About Fashion Retail Management

The study is a strategic retail plan paper that focuses on the Australian apparel company Bec & Bridge. The business only operates online. The idea to open a store in Melbourne is one of many presumptions stated in the article. Although the brand was only created in 2010, it has a lot of room to develop in terms of growth expectations. The history of the company as well as its goods are covered in the introduction to a strategic planning document. Next, a solution analysis to understand the economy of opening the new shop and understanding the brand while considering the factors used in determining the store location. The research paper then defines the objectives of the new store regarding profits, sales, image awareness, and customer acquisition. Additionally, the paper looks into the primary and secondary target market for the brand and the new store. Addressing the Porters model and the 7p's of marketing help in understanding the company's competitive strategy. The paper later discusses all operations plans inclusive of the staffing plan, conducting a risk analysis, sourcing the merchandise for the first year, addressing the Gantt chart listing activities, and launch preparations as well as the marketing techniques to be adopted. The paper also discusses the budget for the first year and finally deriving an evaluation and improvement plan.




Introduction
Bec & Bridge is a fashion label launched by two friends, Becky Cooper and Bridget Yorston, back at Sydney fashion school. The talented duo was soon noticed by different boutiques who went ahead to stock their designs. Several appearances and campaign shoots in different Australian glossy magazines were essential in the Bec & bridge hype as (Okonkwo, 2016 p.23) documents. The company is solely online based with a massive potential overtime. Since the inception of Bec & bridge, leading designer label, David Jones has picked up the designs at his department stores throughout the nation. Boutiques all over Europe have also stocked the products. Several Australian fashion idols inclusive of Miranda Kerr and Jennifer Hawkins are ardent fans. International, the Kardashian family, is also a firm believer in the brand (Iran et al., 2017 p.469). The design has a strong design aesthetic that underlies the different collections and has a signature style with sleek silhouettes and silk contour lines. The look is a combination of chic, contemporary and young. The owners' scrupulous eye for detail combined with the capability to be commercially savvy with their designs that sets them apart from the competition. Bec & Bridge offers its products inclusive of dresses, pants, shorts, and a new line of swimwear to their clients via their website and at other online e-commerce platforms.





Situation Analysis
The analysis will help in determining the potential of growth both externally and internally (Franca et al., 2017 p.159)
Osterwalder Business Model Analysis
Key partners

