Please write a speech for part of this presentation. The speech is for slides 1-6 (Introduction+Upwest Company background), please refer to slides 28-31 f

Please write a speech for part of this presentation. The speech is for slides 1-6 (Introduction+Upwest Company background), please refer to slides 28-31 for detail contents. The Project Description would also be helpful. Use first person such as “We”, “Our Group” UpWest
Team 2
PROVIDING COMFORT
FOR THE MIND, BODY &
SPIRIT
Agenda
01
UpWest Company Background
02
Concept Stores Background
03
Business Questions 1 & 2
04
Recommendation +
Call-to-Action
01
Company Background
Target Customer
Millennial
Side Hustlers
35 – 44
Middle to UpperMiddle Class
Active Lifestyle
Customer Profile
Omni-Channel
Prefer In Store
63%
Prioritize Family
Needs
Fashionable +
Comfortable
02
Concept Stores Background
Concept Stores – STORY At Macy’s
Specialty Store
–
1,500 sq ft (avg)
36 locations
Wages: $1215/hr for sales
associate
Rent: $25 per sq
ft ($3,200
/month)
Avg. breakeven in year
three (3)
Services
Offered
–
Brand
Partnerships
Interactive
Touch Displays
Bespoke Scents
Events and
product
launches
Retailer’s Goal
–
–
Opportunity for
customers to
come in more
often
Generate sales for
Macy’s
Build awareness
for local retailers
and artists
Concept Stores – Glossier NYC Showroom
Central Business
District
Services Offered
–
–
–
3,000 square feet
Soho, New York
Wages: $15/hr for
sales associate
Rent: $57 square
foot ~ $14,250 per
month
–
Makeup
Tutorials
Try on stations
Experience:
order comes
down conveyor
belt
Retailers Goal
–
–
In-store
experience
Customer service
Building a
community using
social media
build positive
brand attitude
Concept Stores – Rebecca Minkoff NYC
Central Business
District
–
–
700 Sq Ft
SoHo, New York
~ $220,000 to
Construct
$46 per sq ft for
Rent
$14 Hourly Wage
| $45,000 Yearly
Salary for
Managers
Services
Offered
–
Smart Wall
Digital Fitting
Rooms
Host Outside
Events
Retailer’s Goal
–
Increase Brand
Awareness
Offer a Customer
Experience to
Increase
Retention
Insights
Use of Technology
Small Store Size
Customer Experience
Pricing
01
Business Question 1
Propose a store concept for UpWest.
What will the role of the store be in the
company’s overall business model?
Concept:
UpWest
Showroom
–
Mall Retail Space ~ 700 sq ft
–
Showroom Style Display
–
Clothing + Home Goods
–
Interactive Displays & Checkout
–
Organized & Minimalistic UpWest Design
–
Generate Awareness through Interactive In-Store
–
–
Design:
UpWest
Showroom
Interactive Fitting Room Mirrors,
allowing for Virtual Try-On and
–
Cabin aesthetic
Connection to Online Products
–
Wood displays
Limited merchandise ?
–
Home finishings
increased circulation of
customers
–
Build + Design Cost:
–
–
Build (Interior Design): ~$70,000
Monthly Cost: : ~$16,342
–
Manager: ~$50,000.00 /yr
–
Assistant manager: ~$40,000.00 /yr
–
Sales Associates (3 in store at a time): $12.00 /hr
–
Lease/Rent: ~$25 sq ft ? ~$1458 per month
–
Utilities & Insurance: ~$1,125 per month
–
Display and Checkout Technology: ~$500 /month
Business
Model:
UpWest
Showroom
02
Business Question 2
Where should it be located? What
considerations play a role in the decision?
Easton Town Center,
Columbus OH
Central location to Westerville + Upper
Arlington
$60,000 – $99,000
Median Income
81-124 Retail Businesses
Based in Columbus
Will receive foot traffic but not as much
competition as other major cities
Location Sales
Estimate
Percentage
Lease
Lease
Conditions
Monthly
Schedule
Base Rent
Based on
Square Footage
Hours and Days
the Store is
Open
04
Recommendation Overview
& Call-to-Action
Recommendation
Overview
?
