Retail Buying Plan
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Transcript of Retail Buying Plan
fall 2013buying plan - women’s outerwear
ashima chauhan
table of
contents
Store Profile 3
Customer Profile 7
Demographics/ Psychographics 8
Six-month Business Plan 11
Stock Assortment Plans 12
Market Purchases and Justifications 15
Sales/ Marketing/ Training/ Promotion 74
store profile
Barneys New York is an American chain of luxury department stores spread out
across more than 40 locations in the United States, including ten full-size flagship stores. Its
headquarters in Manhattan, New York.
It was founded in 1923 by Barney Pressman, and was recently acquired by Perry
Capital, which is a private hedge fund firm. The store sells designer apparel for men, women,
and children; as well as shoes; accessories; and home furnishings. It mainly caters to an upscale
clientele and is perceived as a prestigious shopping destination for the affluent.
Its competitors include Bloomingdale’s, Brooks Brothers, SAKS Fifth Avenue, to
name a few.
chicago store
The Barneys in Chicago was opened up in
1992. It is located on Oak Street. It includes services
such as: Bridal/Gift Registry, the Personal shopping
service, as well as Fred’s Restaurant, which is a
signature restaurant to certain Barneys stores;
Chicago being one of them. The store itself is located
in downtown Chicago among a lot of high-end designer labels and restaurants, and therefore,
expects an upscale clientele.
new york
store
The New York store is located in
Manhattan and has the same services provided
by the Chicago store with the addition of a few
more services like: Studio service, which is a
sort of discreet shopping service mainly
available for stylists, designers, and celebrities; Concierge service providing, restaurant
reservations, tickets, car services, etc.; they also have Make-up Artists in residence; and a
Completely Bare, Hi-Tech Spa for luxury spa services. These services draw the attention of
the likes of various celebrities.
In addition to these services, the store incorporated a 22,000 square-feet section
recently dedicated to women’s shoes, in July.
Due to the enormity and location of this
store, along with the fact that it is the flagship
store, the New York Barneys has the highest
amount of importance.
boston store
The Boston store is located at
Copley Place, which is a mall in Boston
and was opened in 2004. Its structure
emulates a store-within-a-mall layout. The
mall itself carries a variety of high-end
luxury brands. The Barneys includes
services such as the Concierge Service, Personal Shopping service, and Make up Artists in
Residence.
customer profile
Our customer is a young professional
woman who lives in the city, has a challenging
job in a higher level profession, with a high
income and household size of around 1-3.
Despite her hectic job, she still goes out, spends
time with her friends and family, dresses up
when she feels like and is open to changing her
look everyday. Her income lies in the six figures
bracket. She is well educated and has a good
sense of high-fashion brands and relies on them
for their quality and unconventional designs,
especially outerwear.
demographics/ psychographics
When we go into the Demographics/Psychographics of each city, we can see a lot of
similarities in all three cities. Race, for example, there are predominantly white people in all of
these areas. New York has a higher number of Hispanic/Latino population, which we need to
keep in mind when buying different colors of the same product. While Chicago has a higher
number of Asian demographics, which could impact sizing decisions.
They are mainly between the ages of 30-49, which includes new families as well as
established families with a discretionary income of about 20-30%. Their incomes are higher
especially in between the $75,000-$200,000 bracket, which means that the people living in
these areas are quite well off and are more likely to be able afford expensive products.
Most of these people are employed in the Management and Professional sectors in all
three cities. Most of the people in New York and Boston are single, however, more people are
married in the area in Chicago, which makes spending less conservative in NY and Boston,
while people in Chicago might spend more conservatively due to other family expenses they
incur. Most of these people are educated and have either a Bachelor’s degree or Graduate
degree. This ups their chances of being aware about luxury brands, drawing them to the store
even more.