Suppliers and manufactures of the clothes

Retails such as boutiques that stock the product















Key activities

Designing

Supply chain management

Marketing and selling





Cost drivers

Salaries
Transport
Delivery
Production marketing Value proposition

photography

Lifestyle

Fashion

style
channels


Social media

Newsletters

Email






Revenue

Selling the products resulting to profits customers


People in the cities

Fashionable women

Edgy celebrities
Key resources

Brand name
Designers
website



Customer relations
Loyalty programs
Quick deliveries
Top notch products

Environmental Analysis
Looking deeply at how Bec & Bridges has maintained such a fast growth in the ever-changing fashion industry environment is necessary for evaluating the viability of the new pop up store. The information is essential for creating an appropriate business strategy. The business understands the problems facing such as the economic recession and the opportunities available to include the social shift to the purchase fashionable trends according (Fatma, 2009 p.79. Studying the environment also digs out drivers of change such as deregulation of the textile industry. To achieve this, a PESTLE analysis is necessary.
Pestle Analysis
Politically, there are legislations crucial in encouraging market expansion with the deregulation of the textile industry. Textiles are currently not subject to quotas. Textiles are now readily available making the market more competitive. Furthermore, all stakeholders in the sector are advised on reducing costs to attract a broader customer base. Well organized companies can take advantage of the deregulation by encouraging large-scale production, as to enjoy economies of scale. Additionally, the liberalization of the textile industry has enabled easier penetration to international markets hence generating more transactions and even enjoy more significant economies of scale. The new store is to benefit substantially from the move (Cassia, 2015 p. 250).
Economically, the world is generally facing a global recession that is affecting the purchasing power. Consumers are faced with difficult choices on how to spend their disposable incomes. Research has indicated that expenditure in clothing items has declined. Designers are forced to produce cutting-edge style items at an economical price, something that Bec & Bridge is well known for (Armstrong, 2015 p.170)
It is undeniable that social factors have a huge impact on style and trends and regarding fashion purchases. Usually, persons prefer clothes with personality; that is, clothes that embody a distinct image from the rest. By possessing a sturdy brand uniqueness, that is widely recognized, has been a key factor in ensuring Bec & Bridge to retain social acceptance and popularity. Hence, social acceptance is a key economic driver in ensuring people view the brand as a desirable option for purchase
Technology has a major impact on Bec & bridges, which is majorly an online store. Improvement in technology has had a major impact on technology. Due to the difficult economic crises, customers are looking for the latest designs online, with a favorable price. The internet has ensured this is possible. A customer can differentiate prices from different websites comfortably. Furthermore, technology has been of defined relevance to Bec & bridges in producing an efficient supply chain and ensuring faster production of goods. Incorporating new technology in the pop up store will ensure the sales pattern is constant despite the shift to online platforms (Armstrong, 2015 p.179)
Competition is rather high in the fashion industry giving a rise for greater legal protection especially when intellectual property and unique designs is concerned. The legal world has been incorporated fully into the fashion sector. Fashion houses as well as individual designers are becoming extra protective of their designs and ideas from any competition that would want to copy the designs. Replication of ideas and designs has become popular over time. Bec & Bridge has overcome this threat by reducing the time frame within its supply chain creating a situation where there are coping their designs would take a much longer time. When the supply chain tactic fails, then there is need for legal action. However, additional legal requirements in a design might be rendered detrimental to the unlimited opportunities in product level. In the fashion industry, imitation often leads to innovation of new products, a crucial inherent part in the design world.
Finally, environmental factors are aspects in the business environment that ought to be considered. Factoring in environmental risks and their effects to businesses is necessary. Production heavily relies on the environment from transportation f raw materials to the distribution. Different environmental trends are growing in the fashion industry. There is a new approach to production that involves production that is largely environmental friendly, replacing fast fashion concepts, which created cheap items that are non-recyclables and environmentally hazardous products. This places an additional burden on Bec & Bridge to adopt policies towards making themselves more environmentally friendly while being pocket friendly(Armstrong, 2015 p.192)
Tows Analysis
Understanding the brands strengths, weaknesses, opportunities and threats in defining the position of Bec and Bridges in the market (Kapoor and Kaur, 2017 p.250)
Weaknesses and Threats (WTH) - the weakness of the store is the overreliance in the internet for sales. The threats are the main competitors with physical stress all over the world. The company has to formulate strategies to overcome the weaknesses and turn them into strengths. The strategy that Bec & Bridge should adopt is to lessen the competitive menace by developing in market supple innovative designs in order to encounter client's preferences on time
Weaknesses Opportunities (WO) - one more weakness with Bec & Bridge is the rising production expenses in Australia. Imported raw materials have increased in price and the labor market increases too. In solving the problem, the brand is better position if it collaborated with different partners with better production abilities.
Strengths Threats (ST) - a unique threat facing the fashion industry, included is, Bec & Bridges is the rising inflation in different countries that has reduced the purchasing power of clients. The appreciation of the Australian dollar compared to other monies resulting to higher prices and reduced competitive postures. To reduce competitive threats and effects fluctuating exchange rates, production is better suited in emerging markets. Also, the company has to introduce new affordable products to handle the problem (Kapoor and Kaur, 2017 p.255).
Strengths Opportunities (SO) - In order for Bec& Bridges to be a successful retailer, it has to maintain its uniqueness and creativity. Each year, the company introduces newer products faster than its competitors. Penetrating in Asian markets and emerging markets is necessary.
Bec & Bridge is a powerful brand that is influential in verses markets in America and Europe as the online results indicate. The designs are uniquely made for the edgy fashion lovers. The brand meets customer preferences while maintaining the quality. Delivery is also quicker when compared to other competing brands.
The major weakness with the company is the lack of a physical common store when compared from their competitors. A number of customers would want physical shopping rather than online shopping, which is sometimes deceptive. Also, the company's greatest strength as discussed above is the provision of cutting edge silhouettes. Bec & Bridge products are innovative and creative but the company's innovation may be rendered vague. Additionally, anther weakness lies in the company's business medal which may limit scalability and the ambitious growth. Finally, for a new fast growing online store, advertising is key. However, Bec & Bridge fail to capitalize on the different advertisement platforms (Armstrong, 2015 p.213).
Numerous opportunities are available in the growing fashion industry for Bec & Bridge. Untapped markets with low internet connectivity account for the untapped revenue. Also, the store in Melbourne will ensure the clients have a direct contact with the products. The store has a great potential for growth and expansion owing the large fashion sensitive population. Furthermore, more stress need to be opened countrywide.
The biggest threats to Bec & Bridge lie in its main competitors; romance was born, fifth label, vanishing elephant, and the future new entries in the market that want to capitalize on the edge fashion trends. More so, there is a rising cost of labor and raw materials making the designs t expensive for purchase. The growing economic crises are also reducing the spending power of the clients leading t revenue declines, which when unmonitored, would lead to close down.
Competition Analysis
Competition is stiff in Melbourne from established and new entries according to (Fatma, 2009 p.389). One of the notable competitors is Fifth label, an Australian women's fashion brand that emphases both high fashion and daring street fashion suited for the modern era. The brand is relaxed, sensible and wearable. The company offers monthly unique designs and can be used as the base reference of any wardrobe. The price ranges from as low as $7 to over $300 in their variety of clothes inclusive Of dresses, pants, tees, skirts, play suits among others as seen in their website.
Another major competitor is the vanishing elephant, a brand that aims at providing timeless and redefined classic wear with a contemporary twist for the edgy woman. The company has women the GQ designer of the year award in 2010. The company's pieces can be seamlessly adopted into any wardrobe and last beyond any fashion trend. The company stocks similar products to Bec &Bridges. They have a larger online and physical presence and fairer pricing of their products, making them worthy competitors
Finally, romance was born is a major competitor in Melbourne. The brightly colored boutique, established in 2005 has grown to be a major fashion house dressing major celebrities such as Nicki Minaj, Lily Allen and Miley Cyrus. Additionally, the company has worked with major companies such as Leg, Disney and marvel. The bright colors with defined prints and hand worked applique are a favorite among the fashion edge women
VRIO Framework
Vrio framework is necessary in analyzing the resources and competency of Bec &Bridge and if the resources can contribute to sustainable competitive advantage
Resources valuable Rare Costly to imitate Organized to exploit resources
Unique designs Yes Yes Yes Yes. The designs are unique and flexible for the changing consumer preferences.
Online stores Yes No No Maybe. Although huge costs still exist. There is need to lower operational costs and enhance the company's bargaining power
Brand Image Very valuable Yes Yes Yes. The new store in Melbourne will go a long way. More expansion is advisable
A buyer driven supply chain yes Yes Yes The made to order system has driven most of the sales

