowledge of everything we sell. The way the staff thinks of their jobs is more of a hobby than an actual job. We provide a very homey atmosphere so that employees and customers love coming into our store. Tea is always made and provided for both customers and employees at any time of the day, no cost. Music that the store plays will be interchangeable based on which employee is working that day and what they want to listen to for the day. We trust that the employees have the customer’s best interest in mind and we trust that they will play the music that our customer would want to hear. It also creates a more laid back and
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relax mood by letting our employees have a little bit of control and free range over their own work days. We also have something very unique to our store that we call the, “employee pick of the week,� where one employee is chosen each week based on performance and who we think did the best job throughout the previous week. That employee will then be able to pick their favorite piece of merchandise and it will be displayed and showcased out on the front desk. Customers on the mailing list will be notified each week of the new employee pick of the week and will be encouraged to come in and check it out. The employees will also be given the opportunity to work with the visual displays. Everyone is assigned to a specific section that they work with and they have free range of the displays as well as recovering their area at the end of the work day. We feel that if we treat our employees with equal respect and not as if they are positioned under us, then they will work better at their jobs and make for an overall greater team altogether.
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Competition Direct Competition Direct competition would be vintage boutiques like Lulu’s and Vintage Underground. Our boutique is one that offers real vintage jewelry, handbags, and accessories. Lulu’s offers similar genuine items. However much of their store is focused on clothing from the 1920s thru 1980s. But because they offer real vintage items they are directly competing with us because not only do they have jewelry they have large clothing selection. Another direct competitor would be vintage underground. This boutique offers a wide variety of antique and vintage items. The store claims to offer, “Costume Jewelry, Vintage Clothing, Accessories, China Wares, Barware, Postcards, Local Art, Vintage Suitcases, Picture Frames, Men's Suits, Ocean Liner Memorabilia, Military Stuff, Antique Clocks and Watches, Antiques, Modern Art, Furniture, Lamps, Mirrors, Posters, Papers, Magazines, Radios, and Camera Equipment.” Because they have such a wide variety of merchandise they directly compete with us while also drawing in customers our boutique may not attract. Indirect Competition Our indirect competition would be restaurants that offer quality food and healthy food. These places would also offer a bit of individuality. A few restaurants that would be indirectly competing with our business is Karyn’s On The Green, Drew’s Eatery, Greek Islands, and Mista Pizza. These places all offer a
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quality healthful food, unique classy environment, and a touch of individuality in the design of the restaurant. Other indirect competitors would be places that sell other things our target customer will buy. For example Hanig’s Footwear would be an indirect competitor because we do not sell shoes at our boutique but our target customer needs her shoes. Also other high quality stores that sell makeup lines will be indirectly competing with us. An example would be Nordstrom’s makeup line. SWOT : Vintage Underground EXTERNAL ENVIRONMENT FACTORS Competition Opportunities -
Vintage items are easy to find, giving Vintage Underground the ability to find unique items. Vintage Underground has been featured in various publications and is also featured on the official visit Chicago website.
Threats -
There are a plethora of vintage stores in the Chicagoland area, with about ten very near Vintage Underground. Vintage items are easy to find.
Economics Opportunities -
Vintage is younger movement, an area of the economy with a higher disposable income. Reusing items is hip and more people are looking to join the movement.
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Threats -
The economy is still suffering. The cost of living is more expensive in a city.
Technology Opportunities -
Online shopping is a popular means of finding what one wants, and Vintage Underground carries products online. The internet gives people the ability to network and learn about stores it would otherwise be difficult to learn about.
Threats -
With internet shopping being trendy, many other vintage stores have also gone online. Websites such as eBay and Etsy making find vintage items cheap much more possible.
Society (Social) Opportunities -
Vintage clothes are in style with cultural trends such as “Hipsters.� Reusing and recycling are major trends.
Threats -
Vintage is considered old, which can be looked down upon. Vintage will not always be in style.
INTERNAL FACTORS Customer a. Demographic Strength -
Younger customers, especially ones without children, have more disposable income. Vintage is extremely popular among young adults. 10
Weakness -
A lot of poorer students shop there. Customers are not loyal only to Vintage Underground.
b. Geographic Strength -
Urban clients are more aware of fashion trends. Because of its location, it can offer street parking.