demographics/ psychographics
0%
10%
20%
30%
40%
50%
0 to 9 10 to 19 20 to 29 30-49 50-79 80+
Age
0% 5% 10% 15% 20% 25% 30% 35%
<10,000
$10,000-34,999
$35,000-
$75,000-
200,000+
Income
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
Hispan
ic
White
Black
Asian
Oth
er
Race
Chicago
Boston
New York
demographics/ psychographics
0% 10% 20% 30% 40% 50%
<9th gr
ade
9-12th
H.S. G
radu
ate
Some C
olleg
e
Associa
te's
Bachelo
r's
Gradu
ate
Educational Achievement
0%
10%
20%
30%
40%
50%
60%
Never Married
Married Separated Widowed Divorced
Marital Status
0% 10% 20% 30% 40% 50% 60% 70% 80%
Man
agem
ent
Service
Sales/
Offic
e
Farm
Constr
uctio
n
Produ
ction
Occupation
Chicago
Boston
New York
stock
assortment plan
Product: Women’s Outerwear
Classification August September October November December January
Trench coats & Rainwear
30% 35% 30% 23% 20% 20%
Leather, Suede & Shearling
30% 40% 23% 17% 12% 5%
Down/Puffer 10% 3% 17% 40% 32% 30%
Wool & Cashmere
15% 17% 13% 13% 23% 25%
Fur & Faux Fur 15% 5% 17% 7% 13% 20%
Total 100% 100% 100% 100% 100% 100%
stock
assortment plan
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
August&
September&
October&
November&
Decem
ber&
January&
Trench coats & Rainwear
Leather, Suede & Shearling Down/Puffer
Wool & Cashmere
market purchases
august
purchases
Class Planned Actual
Trench coats & Rainwear $118,000 $117,600
Leather, Suede & Shearling $118,500 $118,395
Down/ Puffer $39,500 $39,390
Wool & Cashmere $59,200 $57,130
Fur & Faux Fur $59,200 $58,550
Total $395,000 $391,065
september
purchases
Class Planned Actual
Trench coats & Rainwear $242,100 $240,155
Leather, Suede & Shearling $276,700 $272,025
Down/ Puffer $20,700 $20,680
Wool & Cashmere $117,600 $116,875
Fur & Faux Fur $34,600 $34,063
Total $691,700 $683,798
november
purchases
Class Planned Actual
Trench coats & Rainwear $18,700 $17,920
Leather, Suede & Shearling $13,800 $13,200
Down/ Puffer $32,500 $32,265
Wool & Cashmere $10,600 $10,320
Fur & Faux Fur $5,700 $5,670
Total $81,300 $79,375
january
purchases
Class Planned Actual
Trench coats & Rainwear $63,900 $63,085
Leather, Suede & Shearling $16,000 $15,520
Down/ Puffer $95,900 $94,925
Wool & Cashmere $79,900 $79,330
Fur & Faux Fur $63,900 $63,105
Total $319,700 $315,965
sales, marketing, training & promotion
august 2013
S M T W T F S
4Window Display Contest
5Email blasts
6 7 8 9 10
11 12 13 14 15 16 17
18Window Display Contest - winner announced
19 20Customer Review
21 22 23 24
25 26 27 28 29 30 31
Email blasts - Every 5th day of the monthCustomer Review - Make calls to loyal customers/ ask about satisfaction w/ products
Window Display Contest - Most Innovative idea by any employee is given a free ticket to watch Broadway play in October (inclusive of travel and lodging expenses)
september 2013
S M T W T F S
1 2Labor Day Sale
3 4 5Email blasts
6 7
8Moda Operandi Partnership
9 10 11 12 13 14
15 16 17 18Customer Review
19 20 21Moda Operandi Partnershipconcludes
22 23 24 25 26 27 28
29 30 1 2 3 4 5Email blasts
Email blasts - Every 5th day of the monthCustomer Review - Make calls to loyal customers/ ask about satisfaction w/ products
Labor Day Sale - Offers a one day sale of upto 20-30% Moda Operandi Partnership - Barneys partners w/ Moda Operandi for the ‘Moda Operandi Collection - Exclusively at Barneys’ campaign, whereby customers can actually view and buy
runway garments from Fashion Week, as opposed to online.
october 2013
S M T W T F S
6 7 8 9 10Augmented Reality installationpromotions begin
11 12
13 14 15 16 17 18 19
20Augmented Reality Party
21 22 23 24Customer Review
25 26
27 28 29 30 31 1 2
Email blasts - Every 5th day of the monthCustomer Review - Make calls to loyal customers/ ask about satisfaction w/ products
Augmented Reality installation - Customers download an app on their phone through which a storefront is brought to life right before them. They can immediately buy the products from
where they are. Augmented Reality Promotional Party - Customers are greeted with champagne and hors
d’oeuvres while they shop, prepared at Fred’s Restaurant (exclusive to Chicago & New York), while the app and details are explained.
november 2013
S M T W T F S
3 4 5Email blasts
6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25Customer Review
26 27 28Thanksgiving Sale
29 30
Email blasts - Every 5th day of the month.Customer Review - Make calls to loyal customers/ ask about satisfaction w/ products.
Thanksgiving/ Black Friday Sale - Select items offered at 30-35% discount.
december 2013
S M T W T F S
1 2 3 4 5Email blasts
6 7Holiday Season Employee Workshop
8Holiday Season Employee Workshop
9Private Sales begins
10 11 12 13 14
15 16 17Customer Review
18 19 20 21Private Salesconcluded
22 23 24 25 26 27 28
29 30 31 1 2 3 4
Email blasts - Every 5th day of the monthCustomer Review - Make calls to loyal customers/ ask about satisfaction w/ products
Private Sales - to exclusive Barneys’ preferred customers.Holiday Season Employee Workshop Program - Seasonal + regular employees are trained and
given one-on-one education about what is to be expected during the holiday season, etc.
january 2013
S M T W T F S
5Email blasts
6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26Employee Appreciation
27Employee Appreciation
28Employee Appreciation
29Employee Appreciation
30Employee Appreciation
31Employee Appreciation
1Employee Appreciation
Email blasts - Every 5th day of the monthCustomer Review - Make calls to loyal customers/ ask about satisfaction w/ products
Employee Appreciation Month - Employee of the Month winner is announced at the end of the month, while employees compete to have highest number of sales. Last week includes
different, innovative challenges headed by the department manager. Winner is given a $5,000 bonus.