Location Determination
Several factors will determine the new location of the Melbourne store. Customer traffic is a major factor. The store has to be established in an area easily accessible to the customers. Additionally, telecommunications is anther considerable factor. Communication with potential clients and suppliers is an important step in revenue generation. Regional factors have to be considered. Some of the considerations involve the climate of the region, the taxes of the region, utilities in the area and availability of any government incentives. Understanding the culture of the city, in terms of the dressing needs is necessary in deciding on what to stock in the retail shop (Kim and Aguilera, 2016 p. 149).
2. Objectives
The paper has so far analyzed the situation analysis of Bec & Bridges. By reviewing the strategies of the company, let us review the objectives underlying the strategies. Determining the aims is necessary in promoting unanimity of the store stakeholders and help in setting the company's mood and culture as (Madsen and Walker, 2015 p. 453) writes.
Also, defined objectives are later used as success a measure in determining the time, cost parameters. Finally, objectives are the company's focal point. All stakeholders are directed towards achieving them
Sales and Profits
Bec and Bridges main vision is to provide utmost customer satisfaction and sustain profitability through sale generation. The company pledges constant innovation as a means to improve customer experience. So far the company has kept its word as depicted by the sales which were $1.5 million in the last year. The company appreciates customer feedback and the company can produce what the clients want. Additionally, employee training and customer retention means have been crucial in pushing sales. Further into the, in the mission statement, Bec & Bridges also promises to provide contemporary fashion designs materials at an affordable price. Using the information Bec & Bridges gets from customers. Bec & Bridges is then able to provide preferred designs with obtainable resources consequently lowering the production cost along with the time used in production. The result is a more affordable result, distributed to consumers generating profits from the sales. The company is estimating a 10% growth in the near future
Image Awareness
The store is crucial in promoting image awareness. The company's mission is to provide affordable clothing to the fashionable women out there while maintain the ethical code of conduct. Inclusion of a third party such as the city council may tarnish the brand. However the aims at peaceful interaction with the locals and pop up store, Bec & Bridges are given a one on one touch with their favorite brand. The will have big windows where branding will occur by displaying the products to the busy population. The stores employees' will also the customers through the experience of wearing Bec & Bridges further improving the brand awareness (Kim and Aguilera, 2016 p.147).
Customer Acquisition
Finally, among the objectives is customer acquisition and retention for the new store. The first step is ensuring utmost customer satisfaction from providing quality, well priced gds. Bec & Bridges' product have to be ready and solve the needs of the people. Additionally, the store has to hire the right type of people. Everyone in the team has to understand the acquisition process and flow with it. The employees' must react quickly to any hiccups in the store while ensuring utmost customer satisfaction. The team has to be self-driven and ensure all objectives are attained. In retaining the customer, the customers can be grouped into three groups whose needs have to be met in ensuring the success of the store. One, the fashion chasers, these are the people ardent fashion trend followers and value exclusivity. All they want is the latest fashion piece regardless of the price. They are the brands most loyal customers. The second customer segmentation group is the opinion seekers. Here lie the people who heavily rely on people's opinions in making a decision. People around them may be close friends, social media opinions or just a store passerby. With the group, the shop attendants are mostly the people around them. These attendants must learn to deal with the clients, consequently making a sale. The last category is the value buyer. This buyer compares all the prices before making a purchase (Zentes, Morschett and Schramm-Klein, 2007 p.311).
3. Target Market
The target market is majorly middle class to high class women who are primarily lovers of the latest fashion trends and want higher quality clothes at a reasonable price. Primarily, the main form of marketing is online marketing where the company conveys a message of new designs to the internet users who constantly updating themselves in the current fashion trends. The trends are both formal for the old population, informal style is available for the teenagers and the younger women. A swim wear is also available for all sizes offering comfortable swim gear to bodies of all shapes and sizes.
Bec & Bridge views the general public, aged between 15-45 years as potential consumers of their products, all covered under specific sub-brands of the company. Another second secondary variable is segmentation according to the psychographics demographics such as lifestyle. As one of the rather famous and successful growing Australian brands, Bec and bridge in its existing market targeted people who were especially interested in contemporary European styles at affordable price level.