?
?
Showroom Style Store
Easton Town Center
Columbus, OH
Interactive Displays and
Checkout
PROVIDING COMFORT FOR THE
MIND, BODY & SPIRIT
Stop in and learn about
our impact
Thank You
–
–
–
–
–
(n.d.). Retrieved April 15, 2020, from
https://streeteasy.com/building/96-greene-street-new_york
Chen, C. (2018, August 30). Inside Bloomingdale’s Permanent Pop-Up.
Retrieved April 15, 2020, from
https://www.businessoffashion.com/articles/news-analysis/insidebloomingdales-permanent-pop-up
Dumont, J. (2019, July 8). Target heads to campus with small format
stores. Retrieved April 15, 2020, from
https://www.grocerydive.com/news/target-heads-to-campus-withsmall-format-stores-1/558265/
How Glossier Turned Into a $400 Million Business in Four Years.
(2018, June 4). Retrieved April 15, 2020, from
https://producthabits.com/how-glossier-turned-into-a-400-millionbusiness-in-four-years/
Howland, D. (2019, April 11). What’s the Story with Macy’s? Retrieved
April 15, 2020, from https://www.retaildive.com/news/whats-thestory-with-macys/552528/
jennyanne211. (2017, September 9). Fashion forward: How Rebecca
Minkoff uses technology to drive triple-digit sales growth. Retrieved
April 15, 2020, from https://www.cnbc.com/2017/09/09/how-rebeccaminkoff-uses-tech-to-drive-triple-digit-sales-growth.html
References
List
–
–
–
–
LoopNet.com. (n.d.). 900-934 E McMillan St, Cincinnati, OH, 45206 Retail Space For Lease. Retrieved April 15, 2020, from
https://www.loopnet.com/Listing/900-934-E-McMillan-St-CincinnatiOH/19218147/
Magna Pro Construction Co. (n.d.). Retrieved April 15, 2020, from
https://www.buildzoom.com/contractor/magna-pro-construction-co
Max, R., & Max, R. (2020, February 5). 53 Experiential & Concept Stores
in New York (2020). Retrieved April 15, 2020, from

62 Concept Stores, Experiential Retail & Flagships in New York City (2023)

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Murphy, I. P. (2015, September 24). Rebecca Minkoff’s flagship store is
wired for sales. Retrieved April 15, 2020, from
https://www.retaildive.com/news/rebecca-minkoffs-flagship-storeis-wired-for-sales/406195/
Rebecca Minkoff Unveils First Flagship Store and Introduces
Immersive Retail Experience for Next-Generation Shoppers. (2014,
November 19). Retrieved April 15, 2020, from
https://www.businesswire.com/news/home/20141119006724/en/Rebe
cca-Minkoff-Unveils-Flagship-Store-Introduces-Immersive
Sonsev, V. (2018, February 6). How Rebecca Minkoff Built A Fashion
Brand Fueled By Female Empowerment. Retrieved April 15, 2020, from
https://www.forbes.com/sites/veronikasonsev/2018/02/06/howrebecca-minkoff-built-a-fashion-brand-fueled-by-femaleempowerment/#60fff2f7f2ad
References
List
–
–
STORY at Macy’s, a narrative retail experience, launches in 36 stores.
(n.d.). Retrieved April 15, 2020, from
https://www.visitmacysusa.com/article/story-macys-narrative-retailexperience-launches-36-stores
STORY at Macys. (n.d.). Retrieved April 15, 2020, from
https://www.macys.com/social/story/
Target Small-Format Stores Video, 2018. (2018, July 20). Retrieved
April 15, 2020, from
https://corporate.target.com/article/2018/07/small-format-stores
The Carousel at Bloomingdales. (n.d.). Retrieved April 15, 2020, from
https://www.avixa.org/insight/CaseStudies/Details/the-carousel-atbloomingdale’s/
These Small but Mighty Target Stores Are a College Student’s Dream.