Weakness -
The location of Vintage Underground is far from the center of the city, and takes a while to travel to by public transit. Some may be customers might not travel the distance to shop.
c. Behavioral Buying Traits Strength -
Chicago has many college students who will shop at vintage stores. Urban clients are more aware of fashion trends.
Weakness -
Customers are not loyal to Vintage Underground. Customers may not be willing to buy more expensive items.
Product Mix Strength -
Vintage Underground carries a wide array of products for customers to choose from. Old items are preserved to have a higher quality than similar times made today.
Weakness -
The store is extremely cluttered from all of the product choices. The clutter can overwhelm customers, causing them to shop elsewhere. 11
Pricing Strategies Strength -
Vintage Underground keeps more of their merchandise cheap, so it is more affordable.
Weakness -
Vintage items can be found cheap on the internet, making pricing competitive. Customers may not be interested in purchasing bigger ticket items.
Promotion Strength -
Vintage Underground uses social networking to get information out. It has been featured and discussed on many different websites.
Weakness -
Vintage Underground doesn’t advertise sales on their social networking sites. Vintage Underground doesn’t send out an email news letter.
Distribution Strength -
Vintage Underground only has one location. Sell on Etsy.
Weakness -
Vintage Underground only has one location. Big-ticket items are hard to haul, which may discourage some purchases.
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Employees / Management Structure Strength -
Management features real customers on their website and social network sites. Employees are friendly and helpful.
Weakness - Management chose to be closed on Mondays. -
Some workers are overbearing
SWOT ANALYSIS LULU’S AT THE BELLE K EXTRENAL FACTORS Competition Opportunities - Chicago is a large city offering wide variety of clientele and foot traffic - Lulu’s is located on the north side of Chicago and is quite popular giving them an advantage if they decided to open up other stores in the downtown area. Threats - There is a lot of competition located in the same area as Lulu’s giving customers many options to choose where they would like to shop - Online retailers who have collected the same type of merchandise have a low start-up cost and do not have to pay taxes which will give them a price advantage Economic Opportunities - Although the recession has hit hard on a lot of businesses vintage boutiques like Lulu’s will be able to survive because of their type of clientele - There is always room to find new products that are less expensive yet still appealing to the customer
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Threats -
Bad economy forces all people to think closely about where they are willing to spend their money There is a demand for vintage clothing but when the economy is in a bad shape other competition and prices have a stronger effect on the business when consumers are keeping a tight grip on their wallet.
Technology Opportunities - As technology progresses social networks and web advertising is becoming much more common and effective. - Technology in general aids businesses in being more efficient with getting their products to thee consumer. Threats -
Online retailers that sell the same clothing for cheaper The overhead cost having a brick and mortar store opposed to an online retailer
Society Opportunities - Vintage items are collectible and will always be collectible because they are a part of history, which keeps the market always in demand of these types of items
Threats -
Vintage clothing may go out of style and since this boutique specializes in only that this could greatly effect their business
INTERNAL FACTORS Customer Strengths - Their customer is willing to pay for these items because of their authenticity - Their customer frequents their store often because new items are likely to come in 14
Weaknesses - Customer base is so specialized if customers taste change they may not be able to accommodate Product Mix Strengths - Offers authentic vintage clothing, jewelry for customers - Pieces are still affordable yet elegant and prestigious Weaknesses - Very niche market, limits their business to only small group of consumers - Small online selection of clothing, jewelry, and accessories Pricing Strategies Strengths - Items are priced based on quality and authenticity which makes them attractive to customers - Pricing is affordable and their customers are willing to pay for their items Weaknesses - There is no mark down on any items on their website and there is no notification of any sales taking place either online or at their store - They do not have an “On Sale” section on their website Promotion Strengths - They have a significant web presence (Website/Google Ads) - They have a “Lulu’s in the news!” section which builds their credibility Weaknesses - Although they have a web presence it is very unorganized and the selection is small - They do not use their website to promote what is happening at the shop (mailing lists, or updating websites) 15
Distribution Strengths - Can order merchandise off Lulu’s website - Can follow them on Facebook which offers some updates about product line Weaknesses - Only one point of distribution - Website only offers small selection of products, which limits customer accessibility - Store heavily relies on foot traffic but does not take full advantage of the Internet Employees Strengths - Operated by Laurie Davis who is passionate about what she does and hand picks every item in her store - Staff is probably very small and close knit offering a warm environment to work as well as shop Weaknesses - Maybe to small of a staff which might explain why the website is a little unorganized and plan - Although a small staff is likely easy to maintain, there are less ideas flowing in about ways to improve business Price Point The prices for our items with stay relatively high due to the authenticity and genuine distinction our products offer. Substitution: Although there are substitutes for vintage merchandise that are close in replication I feel that a real collector or a customer who takes pride in knowing their accessories are authentic is what keeps the demand for vintage merchandise high. 16
Customary Because each vintage item is unique in its own sense and not a mass produced item it is likely that huge price changes will not occur and demand for the product will not decline if the price of our item is spiking upwards.
