Analyzing Retail Concept Store: Excelsior

Analyzing Retail Concept Store EXCELSIOR By Cheryl Angeline Sumeleh Kosova Olga Leinuo Zhang tired of(p) Le Master Fashion Buying 12/13 1 Content Concept. .. 3 Market Segmentation 3 client Target 4 Marketing Mix.. 6 challengers. 22 SWOT- kayoedline. 23 trade Mix. 25 Display. 34 close . 35 Questionnaire.. 36 References 37 2 Concept wood shavings Milan is an modernistic space that comminglees and combines stylus, technology solid victuals and design.The shopping experience it offers aims to be cross-genre, choosing slight rise kn sustain brands and al meanss putting the focus on excellence. The intake is for it to become a mark to socialize, almostwhere to meet stack, to buy things that execute you, to ask a sophisticated take-away to take back to your persona or home that evening somewhere to do high-profile shopping. Excelsior is a place full of energy, a floating serial publication of inspirations and ideas. The influential dress shop ANTONIA stands argon sure ly a panache l all overs playground, dedicating spurt womens fool, mens rupture and accessories to their guests. The some important thing at the moment is to turn over a real mix on the inside of all happy things, non just expensive things said Antonia Giacinti, well cognize to mix avant- garde and business. As a result, Excelsior Milano perfectly balances the concept boutique with a section chime in. The complex is an audacious injection of modernity in the citys historical heart. The inner walls of the old movie theatre atomic number 18 coat with reflecting paints, temporary hookup the exterior supports led screens all along the outer edge.Each story is connected to the next by an automated ramp that is kind of a cross between a people mover and an escalator. Un deal every other store in Milan, Excelsior is hipper than La Rinascente and brasher than Corso Como 10. Gruppo Coin washed-out more than 40 million dollars on its development and renovation over three days . Described by the shop owners as a pilgr figure of speech with shopping of the future Market Segmentation after the conclave did the deep research of the several(predicate) types of consumer, it shows that thither be three of import congregations of people who buy the products in Excelsior store.The largest parcel group is contained by the people who come from the high physical bodyes aim, a nonher group invovled some inwardness classes level consumers who ar educated well and they desire to buy the germinal opulence closes, and the last group takes by the people who ar the in the buff money. 3 Market Segmentation Middle level class 13% Others 3% High level classes 84% Customer Target cinque types of consumers emerge at each of the life cycle stages Since Excelsior is on its growth stage, the customers are mostly the opinion adders.Fashion opinion leaders (celebrities, form editors, journalists and earliest adopters) are the next most exchangeablely adopters of a fashion product. They copy the inspiration from fashion innovators and change the product into a usual style. 1 Most of them are very fashion-forward and updated. 1 https//instruct1. cit. cornell. edu/courses/cuttingedge/lifeCycle/03. htm 4 (From the questionaires) demographic Target Customers of Excelsior are mostly 20 45 forms old women and men who pose a medium economic cleverness income between cl0 3000 per month. The targets can be students/ farers/business men or ladies/ married couple or single. tourers or tourist groups are 20-45 old women and men from Russia, ground forces and Asia. With middle income one hundred fifty0 per month. It can be students/managers/business ladies/marriage or single. sexual activity Age Occupation Italy resident or tourist Status Income relative frequency of shopping matrimonial 45% 17 7. 6% Female 60% 18-20 19. 7% Male 40% 21-29 47. 1% 30-45 25. 6% Employed 75% sluggish 25% Tourist 65% Italy resident 35% Single 28% In Relations hip 27% 2000 3000 3. 4% 3000 5000 24. 1% 5000 10000 42. 2% 10000 20000 12. 7% 20000 6000010. 1% ? 60000 7. 4% oftentimes 62% seldom 10% Occasionally 28%Psychographic Target The types of clients that Excelsior Milan wants to attract are people with a clear sense of style, people who is well-conscious and change of place internationally. Designed to target a cross for age, sex, social background barely fashion enthusiast, curiousity, cosmopolitan. 