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FinalFeasibility - I Status of an Industry The industry I...

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I. Status of an Industry The industry I am researching is defined as, “Clothing Accessories Store” according to the North American Industry Classification System (NAICS ID # 448150). The scope I have defined for this study is high-end fashion retail clothing made specifically for females between the ages of 15-30 in the area of Los Angeles and its near by surrounding cities. The retail industry alone is the biggest standing industry, while the retail clothing industry makes up a large sector of the actual retail sector. In the 2005-2006 financial year retail sales ended at 271.2 billion dollars. 1 Although it may remain simple and not as advanced as other sectors such as technology, the retail industry has vast opportunities with millions of target markets. Everyone is essence need clothes and with the media surge surrounding fashion and style, there is a new market developing with great financial rewards. Major Player and their Channels Retail is composed of several different major players. Wholesale retailers such as T.J. Max and Target are the largest players and maintain a majority of the retail market due to their size and accessibility. While these players are highly profitable it is almost impossible to enter this market and extremely high capitol is needed in order to do so. A majority of wholesale retailers have been in the industry for so long, that they have vast methods of distribution including retail stores, online shopping, and catalogues. Department stores such as Nordstrom and Robertson-May also have a major stake in the retail industry. They are the second most competitive players and are very similar to 1 Hogsett, Don. “It’s Better to be a Retailer than a Supplier.” Home Textiles Today . High Point: Oct 2, 2006 . Vol. 27, Iss. 39; pg. 1 1
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wholesale retailers but target a higher price point. They reach their market in the same way as T.J. Max and Target but have a smaller market and lesser channels to distribute in. The smaller players include boutiques and online shops that differentiate themselves from the overexposed chain retailers. While the previous may only have what seems to be a small market share, this market is the easiest to enter. Due to this I have chosen this as my target market. Success is very low in this market due to competition. However this is the market in which you can be most hands on and take control of your retail store. It is unrealistic to want to be the next Bloomingdales, but is possible through starting lower on the retail market chain and moving up. Styling Niche I want to approach the “boutique” retail environment in my own unique way. I want to combine the retail environment with a more style like influence. Styling is a very new concept in retail. While personal shoppers are available via department stores and several boutiques, the styling for my customers would incorporate items from multiple stores and would be based off of the relationship the stylist had developed with the customer. Each stylist would work on my direction but would form their own unique
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FinalFeasibility - I Status of an Industry The industry I...

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