Malone's Maternity, a start-up company, is a boutique style retailer of maternity and child clothing and accessories. Malone's Maternity will offer its customers a wide range of upscale products to choose from. The business has been formed as an Ohio corporation by Sandy Malone. By offering a nice selection of upper-end merchandise with benchmarked customer service, Malone's Maternity will quickly gain market share.
The Market Malone's Maternity has identified two distinct market segments to target. The first segment is the actual parents, those that are buying the products for themselves or for their spouses. This segment is growing at an impressive 9% annual rate and contains 135,457 potential customers. The second group are friends and other people buying gifts. This market segment has a 8% annual growth rate with 299,454 potential customers.
The Concept Imagine this. You walk into a new retail space and it is an upscale boutique, as if you were on Fifth Avenue or Beverly Hills Drive. But wait, the clothes are not for upscale models, but for expecting moms and their infants/kids. While this may seem a bit unusual, it is truly needed. Fashion conscious women have been looking for an upscale boutique where they can get good looking, chic clothing for themselves as well as fashionable clothes for the toddlers and a wide range of gifts and accessories. While there is one other store in the Cleveland Metropolitan area that sells clothes at a similar price point, the store itself does not communicate the feeling of an exclusive boutique. Malone's Maternity will thrive by offering upscale products to upscale clients.
Management Malone's Maternity will be led by its founder Sandy Malone. Sandy has an undergraduate degree in Sociology. Upon graduation Sandy went to work for Saks Fifth Avenue, an upscale retail chain. Within four years Sandy was one of the main buyers for the entire chain, a job that provided her with unique insight into the retail industry. Sandy spent several years in this position, collecting a wealth of knowledge and developing important skills. Then Sandy underwent the necessary practical experience for this venture, she had three children. Sandy became keenly aware of the lack of high end offerings available in the Cleveland area for expecting mothers and their small children. With this insight, industry experience, and important skill sets, Sandy will lead Malone's Maternity to become the premier boutique in the area. Malone's Maternity will achieve strong sales for years two and three while earning moderate net profit for those years.
To create a maternity clothes and accessory boutique.
Quickly gain market share by addressing the upper-end price point of maternity and infant clothing.
To become profitable within two years.
It is Malone's Maternity's mission to become the premier maternity boutique for the upscale expectant mother and her child. This will be accomplished by offering the newest fashions and the highest level of customer attention.
1.3 Keys to Success
Offer the finest maternity clothing and accessories for the mothers and children.
Pamper the customers.
Develop a strict financial control regime for the business.