5 Marketing Mix harvesting Excelsior provides array , footwear, accessories, beauty and food for thought hall for women and men from high and middle level incom. The clothes include evening dresses, formal and casual wear. 4000 square meters in single volume, divided into 7 floors Each floor guard their own names -1 floor (Underground floor) 6 7An exclusive food shootn throw away a real supermarket offering a wide variety of uninfected meat, fish, vegetables, ready-to-eat gastronomic specialties and vinos, here you can not moreover discern the scoop up quality products from Italy and abroad, exactly also find a corner give to show-cooking and a wine cellar that offers 46 different top wines through a clever machine specifically designed for tasting wines by the glass. The restaurant offers three dimensions, Now for the elegant take-away, Fast for the bistro characterized by seasonal worker specials, and S misfortunate for the more traditional restaurant, regularly troopsing renowned guest chefs like Davide Oldani. Between -1 and 0 M floor There are bistro and wine shop. 9 0 floor G This floor is always packed with young people, the ground floor presents accessories from keys of Tiffany to DJ headphones WESC, perfume Commes des Garson, affordable SWATCH watches, cuckoo iphone accessories and trammel edition of sunglasses Ray Ban. 10 1 floor ICON TEMPORARY Womens floor offers concept brands present-day(a) American designers such as Helmut Lang, Theory, Rag & Bone, Alice and Olivia, Vinc e, Globe Trotter, Swatch, Anta, Mario Portolano, Antipast with price get down from about 200-400.Also here presents hats, which are made specially for the store. 11 2 floor ANTONIA UOMO 12 The second floor displays sole(prenominal) mens exhibitions, Such as Maison Martin Margiela, Dries Van Noten, Marni, Balmain, Marc Jacobs, Neil Barrett, Band of Outsiders, Golden Goose, RRL Ralph Lauren Visvim, Haversack, Nigel Cabourn, Mackintosh, Piombo, Edwin, Gilded Age, Levis limited Edition, Prps, Porter, Moscot, NIKE e. t c (Advanced designers Very select pieces from Balmain and Proenza Schouler) 13 3 floor ANTONIA 14The third floor presents famous first-line brands from all around the world such as Balmain, Valentino, Chloe, Maison Martin Margiela, Dries Van Noten, Proenza Schouler, Marni, Joseph with a higher(prenominal) price range than the womenswear in the first floor. 15 4 floor ANTONIA ACCESSORIES This floor presents accessories from Christian Louboutin, Giuseppe Zanotti, resp ect Choo, Sergio Rossi, Pierre Hardy, Repetto borse di Givenchy, Proenza Schouler, Zagliani, Marni, Chloe, Manolo Blahnik 16 Price The collections of Excelsior store sells for the prestige class so the clients can expect to pay more for the original design, and good quality pieces.The prices range from 50 1500 Womenswear 90 3530 work forceswear 120 3620 Accessories (both Men and Women) 90 4700 The legal age of sales are fashion forward jeans, tops and shoes, as these garments surrender middle price and more affordable for customers. Place Fashion, beauty, accessories, food and design are mingled in this historical building, turn up in genus Galleria del Corso 4, the heart of Milan, just behind Duomo. It is a very strategic sports stadium which is one of the most-visit res publica in Milan. It has been completely refurbished by French starchitect jean Nouvel. Promotion Advertising 1. Campaign 1Advertising campaign by Giampaolo Sgura 17 This advertising campaign was made to show to customers that the concept of Excelsior is where fashion, beauty and food meet in one place. It was put in a digital signage impression wall in Piazza Cinque Giornate 2. Campaign 2 Illustration for Excelsiors Video Wall These pictures above are the graphic illustrations created for Excelsior by the author of SNIPPET, Luca Mainini. It is projected on the video wall of the department store in Galleria del Corso among the scraps of paper, photographic research and the nostalgic memory of the divas of the past.He said, The diva embodies the maximum visual possible on the female figure. The Hollywood stardom is the seed of all my work the phantasm of success, the technicolor of the character, the black and white of privacy. 2 2 http//www. excelsiormilano. com//it/category/events/ overbolds/322/luca-? mainini 18 circumstances One-Year Celebration To celebrate Excelsiors first year anniversary, they held an event with a title Were Waiting For Something which were held in th e fourteenth of September 2012 in Cafe Excelsior. It was a public event, o fundamentally everybody can attend the party. This event was posted on Facebook, so everybody who like Excelsiors foliate can get the invitation on Facebook. Photos From The Event Sales Promotion 1. Discounts Discounted harvest-festivals 19 To clean up all excessive stocks and to attract more powerful customer purchase, Excelsior some eons do the sales in some special period of the year, such as in Summer or Christmas. By this way, they are able to have more spaces to display and or to keep the stock of new products while generating more sales and attracting more customers. 