Nine for Mom
Business Plan Sarah Rosenberg December 4, 2013
Executive Summary Sarah Rosenberg Fall, 2013
Mission Statement Nine for Mom we, strive to give our consumer the, best shopping experience with great customer service and a selection of apparel that will fit her needs. Our philosophy at Nine for Mom is to put her first in every business decision we make, we believe in thinking of not only her shopping experience but also what she wants for her wardrobe during her pregnancy. We also want to make sure that she knows she is cared for and is in good hands at Nine for Mom which is why we make sure to keep her in mind when merchandising our apparel products to ensure that they are easy to get to and find her right size. Our goal at Nine for Mom is to create the same shopping experience with the same high end care that she is used to but with an emphasis on her and her needs. At Nine for Mom we are filling a need in the maternity market, with there being more emphasis on maternity clothing over the past years and women looking at fashion influencers and how to dress while pregnant, we are offering her the apparel brands and styles that she is looking for to create her stylish maternity look. Our consumer at Nine for Mom is women between the ages of 18 to 44, who are looking to not give up their style while they are pregnant. These women keep up with the latest trends in fashion and their own personal style is important to them. They show their status through the brands that they buy and want to show their buying power to their peers. They are early adopters, and keep up with current trends, they are always looking at the next best thing.
Location and Market 575 Bellevue Square, Bellevue, WA 98004 Our location at Bellevue Square is near affluent consumers and part of the Bellevue Collection which receives 18 million visitors each year.1 Opening Date August 2, 2014
1
www.bellevuecollection.com
Funding 30% Bank 40% Owner 30% Relatives
Success Factors ●
The maternity wear industry is forecast to grow in the next five years with the economic recovery which will result in higher disposable incomes. The projected demand will drive revenue up at an average annual rate of 2.8% per year to $2.3 billion.2
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With the birth rate expected to grow into the year 2017, maternity clothing will continue to see an increase in demand.3
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Retailers have seen demand for maternity wear increase in recent years with maternity clothing sales increasing, while women’s apparel sales have declined.4
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Large disposable income, 22% of Eastside households have a disposable income of $100,000 or more.5
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More than 18 million visitors each year, visit the Bellevue Collection.6 This indicates that there is a good amount of foot traffic in the Bellevue Collection and that consumers are coming to the area.
2
www.maternirtyboutiquemagazine.com/manage-your-store/maternity-wear-stores-in-us.html www.prweb.come/releases/2012/2/prweb9206066.htm 4 www.news-medical.net/news/2013o228/Demand-exists-for-comfortable-visually-appealing-maternitywear-for-women-earlier-in-pregnancies.aspx 5 www.bellevuecollection.com 6 IBID 3
Section Summary Executive Summary •
Nine for Mom we, strive to give our consumer the, best shopping experience with great customer service and a selection of apparel that will fit her needs.
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575 Bellevue Square, Bellevue, WA 98004. Our location at Bellevue Square is near affluent consumers and part of the Bellevue Collection which receives 18 million visitors each year.7
Company overview •
We will utilize margin and product. Our products are at a higher price point which will allows us to have a higher gross margin. For Market our target market, is in underserved market in the terms of high end designer maternity wear clothing, the brands that we will be offering are also not readily available in the Seattle, Bellevue area.
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To establish our consumer base we will collect customer emails, and contact information to keep in contact with our consumers. We will begin to send out email promotions within the first month to bring consumers back into our store and build that relationship. We will keep an aging list, to keep track of customers and how often they come into our store
Market Analysis ●
The population of Bellevue in 2010 was 120,199, and the forecasted population growth for Bellevue is 8.44 percent, by the year 2014. This is a good indicator that the Bellevue area is growing and will continue to grow8.
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The maternity wear industry is forecast to grow in the next five years with the economic recovery which will result in higher disposable incomes. The projected demand will drive revenue up at an average annual rate of 2.8% per year to $2.3 billion.9
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More than 18 million visitors each year, visit the Bellevue collection, with 350,000 people visit Bellevue during Arts Fair at the end of July over a three day weekend.
7
www.bellevuecollection.com Clrsearch.com 9 www.maternirtyboutiquemagazine.com/manage-your-store/maternity-wear-stores-in-us.html 8
Marketing Strategy ●
At Nine for Mom we offer high end maternity clothing and some of the most popular brands including Isabella Oliver, Seraphine, and Paige Premium denim. We also carry brands from the UK and Sweden that offer innovation and comfort without losing style.
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Our pricing strategies will include price skimming, because we offer high end maternity wear clothing our customers have a large disposable income. Price skimming will be a good fit for our business because it will reach our customers that have large disposable incomes and want to spend extra money on high end maternity wear.
Operations Plan ●
Buying resources we will use Maternity Boutique, Maternity & Newborn 360, WGSN, and We Connect Fashion.
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Associations, Bellevue Business and Professional Association, Fashion Group International and Color Association.
Financial Plan •
Our projected income statement, and balance sheets will give us a clear understanding of what our first year of business will look like.