Vendors List of Vendors: -Estate Sales -Auctions -Antique Shops -Private Collectors -Buy or Trade (customer) -Any other opportunities that may present itself
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Industry Overview The current state of our industry in Chicago is strong. There are a lot of boutiques which suggests that not only is the industry strong but its stable. Vintage merchandise is unique in the sense that it cannot be reproduced. According to CBSChicago.com, “Vintage shopping is more popular than ever, and Chicago boasts some of the most remarkable vintage clothing stores around.” Also boutiques are showing great success not only in Chicago but everywhere. According to stylecareer.com, “Today, owning a boutique is probably one of the easiest moves to become a part of the lucrative growing fashion industry. Both online and offline boutiques are popping up everyday. Even though only a select few grow into large fashion retail stores like Nordstrom, most successful boutique owners earn decent income to lead a fulfilling lifestyle.” For this reason and the unique items sold at these boutiques I feel that the market will be strong in two, five and even ten years.
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Vision To become the most well known, go to vintage store of the Chicago land area and to grow both financially as a company and a team.
Mission To offer our customers an exquisite selection of handpicked accessories while providing unparalleled service due to our love and knowledge of the vintage treasures we collect, and to help our customers gain the experience of having a story to go along with every purchase. We want to create a fun and enjoyable atmosphere for a great shopping experience to our unique customers who share the same interests and quality as us.
Shared Values ▪ Dominate customer service ▪ Empowerment of associate skills for finding and picking out merchandise ▪ Legendary customer relationships ▪ Importance of respect of our unique and specific customers
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Local Assessment We chose Lincoln Park to be the home of Finders Keepers because of its great demographics in relation to our target customer. The Chamber of Commerce considers the median age about 31, and the average family size of a little more than two. This means there are many young singles and couples, the ideal customers for our store. Many of the residents of the area are also up on current fashion trends. Additionally, the median family income is about $133,000, an ideal for our target market. Furthermore, Lincoln Park is an area visited by many tourists, whom, although not our target market, would be likely to stop by our store. This would give us an array of clients interested in vintage and one of a kind jewelry.
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Plan-o-gram For the plan o gram we decided to go with the open flow layout. It made it a little challenging to write the plan o gram out to show exactly where I want the merchandise. Since we are only carrying jewelry and accessories they will be intermixed throughout the displays, not sectioned off by style or designer. I chose to put our higher end vintage pieces in a small display located between the front door and the cash wrap, that way our employees will be able to keep a better eye on the more expensive merchandise.
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Layout Open flow Our boutique will have an open flow because it offers easy access to our merchandise while providing a sense of freedom and curiosity as our customer makes their way through our store.
Décor All of our décor will be vintage furniture, and most of it will be for sale too! The furniture that we will incorporate into our décor will include tables, seating, mirrors, lighting and chests, such as dressers and cabinets. Below are images of examples of our lighting and chests, such as dressers and cabinets. Below are images of examples of our décor.
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Five Senses Taste - Old school candy at counter for customers Sight - Beautiful displays, that aren’t packed with merchandise, and incorporate our vintage furniture.
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Sound - An iPod to play Pandora radio that will be picked by employees (approved by management). Smell - A consistent candle burned at register. Touch -Luxurious fabrics on vintage seating. As well as ornate materials used in the production of the vintage pieces.
