Are you about writing a clothing store business plan? If YES, here is a sample SWOT analysis for a fashion boutique to help you form a competitive strategy.
Loads of entrepreneurs would prefer to choose opening an online retail clothing store as against opening a conventional bricks and mortar boutique simply because of the economic advantages and other key factors.
The start – up cost of setting – up an online retail clothing store is far lower when compared to the cost of setting up a conventional boutique. Besides it is economical to run an online retail clothing store. You have the opportunity of eliminating key running cost.
Statistics revealed that in the first quarter of 2014, online retail revenue generated via a mobile device was up 35 percent over 2013 first quarter, with mobile owning 13.7 percent of total e-commerce orders in Q1 2013 compared to 18.5 percent during Q1 2014. Two-thirds of Americans 50-plus buy from e-retailers online.
A Sample Clothing Store SWOT Analysis
Our intention of starting just one outlet of our clothing store in Inglewood, Los Angeles – California is to test run the business for a period of 2 to 4 years to know if we will invest more money, expand the business and then open other chains of clothing stores all over California and perhaps also sell franchise through the United States of America and Canada.
We are quite aware that there are several clothing stores all over Los Angeles and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.
We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.
Mary & Mack Clothing Store™ employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives.
This is the summary of the SWOT analysis that was conducted for Mary & Mack Clothing Store™;
Our location, the business model we will be operating on (one stop physical store and online store), varieties of payment options, wide range of clothes and other fashion accessories from local and international manufacturing brand, opening 24 hours a day and 7 days a week and our excellent customer service culture will definitely count as a strong strength for Mary & Mack Clothing Store™.
One major weakness that may count against us is the fact that we are a new clothing store in Inglewood – Los Angeles and we don’t have the financial capacity to engage in the kind of publicity that we intend giving the business.
The fact that we are going to operate our clothing store in one of the busiest district in Los Angeles – California provides us with unlimited opportunities to sell our items to a large number of people.
We have been able to conduct a thorough feasibility studies and market survey and we know what our potential customers / residence within the location where our clothing store will be located will be looking for when they visit our clothing store. We are well positioned to take on the opportunities that will come our way.
We are quite aware that just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing and spending power. Another threat that may likely confront us is the arrival of a new clothing store in same location where ours is located.