Recycled Dreams – a Bridal Repository is a Portland, OR based retail rental shop of bridal dresses and accessories. Recycled Dreams, founded by Connie Jugal and run by her, will satisfy the unmet demand for formal wedding dress rentals rather than purchasing. Traditionally, wedding party members are required by the bride to buy their dresses. They have no say in what the dress will look like. They are informed exactly what dress to buy. The dresses end up being ugly and collect dust in their closets for many years. Because the dress is only going to be used once, it’s practical to give people the option of renting it. This makes the event far more cost effective, yet just as fashionable. Men can rent tuxedos, now women can rent bridal dresses.
The Services
Recycled dream’s rents veils, shoes, head pieces, and dresses. You can buy the dresses for the bride and other women if you so desire. These dresses can be purchased, but most people will be thrilled to have the option to rent them. In addition to providing the wedding party will the ability to rent all the necessary clothing pieces and accessories, Recycled Dreams has established strategic partnerships with top-flight local wedding related service providers such as invitations, flowers, catering, and photographers. Recycled Dreams offers a one-stop shopping solution for customers, where they can rent all necessary clothing and accessories. Recycled Dreams also receives a commission for referring other people, which provides additional revenue.
The Market and Competition
Recycled Dreams will be targeting two distinct market segments, the bridal couple and the parents of the bridal couple. Couples, as a market segment, are growing at 9% per annum with 114,584 potential buyers. Parents of the bride and groom have a 8% rate of growth with more than 112,000 potential customers.
Recycled Dreams is up against traditional bridal shops that carry the product. Recycled Dreams views these as competitors but sees them more as indirect rivals. Recycled Dreams believes the renting of dresses is an extremely valuable service. Currently, there are no other bridal rental facilities in Portland. The concept is brand new. It’s been tried in San Francisco, and Recycled Dreams was the first to offer it to Portland.
Competitive Edge
Recycled Dreams is able to offer two unique advantages that will help them rapidly expand their customer base as well as validate their concept. First, the idea that, just like men’s tuxedos, brides can rent their bridal wear. This is particularly intuitive since the dresses are only worn once. Although there may be some social stigma attached to women renting clothes, no one but the renting customer will know the dress is rented. Their outstanding customer service is their second competitive advantage. Recycled Dreams believes that their role is to help clients and guide them through every step of the process, meeting all their needs. This philosophy has been instilled throughout the company.
Management
Recycled Dreams has more to offer than a great idea. The company also has a skilled founder and manager who will guide it to profitability. Connie has many years of experience in retail management. Connie’s experience includes managing multiple stores for the Salvation Army. Connie was the manager of several stores and managed 46% annual growth. Connie will use her industry knowledge to make Recycled dreams a success.
Recycled Dreams is a new concept that recognizes that many bridal party gowns are not the most beautiful, cost-effective, and rarely worn after the wedding. Recycled Dreams will reach profitability by month 10 with healthy sales for year one and more than doubling by the end of year three.
1.1 Objectives
The objectives for the first three years of operation include:
- To establish a service-based company with the primary goal of exceeding customer expectations.
- Superior service will increase client numbers by 20% annually
- To develop a sustainable start-up business providing cost effective bridal dresses.
1.2 Mission
Recycled Dreams’ mission is to make wedding dresses and accessories affordable.
