Retail Discount Store Business Plan
We expect sales to increase steadily as consumers find they can purchase quality items at bargain prices. We intend to tap into the retail market with pricing that encourages quantity buying and attracts consumers on fixed budgets.
Our target market is the lower income portion of the Bend and Redmond community, including working class individuals, the elderly, and students who are price conscious and looking for value.
Competition
Consumers demand quality customer service, fair pricing, and a convenient location. The selection of merchandise a store provides is also important.
Why Us?
The Dollar Store offers a variety of merchandise at bargain prices. Dedicated to customer service, the Dollar Store treats patrons with respect and promptness. Employees are treated professionally with a rewarding work environment and fair compensation. The Dollar Store aims to provide Fifth Avenue treatment at a bargain price.
Expectations
Forecast
The Dollar Store will open and maintain operations through year one. The large capital investments of the owners will provide a unique store that caters to those on fixed incomes such as low income families, the elderly, and the student population in Bend. The Dollar Store will be self-sufficient.
Financial Highlights by Year
Financing Needed
We will receive $120,000 broken down as follows:
Ted Brinkman: $60,000
Jim Spencer: $40,000
Opportunity
Problem & Solution
Some people want to live large on a small budget, and we help them do that.
Our Solution
The Dollar Store provides interesting merchandise options at bargain prices. Dedicated to customer service, the Dollar Store treats patrons with respect and promptness. Employees are treated professionally with a rewarding work environment and fair compensation. The Dollar Store aims to provide Fifth Avenue treatment at a bargain price.
Target Market
Market Size & Segments
The market analysis pie chart shows potential customers and the company’s target markets. The Dollar Store intends to provide affordable shopping alternatives to working-class families with incomes under $25,000, elderly people on fixed incomes, and the student population on strict budgets. Bend makes up the largest market segment, expected to grow at a rate of 10% per year. Redmond constitutes the second largest market with a fast-growing retirement community. Bedroom communities that shop in Bend will add to the percentage of consumers.
Target Market Segment Strategy
We focus on the price-conscious consumer looking for value and quality. Both the Bend and Redmond groups will be marketed to as isolated populations that do most of their shopping in the greater Bend area. Attracting and retaining these consumers will spread the word about our store.
Competition
Current Alternatives
In an ever-changing economy, the discount store model is becoming more popular. Providing a large selection of bargain-priced items is our goal.
Consumers demand quality customer service, fair pricing, and a convenient location. The selection of merchandise a store provides is important.
Our Advantages
Our location is a competitive edge as the popular Riverway Mall appeals to various consumers. There is a good mix of high and low-end shops with quality restaurants nearby. With easy access from Main St., the Riverway Mall is a popular destination for Bend residents, people commuting from Redmond, and outlying areas.
We will have a competitive edge with the large variety of merchandise we carry. Working with reliable sources allows us to carry many name brand items at a discount price. Add a staff committed to providing great customer service, and the Dollar Store will be an attractive stop for consumers.
Keys to Success
Our keys to success are:
– Selling a broad range of products
– Providing 100% customer satisfaction
– Being an active member of the community
– Encouraging customer input
Execution
Marketing & Sales
The Dollar Store will benchmark objectives for sales promotion and mass selling.
We focus our marketing effort on the community of consumers who want a store with an interesting variety of merchandise at bargain prices. Our strategy treats these customers as a community. Our marketing resources will center around sales promotions (events, displays) and personal sales (customer service, friendly atmosphere).
– We will stay within our marketing budget.
– Marketing promotions will be consistent with the Mission Statement.
Social media is essential. We’ll inform people about events, happenings, weather, general interest, etc., and only occasionally about store specifics.
Employees are paid a straight wage but can achieve a semi-yearly bonus based on profits and customer satisfaction rates.
All potential sales will be attended to in a timely fashion, and long-term salesperson-customer relationships will take precedence over sales closure.
Operations
Locations & Facilities
We have leased a retail store located one mile from Main St. on River Way in Bend, Oregon. The company was incorporated last year on January 2.
Hello!
I’m Andrew Brooks, a seasoned finance consultant from the USA and the mind behind phonenumber247.com.
My career is built on a foundation of helping individuals and businesses thrive financially in an ever-changing economic landscape. At phonenumber247.com, my aim is to demystify the complex world of finance, providing clear, actionable advice that can help you navigate your financial journey with confidence. Whether it’s personal finance management, investment strategies, or understanding the nuances of market dynamics, I’m here to share insights and tools that can propel you towards your financial goals.
Welcome to my digital space, where every piece of advice is a step closer to financial clarity and success!