LOFT Merchandising Strategy

Fashion Institute of Technology – Fashion Merchandising ManagementLOFT Merchandising Strategy:“We see LOFT as an iconic American Brand that has the potential to grow both domestically and internationally.” – President Fran HorowitzBy developing 3 pop-up shops in selected international markets, we will expand LOFT’s brand awareness as well as Lou & Grey’s market presence. Expanding our customer base will increase our sales from $1,533,699 to $1,671,731.91, which is an overall increase of 9%.Table of Contents1. LOFT Financial Analysis. . . . . . . . . . . . . 3
2. Why Go Global?. . . . . . . . . . . . . . . . 7
3. Why Pop-up Shops? . . . . . . . . . . . . . . 10
4. Pop-up Shop & International Success Stories. . . . 12
5. Strategy Implementation . . . . . . . . . . . . 15
6. Interactive Technology . . . . . . . . . . . . .17
7. Shop One: Hong Kong. . . . . . . . . . . . . 21
8. Shop Two: London. . . . . . . . . . . . . . . 24
9. Shop Three: Milan. . . . . . . . . . . . . . . 26
10. Conclusion . . . . . . . . . . . . . . . . . 28
11. Works Cited . . . . . . . . . . . . . . . . . 29Figure 1. LOFT Financials
Financial Measure LOFT
Fiscal 2013 LOFT
Fiscal 2012
Annual Sales (+/-) $1,533,699
+7.2% $1,430,285
+9.6%
Gross Margin % 53.87% 54.82%
Operating Expense (S,G,A) 47.10% 47.80%
Net Profit Margin % 4.11% 4.32%
EPS – Diluted $2.19 $2.10
Dividends per Share — —
Inventory Turns 4.79 4.95
Current Ratio 1.70 1.50
Quick Ratio 0.98 0.89
Total Debt to Equity Ratio 1.21 1.45Figure 2. Fiscal 2013 Competitor Financials
Financial Measure The Gap, Inc. Express Kate Spade J.Crew Industry Norm
(SpecialtyRetail)
Annual Sales (+/-) $16,148,000+3.1% $2,219,125+2.87% $1,264,940-15.96% $2,428,257+9.0%
+8.0%
Gross Margin % 39.01% 32.34% 57.36% 41.43% 45.9%
Operating Expense (S,G,A) 25.66% 22.72% 60.56% 31.14% 32.5%
Net Profit Margin % 7.92% 5.25% 5.77% 3.91 7.7%
EPS –Diluted $2.74 $1.37 $0.59 — —
Inventory Turns 5.11 7.07 2.92 4.02 5.17
Current Ratio 1.81 1.95 1.46 1.38 1.94
Quick Ratio 1.02 1.24 1.05 .54 1.20
Total Debt to Equity Ratio 1.56 1.49 -0.31 2.09 1.39● LOFT is currently growing at a rate of 7.2%
● Based on growth patterns over the past three years, we believe that LOFT has reached a sales penetration maximumNet Sales ($) % Growth
2013 Actual $1,533,699 +7.2%
2014 Estimate $1,671,732 +9.0%
2015 Estimate $1,855,623 +12.0%Net Sales ($) % Growth
2013 Actual $1,533,699 +7.2%
2014 Estimate $1,647,193 +7.4%
2015 Estimate $1,722,379 +7.6%
● In order for LOFT to maximize sales growth, we believe they need to pursue Lou & Grey and continue opening free-standing stores in the U.S, as well as pursuing international growthCompetitor Store researched: J Crew
Location of international stores: Canada, London, Hong KongFinancial Measure J.Crew
2013 J.Crew
2012 J.Crew
2011 J.Crew
2010
Annual Sales
(+/-) $2,428,257
+9.0% $2,227,717
+2.9% $1,722,227
+9.1% $1,578,042
+10.51%
Gross Margin % 41.43% 44.29% 43.37% 44.08%
Operating Expense (S,G,A) 31.14% 32.90% 30.95% 30.69%
Net Profit Margin % 3.63% 4.31% 7.06% 7.82%
EPS – Diluted $1.84 $1.91
DPS — — — —
Inventory Turns 4.02 4.67 4.55 4.64
Current Ratio 1.38 1.26 2.35 2.21
Quick Ratio .54 .45 1.55 1.40
Total Debt to Equity Ratio 2.09 2.19 .68 .96
2011: Opened 3 stores in the UK, 12 in Canada, 1 in Hong Kong
● Store sales increases 21%
● Net Sales increases 9.1%
● Online sales increase 19%
2012: No new store openings
● Store sales increased 6%
● Online sales increase 16%, ships internationally to 107 countries
2013: Added 4 more locations to Canada, 2 in UK, 2 in Hong Kong
● Store sales increased 6%
● Total revenue increased 9.0%
● Online sales increase 10%Competitor Store researched: Gap Inc.