2.Extraordinary deliver Card The Extraordinary Gift Card by Excelsior allows customers to give a budget of their plectron to someone special and also customers can customize their gift correspond to their taste. The other advantages of this gift card for Excelsior is that the receivers of the card can only shop their goods in Excelsi or. There are more chances which lead the receiver to spend a good deal more money on the goods than the value of the card. hearty Media Facebook Excelsiors Facebook Front Page Excelsiors facebook page are used to put any kind of information link to their activity.And also to keep the person who like their page keep informed if they held any events, new arrival products, products reviews, or special offer. 20 chitter Excelsiors Twitter Page Excelsiors peep page is well managed as they update their status on twitter frequently. The content of their tweet is mostly about their products information. For example if there are some new arrival products in their store or plain just to invite people to have lunch on their squanders restaurant. Foursquare Excelsiors Foursquare Page 21As it is shown to us, Excelsior did not manage it in the right way since the Foursquare page seems not very hot. Competitors Direct Competitor 1. La Rinascente The first department store la Rinascen te was opened in 1865 by brothers Bocconi. The department has 7 floors, which is selling majority kinds product like clothing ,interior, daily needs and kitchen cookers. They also have a restaurant , a beauty salon and an art gallery. By 2011, the network has eleven la Rinascente department stores in Italy two are primed(p) in Rome, one, the largest, in Milan and one at la Rinascente in other cities Palermo, Florence, Genoa, Turin.Strengths Has a wide range A long clock time Italian market background Succesful Brand Awareness Located in more significant area High turnover Wellknown luxury brands 100 euro+ Weaknesses On-line shop No parking area Lack of the new creative fashion design brand also crowded in peak time 22 Indirect Competitor Monobrand stores around Duomo Near the Duomo Area there are so umteen another(prenominal) monobrand stores, they could be Excelsiors competitors too. For example, boutiques in Via Montenapoleone. Almost all of the luxury brands are located there.And even those brands which are sold in Excelsior. So the customers can call for wether to buy the goods in Excelsior or in its own monobrand store . Strengths Successful Brand Awareness Located in the central (near Duomo area) long-familiar for tourist Much more selection to choose from Weaknesses Going in to every each stores might be tiring Scattered shops location Not convenient for shopping all the brands at the same time Doesnt provide limited items SWOT- Analysis Strengths I. The Excelsior Milano located in the most center place in Milan, just behind the Duomo church.Thousands of visitor and located people need to cross the street by everyday. II. III. The Excelsior merchandising department has been managed very well for their brand website. There are mix branding which contain all types of fashionable clothes and accessories around the world. 23 IV. The advertising in the shopping mall is the video that display in the monitor. It is very creative and v ivid to display the products and trend of the Excelsior. Weaknesses I. II. The excelsior did not own the online shopping which may lead to lose some consumers by many reasons. There is no obvious advertising r full-size Logo around the area in results that some people cannot find the shopping center especially the tourist. Opportunities I. II. Since the range of consumers is becoming much younger, the people now are caring about the products personalities and designable. Milan prepares to host the next universal Exposition in 2015 (Apple, Nike and Prada are looking to inflate within the neighborhood of the Duomo) in anticipation of a tourist boom. Threats I. The Excelsior Milano seldom uses the communication tools which may lead to become less popular or may loose the brand images of the worldwide costumers.II. III. There are some Indirect and direct competitors just located beside the Excelsior Milano. In the Excelsior Milano, the trend of the fashion is much younger, colorful a nd street style. The topical anaesthetic consumers may not accept this American causal style. 24 Merchandising Mix Fashion Product Life Cycle Fashion Product Life Cycle Fashion product life cycles last a shorter time than basic product life cycles. By definition, fashion is a style of the time. A large number of people adopt a style at a particular time. When many no lasting adopt it, a fashion product life cycle ends. After more than one year from its opening, Excelsior now is on its early growth stage. As it is shown from the graph, on the growth stage, they sell most on fashion products and also basic products. From our perspective, this is exactly how Excelsior buys its merchandises. The exact percentage go away be explained below. Pricing strategy In the retail market, there are two popular price strategies, one is called everyday low pricing, EDLP, another is called high/low pricing strategy. 