Menswear unit in current climate

Tony255

Hi,

I recently attended a start your own business course and pitched my idea at starting a menswear clothing unit in a shopping center. It is a high profile unit and has two successful stores in other places in the city. People immediately started saying it would never work because of the current economy and i was wondering your opinions on it as there are no other stores like this in the center and it is a really popular center. I know there is a recession but I dont think that it is going to be so drastic that people stop buying clothing. Any opinions?

Regards
Anthony

information

Tony255 wrote: »

1: It is a high profile unit and has two successful stores in other places in the city.

2: no other stores like this in the center

3: and it is a really popular center.

It depends on what type of clothes you are selling ?
High end, low end, young men, older men, latest trends, old reliables

1: How do you know the other stores are successful ? is this a franchise you are buying ?

2: So you have no direct competition in the centre ? does you target customer go to the centre ?

3: popular with who, again is it popular with your target customer ?

Bandara

information wrote: »

It depends on what type of clothes you are selling ?
High end, low end, young men, older men, latest trends, old reliables

1: How do you know the other stores are successful ? is this a franchise you are buying ?

2: So you have no direct competition in the centre ? does you target customer go to the centre ?

3: popular with who, again is it popular with your target customer ?

just to add another point onto Informations post

4. Have you worked in the retail/clothing sector before?

enda1

Tony255 wrote: »

Hi,

I know there is a recession but I dont think that it is going to be so drastic that people stop buying clothing. Any opinions?

I imagine people will buy fewer clothes/less often and also probably will tend to go to cheaper shops to get more value. So no market ever vanishes but the size can dramatically change!

Also make sure not too call it "Anto's gear" or you may reach a different market than you expect!

enda1

enda1 wrote: »

I imagine people will buy fewer clothes/less often and also probably will tend to go to cheaper shops to get more value. So no market ever vanishes but the size can dramatically change!

Also make sure not too call it "Anto's gear" or you may reach a different market than you expect!

lol ! And please don't sell rip off Diesel clothes or fake looking Abercrombie gear! Thank you...

newman10

Hi

As someone who has 2 clothing shops, dont do it.

In the current climate mens clothing is the first cut in the budget and most Menswear businesses are down 25 to 30% this year.

Suppliers cannot get Credit Insurance on new business so you will have to pay proforma on stock. Do you have the funds to carry the shop for 12 months

What is your outlay stock 35k + fitout 10-15k + rental deposit before you will get a customer, maybe 90k to start a good shop.

Whats the rent,service charges and wage cost.

What brands are available and have you done your market research. Do your customer profile use the centre. It is not the best time to open

How would you do market research on new clothes shop? Would you go to the shopping centre and ask your target market i.e. focus groups and questionnaires etc? Is that basically it? Or would there be readily available research?

newman10

Deleted User wrote: »

How would you do market research on new clothes shop? Would you go to the shopping centre and ask your target market i.e. focus groups and questionnaires etc? Is that basically it? Or would there be readily available research?

The first thing is what is you target 15-30, 25-40, 35 plus.

What is the customer Profile. Professional Middle Class, Rural Town, Farmers

When that is done what is the segment Low ( Pennys, New Look) Mid ( River Island Next Jack & Jones) high ( tommy Hilfiger etc) top (BTs Copeland).

Within that are you Jeans, Casual or Formal

When you have made the decision in what nearby Town do you have competition and how good are they. You customer will travel so competition is in other town also.

Then you ask Locals who use the Main St. or Shopping Centre and bear in mind that many of the respondents will tell what you want to hear

Then there is the cost. Up to €80,000 needed to start a PROPER clothing shop not one with bits of sizes.

Last one I opened had setup costs of €58,000 in 2006

Suff

newman10 , sent you PM asking for advice on my current business situation.
thanks

newman10

newman10 wrote: »

The first thing is what is you target 15-30, 25-40, 35 plus.

What is the customer Profile. Professional Middle Class, Rural Town, Farmers

When that is done what is the segment Low ( Pennys, New Look) Mid ( River Island Next Jack & Jones) high ( tommy Hilfiger etc) top (BTs Copeland).

Within that are you Jeans, Casual or Formal

When you have made the decision in what nearby Town do you have competition and how good are they. You customer will travel so competition is in other town also.

Then you ask Locals who use the Main St. or Shopping Centre and bear in mind that many of the respondents will tell what you want to hear

Then there is the cost. Up to €80,000 needed to start a PROPER clothing shop not one with bits of sizes.

Last one I opened had setup costs of €58,000 in 2006

Really appreciate the reply, just wanted to know for curiosity. Thanks

newman10

There are some oppertuinities out there is the clothing business but with long lead in times ie buying stock in Jan for Sep delivery you need to have a strong cash balance to bring you through 18 months.

Also the weather plays a critical role in menswear. no one sold short sleeve shirts this "summer".

It is not as easy as just getting some stock and selling it.