Retail Management Project
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Transcript of Retail Management Project
1
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
2
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.”
3
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
6
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.
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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.
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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
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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)
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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.
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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
18
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.
23
24
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
26
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
Units
APP Total
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
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Option #2
Average
Ticket
M
T
10
W
10
Th
15
F
15
Sa
25
Sun
25
Total
100
$125 Closed 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 Dollars Percent
Owner Salaries 27500 10
Payroll Taxes 2970 1.08
Alarm 137.50 .05
General Insurance 192.50 .07
Legal and Accounting Fees 165 .06
Maintenance and Repair 1100 .4
Miscellaneous 605 .22
Office Supplies 990 .36
Professional Fees 2200 .8
Rent 1650 .6
Taxes and Licenses 275 .1
Telephone 1100 .4
Travel and Entertainment 6050 2.2
Utilities 1375 .5
Window Trim 550 .2
Total 46860 17.04
Variable Expenses Dollars Percent
Selling Payroll 27500 10
Payroll Taxes 2750 1
Advertising 11000 4
Credit Card Expenses 6600 2.4
Dues, Donations, and Subscriptions 137.50 .05
Employee Welfare 550 .2
Freight 6050 2.2
Postage 137.50 .05
Store Supplies 2750 1
Total 57475 20.9
Total Expenses $104335 37.94%
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 Dollars Percent
Owner Salaries 15,125 10
Payroll Taxes 1,633.50 1.08
Alarm 75.63 .05
General Insurance 105.88 .07
Legal and Accounting Fees 90.75 .06
Maintenance and Repair 605 .4
Miscellaneous 332.75 .22
Office Supplies 544.50 .36
Professional Fees 1,210 .8
Rent 907.50 .6
Taxes and Licenses 151.25 .1
Telephone 605 .4
Travel and Entertainment 3,327.50 2.2
Utilities 756.25 .5
Window Trim 302.50 .2
Total 25,773.01 17.04
Variable Expenses Dollars Percent
Selling Payroll 21,175 14
Payroll Taxes 1,512.50 1
Advertising 6,050 4
Credit Card Expenses 3,630 2.4
Dues, Donations, and Subscriptions 75.63 .05
Employee Welfare 302.50 .2
Freight 3,327.50 2.2
Postage 75.63 .05
Store Supplies 1,512.50 1
Total 37,661.26 24.9
Total Expenses $63,434.27 41.94%
31
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
32
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 1-
year 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.
33
April Flyer
34
November Flyer
35
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.
36
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 open-close X Open-Close X Open-Close Open-Close
Sam X Open-Close X Open-Close Open-Close Open-Close
Frank CLOSED 9:30-1:00 1:00-6:00 X 9:30-1:00 1:00-6:00 X
Izze 1:00-6:00 X 9:30-1:00 1:00-6:00 X 9:30-1:00
Employee #3 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
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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.