Positioning
The positioning of the prime store will carry all the executive prices at all prices to the public. The positional map will include all the different status of the clients (Cassia, 2015 p.248).
Prestige price (high status)
Mass market (inconspicuous) Exclusivity (conspicuous)


Low status (affordability)

4. Competitive Strategy
An approach relevant in establishing the competiveness of Bec & Bridges is the analysis of Porter's' five forces which states that in any business environment, there are five forces that act together to create a certain environment within any industry or market. The fashion industry is exceedingly competitive with wide spread transactions on a global platform making porter's five forces very crucial in identifying he Bec & Bridges can be unique in the industry as well as help the company in achieving differentiation.
First, there is a threat of entry. Smaller new entrants are finding it difficult to penetrate the industry when compared to larger industries hence promoting unfair competition. Substitution in the industry is extremely high and individual consumers have a variety to choose from. When considering mass- market competitive approach, the conclusion is that substitution narrows down to the raised price issues whereas designer boutiques are able to provide a different product type that offers a competitive substitution to the consumer as discussed by (Madsen and Walker, 2015 p. 213).
The point of substitution arises from the massive power held by the buyers in the industry. A wide range of retailers is available to the consumers due to the internet. Buyer's interest keeps changing and it is necessary to continuously innovate to provide new products to ensure customer loyalty. At the end of the scale is the influence of the suppliers in the fashion business with many companies outsourcing production from cheaper sources in developing nations. By changing the suppliers, Bec & Bridges has a substantially large opportunity for growth by driving down costs. However, inclusion of third parties may lead to ethical issues (Armstrong, 2015 p.456). Drawing from the factors discussed above, it can be concluded that there is a large extent of competitive conflict. The company needs to establish means of establishing a competitive advantage during the tough times and with the costs of opening up a new store. In the wake of economic crises, the company has to stay afloat.
Marketing Mix
According to Patil and Bach, (2017 p.56), understanding the seven P's is a necessary marketing strategy
Product:
Bec & Bridget can be described as the fashion company to watch in women wear. The product lines include several apparels and accessories.
Price
B&B is rather an affordable brand. All consumers can get a product from the company despite the income
Place
The online store is available countrywide. The first store in Melbourne will be located in an area of high concentration. In product distribution, the constant data flow is constantly updated to mitigate the bullwhip effect, which is the tendency of supply chains to burst out due to small disturbances. In most cases, a small hiccup in the supply chain is transmitted to the wholesalers and distributors. Retails are free to change to change their product. By s ding, Bec & Bridges avoids costly overproduction and cost reduction from discounting prevalent products in the industry (Patil and Bach, 2017 p.60).
Promotion
Bec & bridges is a rising brand built n unique system management, supply chain and utmost production. This concept has enabled the company provide the most fashionable clothes at a fair price hence building brand loyalty. The result has been remarkable growth overtime. Much more advertisement is however needed when opening the new store in Melbourne. Social media and adverts through both the print and visual media is required. Direct communication is also crucial in promoting the brand (Patil and Bach, 2017 p.65).
People 
The Company is customer reliant. Having the right people for the store is fundamental since they are as much a part of the business presenting as fashion products being offered
Processes 
The delivery of Bec & Bridge can be made once the order has been made and paid for.