(2019, June 25). Retrieved April 15, 2020, from
https://corporate.target.com/article/2017/07/july-campus-stores
References
List
Appendix
Company Background – Target Customer
–
Millennials (both male and female)
Side hustlers (ages 35-44)
Middle-Upper Middle Class
Live an active lifestyle (Navera, 2019)
Concerned about the environment/ they want to give back (LOHAS)
Innovators, Experiencers
Have a college education, married with kids
Company Background – Profile
? Prioritize their family expenses above their own
?
?
Face financial challenges, unlikely to have a retirement plan
Care about their jobs (Boesel, 2019)
? Tech savvy; omni-channel preference (Boesel, 2019)
? Looking for fashionable, yet comfortable clothing (Desalva, 2019)
?
?
Prefer athleisure for a day-to-day wear
2/3rds of women prefer casual clothing
? Use the brand and it’s values to represent their own image (Boesel, 2019)
? Have a variety of price points represented in their closet (Desalva, 2019)
? LOHAS (Lifestyle of Health and Sustainability) love ecological fashion
label(Meet the Lohas – hip young eco-consumers, 2004)
Company Background – Profile (continued)
? Prefer to shop in-store (Millennials in the U.S.: Consumer goods and
shopping behavior, 2018)
?
63% of millennials prefer to shop in-store in comparison to online, less wait time
? Prefer to have omni-channel accessibility (Desalva, 2019)
?
?
26% of millennial women prefer to browse online and purchase in store (channel-migration)
Seamless app usage
? Interaction via social media (Desalva, 2019)
?
?
Consumers still turn to social media during the purchasing process
Style demonstration of new products
? Knowledgeable customer service representatives
Key Competitors
? Urban Outfitters
?
?
Sells Men and Women clothes
Home and lifestyle products
? ASOS
?
?
?
Solely online retailer
Sells Men and Women clothes
Has activewear/ loungewear section and products for face + body
Progress Report 2
Concept Stores Background
5 examples
Collect basic information about each store:
i. Approximate store size (in square feet)
ii. Type of location (see Chapters 7 & 8)
iii. Services offered
iv. Services/products sold
v. Other useful information
STORY At Macy’s
STORY is a shop that changes its inventory every four to eight weeks so that each cycle focuses on a new theme, trend, or
issue.
?
?
?
?
Specialty Store
36 locations
1,500 sq ft (depending on location)
400 SKUs
It draws its rotating array of products from collaborations with digital retailers.
?
?
?
?
State-of-the-art interactive displays, careful heat-mapping and bespoke scents designed for each theme
Brand partnership in the store sells for $500,000 (depending on location)
Other items in the store come from local retailers and artists
Events are frequently held at larger locations to showcase and launch new brands and technologies
Goal: Expand Macy’s capabilities to meet their customers where they are and produce experiences that their customers are
craving. What Story brings to Macy’s is an opportunity for people to come in more often.
Monetary Goal: Traditionally, the average break-even is in year three for STORY stores
Cost: Kenwood location
?
?
?
Rent: $20-30 sq ft in a shopping mall ($25/sqft * 1500 sqft / 12 = $3,125 per month)
Wages: Sales Associates $12 hourly, Store Manager/Assistant: $45,000 yearly
Utilities: $1.21 per sq ft ? $1,815 per month (electricity), Insurance: $1500 per year
Bloomingdale’s The Carousel Rotating Pop-Up
A constantly rotating pop-up shop driven by guest curators every two months. Available in the 59th Street, Soho, Century City, San
Francisco, The Shops at Riverside and Valley Fair stores.
?
?
?
?
?
Approximate store size (in square feet)
?
All locations 950-square-foot, with the exception of 59th Street- 1,600 square feet
Type of location (see Chapters 7 & 8)
?
Store-within-a-store, Rotating pop-up
?
Shopping center
?
59th street central business district
Services offered
?
more personal, physical way for customers to connect with brands
?
products curated by Bloomingdale’s
?
Guest speakers ex. During the Astrology Zone carousel, Astrologist, Susan Miller, reported on trends in Astrology
Services/products sold
?
Clothes, shoes, home and kitchen appliances
Other useful information
?
Strategy way for Bloomingdale’s to test out new brands to see if they speak to their customers on a smaller scale
?
