Malone’’s Maternity, which is a start-up, is a boutique-style retailer of maternity clothing and accessories. Malone’s Maternity will provide a wide selection of high-end products for 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.
Malone’s Maternity has identified two distinct markets to target. The first segment are the actual parents. They either buy the products for their children or for their spouses. This segment has 135,457 potential customers and is growing at a remarkable 9% annually rate. The second group includes friends who buy gifts and other people who do so. This market segment is experiencing an 8% annual growth rate and has potential customers of 299,454.
Think about it. You walk into a new retail space and it is an upscale boutique, as if you were on Fifth Avenue or Beverly Hills Drive. Wait, these clothes aren’t for the most upscale models. They are for expecting mothers and their babies/kids. It may seem unusual but it is necessary. The boutique is a place where fashion-conscious women can find chic clothes that are both fashionable and stylish for themselves and for their toddlers. They also have a variety of accessories and gifts. There is one other boutique in Cleveland Metropolitan that sells similar clothes, but the shop itself doesn’t convey the feel of an exclusive boutique. Maloneâ€™s Maternity will thrive by offering upscale products to upscale clients.
Malone’s Maternity will be led by its founder Sandy Malone. Sandy holds a bachelor’s degree in Sociology. After graduating, Sandy began work at Saks Fifth Avenue, an exclusive retail chain. Within four years Sandy was one of the main buyers for the entire chain, a job that provided her with unique insight into the retail industry. Sandy spent several years in this position, collecting a wealth of knowledge and developing important skills. Sandy had her three children after she gained the practical experience needed to start this venture. Sandy was keenly aware that the Cleveland area did not have many high-end options for expectant mothers and children. Sandy will take Malone’’s Maternity to the top in the area with this industry experience and other important skills. Malone’s Maternity expects to see strong sales over the next two years and a modest net profit.
- To open a boutique selling maternity clothes and accessories.
- Gain market share quickly by addressing the high-end price points of infant and maternity clothing.
- To be profitable in two years.
Malone’s Maternity has the mission of becoming the most prestigious maternity boutique in the world for expectant mothers and their child. You will find the latest fashions at Malone’s Maternity and you will receive the best customer care.
1.3 Keys to Success
- Offer the finest maternity clothing and accessories for the mothers and children.
- Pamper the customers
- For your business, establish a strict financial control program.