Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Retail Floorplan
Men's Retail Store Layout for Space, Profit and Efficiency Maximization
Mike and Earl Moore, are the founders of a Men's store named College Men's Unlimited. Recently they signed a lease for five years at theh College Mall near downtown. Along a stretch of the mall is a neighborhood of upper class homes. There are plans to open the store within weeks near the college and also a prime community. Business for Mike and Earl has been very promising and they are ready to make a move to the mall location. The Mall Developer has requested a floor plan from the owners.
The current store is in a two story home which does not have adequate space. The mall developer has requested that the store owners bring In plans for their layout as soon as possible. Therefore it is important to come up with a marketable floor plan that will allow College Men's Unlimited to open on time. The store is a men's store offering a line of young to mature men's clothing in prices from mid-range to authentic brands at a premium cost. The new store space is a bit smaller than the previous location that is 40 by 70 feet.
I. Objective: Using Available Space for Maximum Effect
Opening a new store is always a big adjustment to any retail business (Catriona Pollard,...
Mike and Earl have a lot to think about, to ensure that they do everything right. Here are some factors to consider when opening a new branch.
1. Size. Since this new branch of College Men's Unlimited will be substantially smaller (4,000 square feet total, but 3,600 square feet devoted solely to the retail store, versus 2,800 square feet total in the new locale), adjustments need to be made to accommodate this: since the store is a "full line" menswear store, every type of menswear they offer in the flagship store will need to be available in the mall store, but on a more economical scale (Demand Media, 2011). Also, since there will not be a need for the living quarters in the mall store, this will allow more floorspace to be devoted to merchandise.
2. Location. The mall is prime retail space, located perfectly for College Men's Unlimited's target market. The university is close, as is downtown, and is adjacent to a high-end residential area which would respond well to the store's merchandise line and price point, which is described as middle- to upper-quality. However, in order to compensate for what is likely a higher rent and other monthly overhead costs, they might have to consider increasing prices (Demand Media, 2011).
3. Layout. The location…
II. Strategy
Based on the store's physical characteristics and other factors, Mike and Earl have decided to address the problem head-on: make things as simple as possible. Here is a breakdown of each area of the store.
1. Storefront. The window display is always the first thing that potential customers see, and is the reason they stop becoming window-shoppers and become actual paying customers (Catriona Pollard, 2010). The storefront is narrow but ample enough to provide a good display
Since the supply is being specifically restricted, only a price increase could occur. Thus, creating exclusivity creates value to the seller. The third reason why exclusivity is valuable is that it creates differentiation (Finkelstein, 2009). Differentiation is a key driver of value for many products and services. Exclusivity does not equate to differentiation, but it does increase the perception of differentiation, simply by virtue of the fact that the product
Merchandising and inventory management are key success factors for firms in the retail industry. The two ideas are tied together. Merchandising reflects in the product mix a store offers, but also in the ways in which that product mix is presented. Inventory management in part reflects the merchandising needs of an organization, but it also reflects on the optimal profitability that a company can have. Merchandising tactics allow the store to
To do otherwise would create problems with the company's accounting. Cosigned goods are also included in the merchandise inventory (Elliot & Elliot, 2004). Even though they are out on consignment, they are still a part of the goods that belong to the company (Elliot & Elliot, 2004). If these goods have not been included in the company's inventory, it becomes difficult to account for their sales and can cause serious
Fashion Merchandising Fashion Group International Website for Students of Fashion Merchandising With a major in fashion merchandising, it is important to keep up with the latest trends in the industry. The website for The Fashion Group International (FGI) provides a great deal of free content and offers additional features for members. FGI was founded in 1930. According to its website, FGI is a "global, non-profit, professional organization with 5000 members in
Retail Environment and the Merchandising Techniques Foot Locker, Inc. is one of the leading companies in the global retail environment for sports apparel and accessories. The company has remained profitable across nearly all its operations and expanded into different countries worldwide. Actually, through its global expansion initiatives, Foot Locker currently owns and/or manages several subsidiaries in different countries such as Australia and New Zealand. One of the key factors that have
Accounting for Merchandising Business: Purchase Discounts Purchases Discounts Purchase discounts are used in credit purchases by sellers to encourage buyers to pay before the credit period is over, as they reduce the total amount to be paid. According to Kieso, Weygandt and Warfield (2011), some companies consider purchase discounts as losses, and use the net method to account for them in financial statements to correctly report an asset and the liability that