4In the excelsior, they chose the high/low pricing strategy, which essence retail er set the price would be higher than he others competitors daily low prices, but they will recurring the reduction by using the advertising promotion. In fact, this is a very effective method since the main features of the strategy grabs the consumers psychology. some(prenominal) customers usually purchase the products, which are in lower prices only. In this way, 3 https//instruct1. cit. cornell. edu/courses/cuttingedge/lifeCycle/03. htm 4 http//en. wikipedia. org/wiki/Pricing_strategies 25 it will beat the other competitors because once the customer realize that the goods are in the reasonable price, they will purchase much more than they usually bought.Product Categories 2% 9% 8% 23% 10% 48% Man Woman Accessories Beauty Food Design bigness vs attainment The product breadth means the variety of product lines offered. 5 The shop usually need to identity the breadth vs. depth. Breadth means existence broad in scope. Carrying items in many different product categories. Offering several different types of service under one roof. For example, if you are a remodeling company you might do everything from adding a closet, to trimming out some cabinetry, to building the patio, up to a complete kitchen remodel.Depth means being intense in scope by immersing your business into an industry or product category. Stocking is focused product mix, a specialized service offering. 6 There usually have 3 models, which are Narrow and deep, Square, broad(a) and shallow. In the 3 models, there are some different types of depth. In excelsior, they chose the broad and shallow. The products include mens wear, womens wear, accessories, beauty, food and design. They aim to buy the right product for customers and not to buy so many.The group has the fortunate for interviewing the sales manager of the excelsior, and the lady told us that they choose in different style or lots of color but purchase in small amount of 5 http//retail. about. com/od/ semblance/g/breadth. htm 6 http//t hemarketingspot. com/2009/08/breadth-? vs-? depth. html 26 sizes. Like a silk top, they may only purchase 2 pieces of each sizes (from XS to M) and 1 pieces of the Large size. Mens Product Mens Product Breadth T-shirt, Shirts, Jackets, Coats, Sports tolerate, Jeans, Trousers, pants and Accessories.Mens Product Breadth T-? shirts 2% 6% 7% 8% 12% 14% 25% 11% 15% Shirts Jackets Coats Sports Wear Jeans Trousers con T-shirts V- neck, purpose neck, Collared T- shirts, Sleeveless T- Shirts, Sweat T Shirts Shirts everyday wear, Formal & Office wear, even & indian lodge Wear Sports Wear Nylon and Cotton Tracks Jeans Boot cut, Skinny fit, uniform& Loose fit Trousers Wrinkle Free, Cotton Chinos, Italian Fit Shorts Regular in cotton and waterproof material Accessories Ties, Belts, Scarves Shoes Boots, Lace-up shoes, Loafers, Sandals, Sneakers 7 Mens Product Depth and Price Range CATEGORIES T-shirts Shirts Jackets Sports Wear Jeans Trousers Shorts Sweaters Accessories PRICE RANGE 120 350 200 630 450 3620 130 380 150 350 245 545 120 255 245 515 100 3500 SIZES S XXL S XXL S XL S XXL S XL S XL S XL S XL Single size Sizes offered at the stores range from S to XL. yet there are a few pieces having large sizes. Colors The different shades of White, Black, Blue, green, yellow, red and orange, etc.Mens Shoes Sizes 41 44 (Italian size) Designers Antonia Uomo WESC BALMAIN CHURCHS DRIES VAN NOTEN MAISON MARTIN MARGIELA MARC JACOBS MARNI Christian LOUBOUTIN HTC INCASE 28 MAISON KISTUNE ferment OWENS KENZO MISSONI GIVENCHY Womens Product Womens Product Breadth Womens Product Breadth 20% 16% 10% 15% 4% 35% Formal Wear Ethnic Wear Casual Wear Club Wear Sportswear Accessorries Casual wear T-shirt, Shirts, Jackets, Sweaters, Coats, Jeans, Capris, Cargos, Shorts, Skirts and Dresses.Formal wear Formal Shirts, Blazers, Pants and Evening wear dresses Club Wear stylish Tops, Skirts, Hot Shorts, Party dresses Sports Wear Jackets, Track Pants and Shorts, S weat T- shirt Ethnic Wear Accessories Belts, Stoles and Bags Shoes Boots, Flats, Lace-up shoes, Loafers, Pumps, Sandals, Sneakers, Wedges 29 Womens Product Depth and Price Range CATEGORIES Formal Wear Casual Wear Club Wear Sportswear Ethnic Wear Accessories PRICE RANGE 150 3530 100 2300 300 1500 90 800 110 1500 70 4700 SIZES XS L XS L XS L XS L XS L Single sizeColors Various shades of Red, Green, Orange, Purple, Black, White, Blue, scandalmongering and Pink Shoes Sizes 36 40 (Italian Size) Antonia brands BALMAIN CHLOE ETOILE ISABEL MARANT JOSEPH GIVENCHY VANESSA BRUNO VALENTINO REPETTO PROENZA SCHOULER MAISON MARTIN MARGIELA ISABEL MARANT THEYSKENS THEORY M MISSONI CAMILLA & MARC 30 JAMES PERSE DRIES VAN NOTEN AURELIE BIDERMANN HAIDER ACKERMANN 3. 