Physical Evidence 
Nearly all services incorporate some physical elements even if most of what the buyer is paying for is intangible, the more reason for opening the pop up store. Despite the availability of the website where purchases can be made, some clients generally feel some level of comfort once they see the physical product (Patil and Bach, 2017 p.67).
5. Operations Plan (Store)
Defining the operational plan is necessary as it covers the functionality of the store. The operations plan will include the staffing plan achieved through integration of human resource into the operation plan as Slovic et al., (2004 p.320) writers in his article. Additionally, the store has to ensure it has the right skilled labor, and the labor is available. Part of the business plan is also the merchandise plan for the first year as well all the marketing activities surrounding the stores opening. When planning for merchandise, prior order should be placed. The merchandise should be fairly priced having factored the ever changing economic conditions. The merchandise budget ought t be flexible enough to support any economic changes. Outsourcing for the first years merchandise is important in preventing a deficit of the products.   Marketing both on social media platforms and through digital media is crucial before the store inception. More so, the store needs incentives to attract the clients at the pop up store .Finally, a risk analysis ought to be conducted (Stevenson and Hojati, 2007 p.678). Risk analysis has to encompass all aspects of risk management inclusive of risk assessments, risk communicating, policy relating, and risk characterization. Risk analysis also involves evaluating foreseeable in the business environment and averting the preventable risks. Measures should be implemented to help recover despite a breakdown from future.

6. Budget
In the first year, the goal is to ensure a constant 10% growth in projected sale. Currently the company is valued at $1.5 million, opening the shop will incur the company $600 million will be spent on salaries and marketing. Staffs duties will include ding most of the marketing work such as managing different social media platforms and including key mega tags in the website. So, for that there is no need to pay extra money to any third party. Money will, however, get consumed n paid advertisements which are linked to the company's website and the store's location. Stores location and a nice display is also a crucial advertisement platform (Zentes, Morschett and Schramm-Klein, 2007 p.158).
7. Control (Store)
Evaluation Plan
In ensuring that all the stakeholders understand the key evaluation model, developing a conceptual model is necessary. This will ensure that all participants clearly understand the major evaluation pints and focus their attention is focused in the store. Drafting evaluation questions and defining measurable outcomes is necessary. They may either be short term or long-term effects and the changes in the sales that will. An appropriate evaluation design highlights all the important information on the objectives and shortcomings a detailed method way of collecting and analyzing the data for the interested plans is necessary (Fatma, 2009 p.778).
Improvement Plan
Once the assessment has been made and recorded, there is need to device an improvement plan as a draft on the measures needed. The plan should identify the areas that need improvement and decide on the expected results. The template below can be used by the store users.

(Source- forbes)
8. Conclusion
Bec & Briges is a grwing brand that finally needs the physical presence by establishing a pop up store in Melburne. The target market is ready to receive the product. By establshing the perfect locatin and converting the compnay's weaknesses into streangths, then the company is bound for great success.

References
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