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The retail industry...

  • 24-10-2016 12:21am
    #1
    oik
    Closed Accounts Posts: 1,186 ✭✭✭


    I was just reading a few threads there about people starting different types of businesses. Property, restaurants etc. and the usual response was that these industries are littered with failures.

    I've heard anecdotally and know from personal experience that the restaurant business in particular is lethal to get into.



    What are your opinions say clothing retail? Is it in the same mould as the food industry in terms of the challenges?

    Not asking for specific advice, just asking for people to share their opinions or experiences.


Comments

  • #2
    jimmii
    Registered Users, Registered Users 2 Posts: 14,810 ✭✭✭✭jimmii


    Its more of the same really. With any industry if you get the right location and the right people and offer the right product you should do well. The real skill in retail is buying and trying to understand what the customer doesn't know they want yet! If you get buying wrong all your money can end up tied up in stock that is next to impossible to shift and with clothing it's probably as hard as possible as trends change depending on who is wearing it you almost need to be buying things before it's a trend so that you have it when it's wanted and not when someone's mum is wearing it and no one would be seen dead in it any more. And then there's the fact you can't just really buy 1 or 2 you need at least a dozen to cover the sizes.


  • #3
    DubTony
    Registered Users, Registered Users 2 Posts: 3,267 ✭✭✭DubTony


    Clothing is tough. Competition is massive and getting bigger. Cheap Chic operations like Penneys really have the market sewn up :pac:
    If you want to go a little bit more upmarket the competition becomes Inditex (Zara, Pull & Bear, Bershka, Massimo Dutti) and H&M (Both do about 20 billion a year globally).
    Online has its competitive challenges as well. If you want to sell slutty clothes to teenagers you'll be competing with prettylittlethings who seem to introduce new designs on a daily basis. If you want to sell nice clothes (including branded) to adults you're up against Asos which turned over more than a billion pounds last year.

    The only way to get a foothold is to find a niche. There are many small clothing retailers who have found that niche so it's possible. But if you're expecting big things, you'll need deep pockets for good locations, or to go online and compete with brands like BooHoo and a bunch of German companies who dominate online clothing retail.


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