Location of international stores: Canada, Europe, AsiaFiscal 2012 Sales$ Mill
% Total
No. Of Gap Stores
(Excluding Franchises)
US 10,439 67 990 (North America)
Canada 978 6
Europe 820 5 198
Asia 1,305 8 191
Other regions 182 1
Direct Sales 1,927 12
Total 15,651 100 1,3792013 Gap Store openings and closings:Capturing Opportunity:
1. There is a growing demand for U.S. products in international markets – shown by substantiated growth in international e-commerce by various retailers.
● Growth in demand via the Internet is being led by Canada, Australia, U.K., Russia and Hong Kong, said CEO Michael DeSimone of Borderfree, which counts all those chains among more than100 major U.S. retailers that helps to internationally peddle their wares online
● Global ecommerce for physical goods outside the U.S. is expected to grow at an annual rate of 18% from 2012, reaching $640 billion by 2017, and outpacing projected annual growth of 7% in the U.S. during the same period, Borderfree said, citing IDC data. (“Virtual bazaar: How U.S. retailers from Sears to Saks are going global”)
2. International markets with better economic growth prospects and lower competition than the U.S. provide an opportunity to operate with fewer discounts.
● This is the reason why Gap Inc.’s international stores generate significantly more revenue per store than its U.S. stores
● Gap’s direct-to-consumer revenues have grown by more than 20% annually since 2010
● This trend is likely to continue going forward due to increasing Internet usage, Gap’s mobile apps and mobile-optimized sites (“Gap’s Expansion Plans And Growing Web Presence Brighten Its Outlook”).
3. Emaciated traffic and extreme price competition have left the industry in a slugfest just to achieve positive domestic same-store sales. As a result, many retailers have been looking to plant their flags overseas, scouring Europe and the emerging markets in search of growth.● Retailers from Target to J. Crew are testing the waters abroad, while luxury brands including Donna Karan and Ralph Lauren have long maintained a presence in Europe and beyond (“From 5th Ave. to Oxford St., retail’s global problem” CNBC Feb, 2014).1. E-commerce
2. Brick & Mortar
3. Pop-Up Shops● Pop ups continue to drive innovation in the retail space and show no signs of disappearing as a unique platform for both iconic brands and daring start-ups. (Cradlepoint)
● The concept of pop up stores was popularized by Japanese fashion label Comme de Garcons in 2003.
● Founder, Rei Kawakubo, said, “The temporal anti-establishment nature of these pop up stores has enabled the label to constantly evolve and build a name for itself in the fashion space.” (Pop Up Stores Taking the Retail World by Storm)There are several key opportunities that pop ups provide for retailers:1. Test new products, concepts, and markets and gain valuable consumer insights with relatively little investment
2. Generate buzz and create a memorable visual spectacle
3. Tap into “get it while it lasts” urgency
4. Aggressively market merchandise around a finite period of time, season, or holidayWe chose pop up shop as our strategy of its business model that can test new products and customer demographics without investing too much money or committing to liabilities. By building Lou & Grey pop up shops we will reach the following four goals:
Goal 1: Increase Our Customer Base:
● Kate Spade is the perfect example of how pop up shops can increase our customer base. Spade’s pop up grew their “total customer database by 55% in 2013” (Kate Spade & Company).