1 PHILLIP LIM THAKOON JOES JEANS MARNI ERDEM MAISON MICHEL BILITIS CURRENT/ELLIOT T BEX ROX HUDSON JEANS RICK OWENSExcelsior focuses on the clients who do not want to be copied but sooner an want to create their own look and to plan a new way of being yourself every day. That is why store chose brands such as Martin Maison Margiela, Dries Van Noten. Their collections are a complete, intelligible. The designers are feeling very well about what girls want to dress. A pair of high but persistent heels, skinny jeans and leggings, stretched T-shirts and sweaters, jackets, leather jackets, coats, who immediately snatched ladies of Milan and its isitors, and then combining them together in freestyle, rock n roll style. A little aggressive, sharp and tough image of brands will add uniquenesses to our new boutiques. Here presents collection of Balmain. The simplicity and luxury wonderfully combine the practicality, sexy and glamour. Clothing from this brand is designed for energetic, positive(p) and self-sufficient women. The main advantage of models is that they make dresses comfortably while remain consistently elegant and stylish. Excelsior includes high quality and fashion bra nds.Each collection includes cult, unmistakably recognizable elements. 3. 1 Phillip Lim brand creates sensual, confident, intelligent and beautiful collections. The uniqueness of this brand is that the designer uses a very thin, almost weightless cashmere, cotton, semi-treated quiet pure silk and 31 wool. Rochas described as a quiet, discreet nod to the retro. These commercial brands, which can bring financial perspectives, because they are already quite wellknown among the people like good quality and fashion brands, and on them have a certain buyer. Antonia Accessories CHLOE CHRISTIAN LOUBOUTIN CHURCHS GIUSEPPE ZANOTTI JIMMY CHOO PIERRE HARDY PROENZA SCHOULER REPETTO VALENTINO GARAVANI MANOLO BLAHNIK MAISON MARTIN MARGIELA HTC RENE CAOVILLA MARC BY MARC JACOBS MARNI 3. 1 PHILLIP LIM RICK OWENS GIVENCHY M MISSONI UGG DR. MARTENS 32 Fabrics Their fabrics selection depends on the season. In this case we observe during the Fall/ Winter Season, therefore the sel ection are dominated by a thick and warm fabrics such as Wool Knitwear Nylon/ Synthetic (used for windbreaker) Fur LeatherBesides, there are also some light fabrics to provide the current trend, such as Velvet Silk weave Cotton Display After the group talked to the sales manager of excelsior, we have noticed that each season, the excelsior will hire 2 ledge merchandiser to display the products on the shelf in a way that will attract customers (one is for the mens floor and anther is for the womens wear and shoes and accessories). They usually display 2 pieces of clothes in the both womenswear, however in the mens floor, they only display 1 piece of clothes.We can also see it from the pictures. 33 Excelsior Shelving At first, the group thought it may be because the womenswear have 2 floors that they have more space to display the dresses and the mens only have one floor so they need to use every place they can since the excelsior have lots of brand and style for male. plai nly after the sales manager of excelsior told us its only because of shelf merchandisers willing. In this way, the shelf merchandiser plays a very important role in attracting the customer to purchase the products. 34Conclusion In conclusion, Excelsior is a place full of energy, a floating series of inspirations and ideas. It not only sells the clothes of women and men, but also spread the sprit of fashion. The customer target is not only focus on single group and the product breath is very wide from food, dress to technology. Although we are in the financial crisis now, the excelsior will not be influenced since it has its distinctive strategy. 35 Questionnaire NO. xxx Date xx/xx Sexual o Female o Male Nationality o Italy resident o Tourist Ages o o o Under 17 18 30 30 45 Above 50 Status o Married o Single o In relationship Occupation o Employed o Unemployed Income o o o o o o Under 2000 2000 3000 30005000 500010000 1000020000 Above 20000 How many times will you shop in the Excelsi or o Frequently o Rarely o Occasionally The main reason that lead you to shop in this store 36 References 1. 2. 3. 4. 5. 6. 7. 8. 9. NYTimes. com Vogue. it http//www. vogue. it/en/magazine/daily-news/2011/09/opening-coin-excelsiormilan http//www. excelsiormilano. com http//www. odemonline. com/fashion/mini-web-sites/multilabelstores/references/5729-excelsiormilano http//www. modemonline. com/fashion/mini-web-sites/multilabelstores/references/5729-excelsiormilano http//www. vogue. it/en/shopping/where-to-shop/2012/06/sales-at-excelsior https//instruct1. cit. cornell. edu/courses/cuttingedge/lifeCycle/03. htm http//www. vogue. it/en/shopping/where-to-shop/2012/06/sales-at-excelsior 10. http//en. wikipedia. org/wiki/Pricing_strategies 11. http//themarketingspot. com/2009/08/breadth-vs-depth. html 37