Merchandise Categories Furniture -Tables -Lighting -Seating -Mirrors -Chests Jewelry -Necklace -Bracelets -Earring -Ring Accessories -Scarves -Bags -Other
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Sales Below are the results gathered from the three methods of calculating your average sales. Option #1 Class
M
T
W
Th
F
Sa
Sun
Total
APP
Total
Units FT
Close
0
0
0
0
1
0
1
250
250
FL
0
0
0
1
2
1
4
75
300
FS
0
0
0
0
1
0
1
300
300
FM
0
0
0
1
2
1
4
75
300
FC
0
0
0
0
1
0
1
500
500
JN
2
2
3
5
6
6
24
50
1,200
JE
3
3
4
6
10
7
33
30
990
JB
2
3
3
4
6
5
23
50
1,150
JR
1
1
2
2
3
2
11
35
385
AS
1
1
2
2
3
2
11
40
440
AH
0
0
1
2
3
1
7
80
560
AO
0
0
2
2
4
2
10
25
250
Weekly Sales = $6,6625 Annual Sales = $318,000 26
Option #2 Average
M
Ticket $125
Closed
T
W
Th
F
Sa
Sun
Total
10
10
15
15
25
25
100
1,250
1,250
1,875
1,875
3,125
3,125
$12,500
Annual Sales = $637, 500
Option #3 Our rent is $1,650 a month but it is a lease so we rounded up to assume it would be about $2,000 a month. 2,000 X 12= $24,000 a month Annual Sales = $240,000
Our most realistic finding was option #3, since it is based on actual data, by having 8-12% of your average sales being your rent. So we felt we could add a little to the $240,000 we got from option #2. We decided our annual sales would be $275,000.
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Budget Gross Income: $275,000 Fixed Expenses Owner Salaries Payroll Taxes Alarm General Insurance Legal and Accounting Fees Maintenance and Repair Miscellaneous Office Supplies Professional Fees Rent Taxes and Licenses Telephone Travel and Entertainment Utilities Window Trim Total
Dollars 27500 2970 137.50 192.50 165 1100 605 990 2200 1650 275 1100 6050 1375 550 46860
Percent 10 1.08 .05 .07 .06 .4 .22 .36 .8 .6 .1 .4 2.2 .5 .2 17.04
Variable Expenses Selling Payroll Payroll Taxes Advertising Credit Card Expenses Dues, Donations, and Subscriptions Employee Welfare Freight Postage Store Supplies Total
Dollars 27500 2750 11000 6600 137.50 550 6050 137.50 2750 57475
Percent 10 1 4 2.4 .05 .2 2.2 .05 1 20.9
$104335
37.94%
Total Expenses Net Income: $170665 , 62.06%
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Management Style- Leadership At Finder’s Keeper’s we have an overall productive staff and team. We like to include our associates on decisions involving them as well as the best interest of the store. We feel that as a team we should have the associate’s feedback to be considered. That being said, here at Finder’s Keeper’s we will be having a Democratic leadership style throughout the store. The Democratic style offers and encourages the employees to take part in the decision processes. It uses a two way communication system between the senior and junior employees and uses delegation. We feel as if this particular style would be best suited for our store atmosphere. As far as management styles go we will be carrying out an overall style of delegating. However, each manager will independently have their own natural style. One manager for example, may have more of a coaching management style based on their praising and direct personality. We will use delegation mostly by setting goals with the employees so that they are aware of what we want to achieve. We will also be developing plans with the employees as well so that they can choose who does each task. The styles that we have chosen are what we believe are best suited for us as the management team, the employees, and lastly the store. We feel with these styles we will be on our way to have a productive and growing boutique.