Goal 2: Reduce Risks:
● Cost efficiency is proven in two ways: “2,000 square feet is a popular size for pop-ups”, so the smaller spaces require less manpower (Reuters).
● Retailers can save up to 80% by opening a pop-up instead of a traditional retail store, according to Storefront, a company that also connects pop-ups with real estate.
● With a national retail vacancy rate of about 10 percent, landlords are usually willing to let retailers sign a shorter and sometimes cheaper lease, said Storefront Chief Operating Officer Tristan Pollock.
● About 2,000 square feet is a popular size for pop-ups, he said, since that allows retailers to be flexible about how much inventory they carry. (Reuters)
Goal 3: Appeal to a Younger Audience
● After viewing the LOFT presentation at FIT we learned that a main goal was to gain a younger target market. Spade’s pop up shops also resulted in 60% oftheir customers being under the age of 44. “There is a “noticeable mother daughter dynamic” (Kate Spade & Company).
● Based on a 2013 Analects pop up shop study, “the shopping experience is particularly important for ages 33+” (Marsh).
● The top 3 motivations for visiting a pop up shop for age 33-49 is to discover new products, the appealing display, and the shopping experience. So according to this study, pop up shops attracts 62% of the exact customer age range that Lou & Grey is looking to adopt (Marsh).
Goal 4: Generate Brand Awareness in New Markets
● In an article from WWD Kate Spade’s Senior VP and Brand Director stated, “We’re using pop ups to generate awareness. We’ll keep them open for now” (Edelson). Meaning if brand awareness is successfully developed this can lead to opening permanent stores, which is the ultimate goal for Lou & Grey.
Goal 5: Develop a Personal Connection
● In her interview after the J. Crew London pop up shop last fall, Jenna Lyons (J. Crew Creative Director), said “We wanted people to have a personal connection to us, we want people to have a point of view, that’s what Central Saint Martins cultivates. If you never expand your world and push the boundaries of what you can do, it’s hard to carve your piece.”Dockers pop up tour bus stopped in three major US cities for three weeks each and achieved their goal of obtaining a younger customer. “In the past, 80 percent of the people who bought Dockers were 35 and older,” she said. “Now, it’s 50 percent who are over 35.”Kate Spade’s CEO, Leavitt, says that their International expansion is the biggest growth opportunity that they have.
“Somewhere in the neighborhood of 20 to 25 percent of our business is outside of North America today. We have a goal by the end of 2016 to raise retail [outside North America] to a third and, long-term, to bring that to two-thirds.”Target is company that has seen much success in pop up shop retailing. “Located just in New York’s Bryant Park, the store made such a splash that it attracted 11,000 visitors, sold out of nearly all merchandise and closed early after supply did not meet demand.
Target opened a pop-up store in Toronto, which featured designs by Jason Wu. There were “up to 1,500 Canadian shoppers, and they sold all of its 2,500 pieces in merely 5 hours” (“Pop Up Stores Taking The Retail World By Storm”).In the two weeks Adidas previewed its virtual shoe wall in one of its London stores, it saw a 500% jump in sales of the soccer cleat available through the wall, compared with a similar shoe it launched six months earlier at the same price.1. “Lululemon’s Success In The International Market”● The yoga-inspired athletic company opened its first store in Covent Garden, London, seeking to accelerate its growth abroad
● The launch of Lululemon’s first store in London was preceded by a successful mass yoga event in which 400 participants gathered in the Royal Opera House in what was seen by investors as a massive show of demand for yoga products in the new market
The company, which introduces its products to new markets by first opening showrooms, had already opened three showrooms in London’s Richmond, Islington and Chelsea areas before the store was launched.The strategy helped build initial demand for products even before the first store was opened to the public.“By the time we open the store, we have the local market
embracing us, pulling us, as
opposed to pushing us.”
