Would you Wish to Open a Fashion Store? Start by Taking These Steps
Realize that fashion is fast
The first tip is that fashion changes fast every season and new stock must be moved in or your shop will be seen as out of date and sales will rapidly decline.
This means constant advertising and sales promotions will have to be planned for in your sales predictions.
It is all about size, depth and range
Successful fashion stores realize that you will need to stock each item inside a range of sizes, colours and styles to get any chance of making sales. This means for each product you wish to sell, you will need at least five different sizes, with 3-5 different colours, and all within 2-3 different styles. You will need to shelve or even display over 30-45 separate products for each single piece of clothing you intend to sell.
Floorspace is a good measure of the cost of clothing
In retail leasing every square meter of floor has a cost that needs to be recovered by promoting stock. This means that cheap clothing will have to take up more space to earn the same rent that more expensive items make.
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This naturally means that cheap clothing stores cram as much share into their store, while the expensive shops have room for space and polished floorboards.
Changing rooms pull in the money
You need to have a changing room or two as this is where you can make most of your sales. In fact a lot more than 26% of your sales will come from the changing room sales processes.
Remember and control your old share
With each slow down in fashion preferences you will end up with significant stock still left to try and sell. You will be unable to market old fashion stock after a particular time as it will:
turn your brand into a discount sales store
increase the expectation to wait for your purchase days instead of paying full price
take your stock costs and reduce the space you have to sell new items
raise your advertising and promotion costs to try and move it all quickly