Keys to Success
The key to success is to meet the demand for an upscale women's shoe store with a wide selection and focused customer attention.
The objectives for the first three years of operation include: 1. To create a product-based retail store whose primary goal is to exceed customer's expectations 2. To increase the number of clients served by 20% per year by serving an unmet need with outstanding selection and customer service. 3. To develop a start-up business, surviving off of its own cash flow.
Passion Soles' mission is to provide Australia with an upscale selection of women's shoes and outstanding customer service. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall into place. Our services will exceed the expectations of our customers.
Petite Shoes is an upscale women's shoe store located in Australia. Petite Shoes will be able to offer a wide selection because they will typically only have one size available per style. This one size is used as a demonstrative model. All other sizes are available within two days.
Petite Shoes is a sole proprietorship owned by Charli Rose.
Petite Shoes will incur the following start-up costs: * Computer system with CD-RW, printer, Microsoft Office, QuickBooks Pro, and POS software. * POS terminal/cash register. * Back office desk and chair. * Front of store counter. * Shelving racks. * Display racks. * Chairs, mirrors. * Assorted halogen track lighting.
Petite Shoes will sell upscale women's shoes. The general categories of shoes that will be sold are: * Sandals * Stylish work shoes * Loafers * Dress shoes * Canvas athletic/stylish shoes
Petite Shoes will strive to have one of the largest selections of shoes in the world. It will accomplish this by having one size per style in stock as a demonstration model. Petite Shoes will then order the style in the needed size and it will arrive within two days (rush one day service is available). This will be accomplished through a special relationship with the wholesaler who is able to send out the right size in the right style on demand. Often a wholesaler will be unwilling to ship out individual shoes, but Petite Shoes was able to secure an exclusive arrangement with its wholesaler to meet this need.
Strategy and Implementation Summary
Petite Shoes will leverage their competitive edge of extensive selection to drive sales. This is indeed a competitive edge because it is typically cost prohibitive for a store to have as much of a selection that Petite Shoes will offer. Because of a unique business model, Petite Shoes is able to leverage their financial resources and offer an unmatched selection. This is done by carrying a large selection of styles by only stocking one size per style. Once the customer has chosen the style, Petite Shoes will have the customer's shoes in one to two days.
Petite Shoes’ sales strategy will be based on display and visibility. A highly visible store with attractive product displays located in the mall will get a high percentage of foot traffic. This is especially the case for a women's shoe store. Women love to shop for shoes. Some women even use shoe shopping as a form of therapy, similar to eating chocolate. These activities can make them feel better.
The sales strategy will simply be, have…