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Profit and Loss Statement Sales: $275,000 COGS: $123,750 Gross Income: $151,250 Fixed Expenses Owner Salaries Payroll Taxes Alarm General Insurance Legal and Accounting Fees Maintenance and Repair Miscellaneous Office Supplies Professional Fees Rent Taxes and Licenses Telephone Travel and Entertainment Utilities Window Trim Total
Dollars 15,125 1,633.50 75.63 105.88 90.75 605 332.75 544.50 1,210 907.50 151.25 605 3,327.50 756.25 302.50 25,773.01
Percent 10 1.08 .05 .07 .06 .4 .22 .36 .8 .6 .1 .4 2.2 .5 .2 17.04
Variable Expenses Selling Payroll Payroll Taxes Advertising Credit Card Expenses Dues, Donations, and Subscriptions Employee Welfare Freight Postage Store Supplies Total
Dollars 21,175 1,512.50 6,050 3,630 75.63 302.50 3,327.50 75.63 1,512.50 37,661.26
Percent 14 1 4 2.4 .05 .2 2.2 .05 1 24.9
$63,434.27
41.94%
Total Expenses
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Events January—After Christmas sale, take an additional 30% off sale items February—Valentine’s Day, with a purchase of $25 dollars and get a More cupcake March—Vintage Know-It-All April—“How to Redecorate,” bring a friend receive 15% off furniture purchase May—“Guy’s Shopping Night” (Make a purchase and receive a coupon for 15% off Mom’s next purchase) June—Buy piece of furniture, free 1-year inspection July—4th of July picnic open house August—Spend $50 get a $10 gift card September—Back to school shopping, one week tax-free October—Bring in a food shelf item get 15% your entire purchase November—Black Friday (Open late open house 8-10), Christmas display starts December—Christmas, Christmas display
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Detailed Events 1. April. In April, we would offer a free seminar featuring a local interior designer on redecorating one’s home, such as redoing one’s entryway. For those who attend our seminar and bring a friend, they will each receive a 15% off coupon for any furniture purchase they make that week. The seminar would feature a guest speaker, Jillian O’Neill, who is a Chicago interior decorator. We would also serve refreshments. The tag line for the event would be, “Imagine the Possibilities.” Refreshments would cost us around $50, if we buy cookies and punch. Jillian O’Neill would cost us more, probably around a few hundred dollars. The event would bring in women looking to redo their entryways, thus more likely to buy something. They’re also likely to go with a friend, but the coupon will give them more incentive to bring friends. That also increases our client base. (Postcard) 2. June. If one buys a piece of furniture during our June event, they will receive a 1year inspection of their item. One of our employees will go out to their residence and check out their item. Our employee will then offer decorating suggestions based on our current inventory. 3. November. To contrast the early morning shopping and stress of Black Friday, our store will be having an open house after hours. Our open house would be serving wine and cheese to help our visitors relax after a stressful day of early morning shopping. The tag line would feature this idea, “Stressful morning? Relax with us.” The event would cost us around $500, if we were to purchase 18 bottles (about 90 glasses) of $20 wine and good cheese and crackers, as well as glasses, napkins, plates, etc. Because people are already in a buying mood from Black Friday, and drinking wine, we hope it would be a successful night. Social gatherings also encourage customers to bring friends along, who may also buy. The event would help immediate sales and increase our customer base. (Postcard) 4. December. For December, we decided to host a Christmas display similar to that which Dayton’s used to have and was taken over eventually by Macy’s. The event brings in many people who are only there to see the display, but are forced to wander though the store to get there. This forces a huge mass of people to view a large portion of your store, especially when the wait line is strategically placed. Although making the display would be expensive, we feel the extra advertising would be beneficial.
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April Flyer
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November Flyer
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Value of a Customer for Life Our customer for life is Sally; she has been shopping with us since she was twenty-two. She comes into the store on a regular basis to browse around, but on average she purchases about eight times a year. Sally is very fashionable and extremely interested in vintage pieces to accent her already impeccable sense of fashion. Because of her place in the Chicago social scene she often finds herself needing new accessories to impress the other women at the events, so we would assist her in selecting the right pieces for her outfit of choice. Along with her love of vintage accessories, she also has an appreciation for vintage furniture, which she often purchases as well to accentuate her brownstone in Lincoln Park. Overall on average Sally spends about one hundred dollars each time she comes in, but because she welcomed two children in her thirties, there were a few years we didn’t see her because she took some time off the social scene to raise her children. So in all Sally was a customer of Finders Keepers for twenty years. In total, coming in eight times a year and spending one hundred dollars each time over twenty years, Sally spent $16,000 at Finders Keepers.
