Malone’’s Maternity is an up-and-coming boutique retailer of baby and child clothing and accessories. Malone’s Maternity has a broad range of high-end products that it will be able to offer its customers. Sandy Malone has formed the business as an Ohio corporation. By offering a nice selection of upper-end merchandise with benchmarked customer service, Malone’s Maternity will quickly gain market share.
The Market
Malone’s Maternity has identified two distinct market segments to target. The parents are those who purchase the products either for themselves or their spouses. This segment, which includes 135,457 potential clients, is growing at an astounding 9% per year. This second group includes friends and people who are buying gifts. This market segment sees a 8% annual increase rate with 299.454 potential customers.
The Concept
This is what you can imagine. You walk into a new retail space and it is an upscale boutique, as if you were on Fifth Avenue or Beverly Hills Drive. You’d be wrong to think that the clothes were made for celebrities, but they are meant for moms who are expecting their kids/babies. This may sound a little unusual but it is essential. It is important for fashion-conscious women to find upscale boutiques where they can purchase chic clothes for themselves, as well as stylish clothes for their toddlers. While there is one other store in the Cleveland Metropolitan area that sells clothes at a similar price point, the store itself does not communicate the feeling of an exclusive boutique. Malone’s Maternity hopes to prosper by offering upscale items to upscale clients.
Management
Sandy Malone, the founder of Malone’s Maternity, will lead it. Sandy is a Sociology major. Sandy started her career at Saks Fifth Avenue after graduation. Sandy was the primary buyer for the whole chain within four years. A job that gave her unparalleled insight into the retail business. Sandy worked in this role for several years, gaining valuable knowledge and important skills. Sandy gained the necessary experience and had three children. Sandy was keenly aware that the Cleveland area did not have many high-end options for expectant mothers and children. With this insight, industry experience, and important skill sets, Sandy will lead Malone’s Maternity to become the premier boutique in the area. Malone’s Maternity will achieve strong sales for years two and three while earning moderate net profit for those years.
1.1 Objectives
- To create a maternity clothes and accessory boutique.
- Gain market share quickly by addressing the high-end price points of infant and maternity clothing.
- To become financially independent in two years.
1.2 Mission
It is Malone’s Maternity’s mission to become the premier maternity boutique for the upscale expectant mother and her child. The boutique will offer the most current fashions and customer service at its best.
1.3 Keys To Success
- Provide the best maternity clothes, accessories and gifts for moms and babies.
- Pamper your customers
- For your business, establish a strict financial control program.