Offer a fresh and exciting experience with new products for customers to look forward to and be educated about
Bloomingdale’s The Carousel Rotating Pop-Up
?
?
?
List of store characteristics/store attributes
?
In-store experience, Customer service, Unique Merchandise, Building a community using social media
Cost of the stores
?
cost to create/build/rent/lease: $20-30 sq ft in a shopping mall ($25/sqft * 950 sqft / 12 = $1,979 per month)
cost to operate
?
Wages: Bloomingdale’s sales associate NYC 15-19$/hr
?
?
?
?
Rent: $57 square foot ~ month
property Taxes: 0.90 %, Insurance: ~$1000 per year
Retailers Goal:
?
Intend to visit
Monetary value (benefit) of achieving that goal
?
Get people into the store to buy something from Carousel and other areas of the store
?
400 percent increase in foot traffic since launch
Target’s Small Format Stores – Near College Campuses
?
?
?
?
?
Approximate store size (in square feet) :
?
15,000 sq ft
Type of location (see Chapters 7 & 8)
?
Convenience
Services offered
?
Designed for quick and efficient trips
?
Serve as hubs for online order pick-ups
?
Self-Checkout
?
Starbucks
Services/products sold
?
Smaller offering of products, catered to students and staff
?
Home and dorm, office supplies, grab-and-go snacks, school spirit wear
?
Locally relevant products
Other useful information
?
Only one section of their small format stores; have ones that are not college specific
Target’s Small Format Stores – Near College Campuses
?
List of store characteristics/store attributes
?
?
In-store experience, Unique Merchandise, discount store,
Cost of the stores: Falls Church, VA
?
?
?
?
?
?
Cost of store:
Cost to operate:
-Wages: $12 an hour
-Rent/Lease: $3.33 sq ft / mo x 26,000 sq ft = $86,580 / mo
?
-Electricity: $1.21 sq ft, ? $31,460 per month
Retailers Goal:
?
Intent to visit
?
Regular shoppers
?
Aware of store
Monetary value (benefit) of achieving that goal
?
?
Get more people in to the store,make them visit regularly
About 3% growth in sales for each subcategory
Glossier’s NYC Showroom
?
?
?
?
?
Approximate store size (in square feet)
?
~ 3,000 square feet
Type of location (see Chapters 7 & 8)
?
Central business district
Services offered
?
Makeup tutorials, try on stations – the space offers sinks to use the facemasks other facial products
?
The Showroom workers assist in skin type matching for makeup and skincare products
?
Experience: once you place order with a worker your order comes down on a conveyor belt
Services/products sold
?
Makeup and skincare
Other useful information
?
The brand uses minimalist packaging
Glossier NYC Showroom
?
?
?
?
List of store characteristics/store attributes
?
In-store experience, customer service, Building a community using social media
Cost of the stores
?
cost to create/build/rent/lease:
?
The average cost to build a new structure in NYC is $362 per square foot
?
Estimated $1.09 million to build
?
cost to operate
?
Wages: $15/hr for sales associate
?
Rent: $57 square foot ~ $14,250 per month
?
property Taxes: 0.90 %, Insurance: $1000 per year
Retailers Goal:
?
Intend to visit
?
Aware of store
Monetary value (benefit) of achieving that goal
?
Get people into the store
?
Space was generating more sales revenue per square foot of space than the average Apple Store
?
boasting a 65% conversion rate
Rebecca Minkoff – SoHo Boutique
?
?
?
?
?
Approximate store size (in square feet)
?
700 sq ft
ii. Type of location (see Chapters 7 & 8)
?
Central Business District
iii. Services offered
?
Smart Wall
?
Serve as a gateway to the store, order coffee, tea, champagne
?
Digital Fitting Rooms
?
Use phone number to reserve spot in line for fitting room
?
Change lighting, call button for customer service
?
Self-service checkout
iv. Services/products sold
?
Apparel, Accessories, Bags
?
Host events (for women’s groups, student programs, etc)
v. Other useful information
?
Shopper can save her fitting room session for later with the digital fitting rooms
?