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Human Resources- Staffing Detailed job descriptions: Owner: The owner of our boutique has a lot of responsibilities on her shoulders. Aside from her responsibilities of running the store, she is very entrepreneurial minded and use a set of savvy business skills and an in-depth knowledge of the industry. She oversees all aspects of the boutique operations such as the planning, purchasing inventory, setting up displays, and managing the employees. She always goes above and beyond to work at creating lifelong customers and does her best at keeping the store unique just for them. She does a great job at keeping the customers and employees happy and satisfied. Even on her days off you can bet on seeing her in the store! Manager: The main responsibility of the manager is to oversee and handle the day to day processes that are carried out in the store. She manages the product inventory, employees, displays, and sales. She trains the new employees, and still works with the older employees as well. The management style is generally delegating. She voices the goals that we want to achieve to the employees so that they are aware and so they can help us achieve them. She also works hard at keeping the employees motivated while everyone is on the sales floor (including her) that way everyone can do their job efficiently and effectively. Part time employees: We have a great set of three part time associates that work very hard at their jobs. They asset customers with hard to find items, they asset customers with their questions, and most importantly get the customer to buy what their trying to sell. They have a wide range of duties and provide different services, such as helping the customer pick out the perfect item, ringing them out at the register, and creating loyal customers. The part time associates learn to become very patient seeing as there are a lot of difficult customers that do come in. They tend to be polite, friendly and very outgoing when it comes to greeting and talking with the customer. The part time associates work just as long and hard as the manger and owner do.
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Hours: Monday-Closed Tuesday-Thursday 10-6 Friday-Sunday 10-8 With the schedule we planned based on how many people we thought we needed per day, we had a total of $101,008 invested in salaries, but our P & L only allotted $66,000 to salaries. With that in mind there are a number of things we could do to decrease the amount of money dedicated to salaries. First off we could decrease the salaries of our owner and manager. The other thing we could do is get rid of our morning shift and just stick to one person in the morning and two in the afternoon. Schedule:
Jenna Sam Frank Izze Employee #3
CLOSED
open-close
X
Open-Close
X
Open-Close
Open-Close
X
Open-Close
X
Open-Close
Open-Close
Open-Close
9:30-1:00
1:00-6:00
X
9:30-1:00
1:00-6:00
X
1:00-6:00
X
9:30-1:00
1:00-6:00
X
9:30-1:00
X
9:30-1:00
1:00-6:00
X
9:30-1:00
1:00-6:00
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Day in the life of the manager: Our manager, Sam starts off her day happy knowing she is going into work at Finder’s Keeper’s. She loves knowing that she gets to work with her associates and work toward creating big sales that will make the customer satisfied. She starts of her day opening the store at 11 o’clock with one part time associate. From there the two of them do the opening routine of opening the register, recovering the store, and looking at the previous day sales and compare to last year sales as well. She discusses the goals she wants to see be accomplished for the day with the part time associate, and decide what they can do to achieve those goals. Once the store is open, they work on recovery and displays while waiting for customers to come in. As the first customer arrives Sam welcomes her in with a warm greeting. She finds out what that specific customer’s needs are and what she is hoping to find. Then she helps her find the best item that fits her needs. Sam likes to listen and connect with the customers that way it makes the customers feel comfortable and keeps them coming back into the store. She wants the customer to know they get great customer service when they visit. Sam makes sure there is always hot tea and coffee available for the customers and employees. Her and the part time associate work together to pick out the music they want to be played for that day. If the morning is slow with little customers Sam will be sitting at the front desk working on the schedule for the next week or payroll. Whatever she may be working on, she will always be located at the front desk so that incase a customer came in she is always 38
available to them. Sam’s day mostly consist of working on the planning for the store and assisting the customers whenever they need her. She loves working with the customers as well as the associates. She tries her best to run the store smoothly and effectively.
Store Guarantees and Policies Return Policy: Customer has ten days to receive back how they paid and thirty days to receive store credit. We are mainly a vintage boutique and because many of our pieces were made many years ago there is always a possibility that something could break. We have a jeweler that we trust and if the customer brings the damaged piece into the store we will send it out to be repaired.
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