Sneakers have grown in popularity over the last few years. More people than ever have entered the sneaker business. The newcomers are either sneaker resellers or sellers who have set up merchant/consignment shops. This guide is tailored towards the entrepreneur who would like to become an independent retailer. The first place to start is to start with an overall store business plan. This will be the core blueprint on how you approach the business side of opening your new store. This business plan is broken into multiple sections outlining different areas of the business.
Industry Overview Research shows that the Athletic Shoe Stores industry has grown strongly over the five years to 2020 due to economic growth and rising sports participation. The increase in popularity in sneakers has been met with a decrease in supply causing a sharp rise in prices and willingness for buyers to pay 3x premiums for coveted sneakers.
Executive Summary Example: SoleInsider Sneaker Store, Inc. is a registered sneaker store that will be located in Soho Manhattan. We have been able to lease a 2,500 square foot location that is in a heavily trafficked street.
SoleInsider Sneaker Store, Inc. will retail a wide range of men’s, women’s, children’s sneakers, and other types of athletic shoes from different brands. We plan on carrying a wide range of popular brands such as Jordan, Nike, Yeezy, and Adidas. We are set to service a wide range of clientele in and around Soho – New York.
SoleInsider Sneaker Store, Inc. is owned by John Brown. Mr. Brown has 3 retail experience and has worked with some of the leading shoe brands in the United States.
- Products and Services Outline the type of products you will be offering in this section. Examples below.
Our product offerings are listed below; Retailing sneakers such as Nike, Jordan, and Adidas Retailing boots such as Timberland and Converse Retailing clothing from streetwear brands such as Palace, Stussy Retailing accessories such as cell phone cases and chargers
- Mission and Vision Statement Example: Our vision is to become one of the leading brands in the sneaker business in New York City. We want to establish a large social media presence. We want to work with other sneaker brands such as Nike for collaborative releases.
Our mission is to establish a nationwide sneaker business. We want to offer our customers a unique shopping experience with tailored customer service.
- Job Roles and Responsibilities Chief Executive Officer – CEO:
Responsible for signing business deals and cleaning decisions Responsible for providing direction for the business Responsible for signing documents and legal paperwork on behalf of the company Responsible for making organizational-wide decisions.
Ensures that the storage facility is in order and goods are properly arranged and easy to locate.Controls distribution and supply inventory
Merchandising/Buyer Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams Helps to ensure that quality sneakers and other athletic shoes from different manufacturers are purchased and retailed in good price that will ensure we make a good profit Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors Sales and Marketing Helps to increase sales and growth for the company
Staff: Responsible for day to day activities in store Responsible for interacting with customers Responsible for stocking shelves Responsible for cleaning up the store after closing
- Target Market
In view of that, we have positioned our sneaker store to service the residents of Soho, New York. We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us. We are in business to retail a wide range of sneakers to the following groups of people; Men and women Students
Once you’re done outlining your core business plan. You can move on to more logistical and operational aspects. Running a solid operation is at the heart of any sneaker store. It's what allows it to function and serve the customers that frequent the establishment. If you’re planning on stocking your shelves with the more popular and rare products, you will need to make the right connections. This is often why stores with a long history get better sneakers. You will need to build up your reputation while constantly outreaching to other industry connections. This can be done via Social Media or on LinkedIn. Running a sneaker store business isn't as easy as finding a physical location and filling it to the brim with sneakers. You’ll need to also figure out how you will present your store to the buyer once you have suppliers and a retail store in place. You may want to reach out to retail designers to help you layout your store's concept and research existing stores with terrific layouts like Kith and Extra butter. Social media is truly important. During the execution of your physical store, you’ll want to begin your social media planning and push. You should immediately register your store name on all social media platforms you plan on using. Once you have your accounts in place, you can later think about your social media strategy. Once you have your business plan, social media accounts, and locations scouting in place. You’re in a perfect position now to begin completing the legal paperwork to get your business up and running. Good luck!