Wednesday, September 11, 2019

SWOT Analysis of High-End Consignment Clothing Store Essay

SWOT Analysis of High-End Consignment Clothing Store - Essay Example Consignment stores are managed in a way that both the consignee and the consignor are in the queue to make some money. As per the rule book a consignor has the right to scrap the partnership if it feels the business is moving at a tortoise pace and can take its goods back from the consignee as the deal is for a limited period of time between the two (Andre, 2004, p. 218-219). When consignment stores become part of any discussion then USA is surely to be highlighted as the country which has some popular high-end consignment stores which over the years have been a prime destination for many abstemious shoppers. Some of these big names are Her Friend’s Closet, Frugal Boutique, The closet, Clothes Circuit: Dallas Upscale Retail, etc. These stores offer brand with style at affordable price and are a big hit amongst consumers (, 2012). Consignment stores are popular hangout for a large segment of people and these stores are no less attractive than the branded stores down the street and have a friendly ambience for the customers who love to shop in these stores. To analyze such stores what better than to take a popular store as an example. Clothes Circuit: Dallas Upscale Retail is one such high-end consignment store for women and who are into this business for nearly 30 years. It would be interesting to know why this store is popular amongst women. What makes the store a strong competitor? What are its strengths and weaknesses? To analyze these queries a SWOT analysis can be a handy tool and provide a gist of Clothes Circuits business plan (Clothes Circuit, 2012) SWOT Analysis of Clothes Circuit: a) Strength: The biggest strength of the store lies in its low price for branded clothing range though used but in great shape to even confuse customers for first-hand product. b) Weakness: Weakness can be many but the major being that it doesn’t create hype through large section of the population which may affect the business. c) Opportunity: Th e weakness of the store can be turned into favorable opportunity by targeting a particular segment of customers through various promotional activities to create a better communication plan using promotional mix to its best use. d) Threat: The biggest threat for the store is limited deal between the consignee & consignor. Secondly if the clothes are not in proper shape then selling them becomes a problem. Also proper fitting becomes a problem with limited availability. But threat can be converted into opportunity if the store can provide a tailor for cloth fitting as per customers body shape & size and make sure that clothes available are in good condition (Dingell, 2009). Apart from SWOT analysis there are other factors also which plays a significant role in analyzing the credibility of Clothes Circuit store. The elements of analysis to get a picture perfect view of the business strategies implemented by the store can be divided into internal & external factors. Internal factors: i) Strategy: A proper strategy to attain higher market share in consignment clothing store

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.