Sales associates are able to stay connected with their customers through the phone number feature
Rebecca Minkoff – Soho Boutique
? Characteristics/Store Attributes
?
In-store experience, Unique Merchandise, Customer Service, CRM Programs
? Cost of the Store
?
?
?
Create/Build: ~$220,000 per 700 sq ft. ~$314 per sq ft (Magna Pro Construction)
Rent/Lease: $46 per square foot – $32,200
Cost to Operate:
? Wage: Sales Associates $14 hourly, Store Manager/Assistant: $45,000 yearly
? Utilities: $1.21 per sq ft ? $847 per month (electricity), Property Taxes: 0.90 %,
Insurance: $1000 per year
? Retail’s Goal
?
“As a brand that’s always been considered on the forefront of the convergence between fashion and technology, we knew we
needed to capture that same groundbreaking innovation when it came to building our retail stores. In that vein, the goal for us
was to pave the way for a new kind of retail experience that seamlessly merges the online and offline experiences…” – Uri
Minkoff, CEO
? Retail’s Monetary Goal
?
Sales increase 200% with sales volumes entering triple digits sales growth. generated 100 MM in
sales
Business question 1
Propose a store concept for UpWest. What will the role of the store be in the
company’s overall business model?
? Showroom for Clothing (couple of sizes out, ask for more product in the back
? Small store size
?
?
Emphasize sustainability with less product and less waste, less overall utility expenses, etc
Reinforces the cosy, relaxing environment
? Outside product (bring extra home goods in store to make it feel more at
home)
? Use reusable bags (sustainability), smart mirrors or interactive displays to
connect small store with minimal inventory to online store
? No checkout bar (use smart mirrors or sales associates can check you out on
mobile devices)
Business question 1
Propose a store concept for UpWest. What will the role of the store be in the
company’s overall business model? Examine economics (costs vs benefits) of the
store type.
?
?
?
Set-up in a mall (outdoor, similar to easton?)
Size: ~700 sq ft
Cost:
? Build (Interior Design):
? Lease/Rent ~$25 sq ft ? ~$1458 per month:
? Electricity: ~$1.21 sq ft ? $847 per month
? Insurance: ~$1,500 /yr
? POS: ~$100 /month
? Wages:
? Manager: $50,000.00 /yr
? Assistant manager: $40,000.00 /yr
? Sales Associates (3 in store at a time): $157,200.00 /yr
Business question 2
a.Specify characteristics of the location, the city, and the site that would be important for UpWest.
Justify (see Chapters 7 & 8).
? Columbus Ohio, Easton Town Center
? Smaller city, close to warehouse + distribution center, important when doing a showroom style,
very close to headquarters
b.Analyze the data provided, using regression, and justify your location decision (see Chapter 8).
? Columbus’ median income falls mainly into the $60,000-$99,000 range
? Columbus has 81-124 retail businesses
? still get foot-traffic but not as much competition as other major cities
d.What lease conditions do you recommend for this new store concept? Justify.
? Percentage lease – rent based on percentage of sales
? Payment of the lease would be best done using a monthly schedule. This is because of the lack of previous instore
sales history for the brand. If they are doing not as well as expected they are not committed to a full year lease.
? Pay a base rent that is based on the store’s square footage.
? Pay a portion of expenses spent to maintain the shopping center’s common areas.
? Pay a portion of the shopping center’s property taxes.
Pop ups done by Upwest
? Very organized
? Minimalistic
Potential Design
Progress Report 3
Recommendations
Showroom
Call-to-Action
MKT 461
Stoel
Project Description
Problem Statement: UpWest is a new brand concept focused on providing comfort to its customers. The
brand was conceived by Express executives via social listening and extensive market research. The
online store opened to customers in November 2019. Based on the success of the brand, the company is
now considering physical locations to serve customers. Several online-only retailers have recently been
opening physical stores. And several popular retailers have been opening ‘alternative’ stores that don’t
even sell product. What would be the purpose of a physical store for the UpWest brand? How could a
physical store complement the business model of UpWest? And, where would the ideal location be for a
physical store?
Purpose:
1. To strengthen your understanding o…
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