–CEO Potdevin said.(“3 Reasons Lululemon Is Poised To Deliver Strong Returns.” Bidness Etc.)“You have to open great stores and offer a great experience and be in prime locations. If you do all that right, it can be very successful.”-– Millard Drexler, chairman and CEO of J. Crew Group Inc.1. Remember to differentiate yourself in a global market:
● To avoid boring customers in today’s interconnected world, retailers need to ensure they differentiate themselves. Acting locally and think globally.
● “Our assortments in Germany are totally different than they are in Spain or in the Netherlands or in other parts of the world. It’s really important that you listen to the consumer in these various regions and mold and shape the product for them.” – Tommy Hilfiger
2. Adapt to local cultures:
● Retailers should recognize local market preferences and evaluate how to adjust messaging or product offering to that customer base, without compromising the integrity of the brand.
● Andrew Rosen, CEO of luxury brand Theory, which conducts more than 50 percent of its sales internationally, agreed that it’s important for brands to adapt to local cultures. He said it’s exciting for consumers to experience a brand they’re comfortable with, but with a different country’s cultural flavor.Our International Pop Up Shop:Introduction-Our interactive shopping experience, for a limited amount of time, will not only draw in foot traffic, but it will also create a buzz and sense of urgency for Lou and Grey. In this section we will be outlining the core fundamentals of our international pop up shop business model. We want to keep the rollout of our international locations at a slow steady pace and have LOFT.com continue to sell to their international markets. We will then place three Lou & Grey pop up shops in our strategically chosen location of Hong Kong, London and Milan. This section includes an overview of our global principles, a mock touchscreen storefront, and our Omni-channel plan.Five Principles:
Our global strategy is modeled off of Kate Spades “5 principles” which has proven to be successful for their international expansion (Loeb). Below we have outlined the principles along with an implementation strategy for each one.
1. Brand consistency – brand comes first ensuring long term growth
● Loft must stay in line with their “iconic American brand” style. We want our products to grow internationally all while appealing to consumers across cultures and climates. Our goal is similar to Spade’s outcome; their “best sellers ‘in America’ were their best sellers in Japan and Singapore” (Edelson).
2. Growth in existing markets – growth will come by increasing market share through additional door rollouts, comp sales, and launching new categories● Lou and Grey has already opened four freestanding stores within their existing market in order to have consistent growth.
3. Product – prioritizing initiatives including Asian fashion fit and creating special products to celebrate holidays like Chinese New Year
● According to the Loft presentation, Lou and Grey is trying to focus more on international artisan made products. In every country that we place a pop up shop, we want to recognize that specific culture by selling a unique and exclusive item that was crafted by a local artisan. This new product line will be called “Beyond The Label; A Local Artisan Collaboration.”
4. Business development – pursuing new regions where the company does not yet have a presence
● We must pursue locations that make sense to Lou and Grey as a company. Maneesh Goyle, President of the marketing agency MKG, said it best, “You can’t have a pop up in a B-list location. If you can’t find a grand-prize location, don’t do a pop up.” Our grand prize locations will be in Hong Kong, London, and Milan.
5. Business model by region – a variety of business models are used including wholly owned subsidiaries, distribution agreements, joint ventures, and wholesaling. Model is chosen to maximize profits and brand growth
● We will slightly alter our business model in order to adapt to each region that Lou and Grey will have a pop up shop in. We will continuously research potential opportunities for our Beyond The Label; Artisan Collaboration product line.● According to the Loft presentation at FIT they’re already looking into more technological advancements such as iPads to browse products. We see our Lou & Grey pop ups being extremely tech conceited with digital storefronts and interactive tables in-store to enhance the customer experience
● “Interactive stores are a thriving trend in Europe” (Blasnik). Stores have added, “Interactive windows that make it possible to shop in real stores around the clock, regardless of store hours. Digital storefronts integrate touch-screen catalogue displays, many even allowing customers to make direct purchases via their cell phones. Encouraging shopping on a whim heightens spontaneous spending.” (Pasquarelli)
● Macy’s Beauty Spot kiosk, a rounded, roughly 7-foot-tall, 4-foot-wide structure inlaid with interactive touch-screens on both sides, allows a customer to browse the department store’s makeup brands in one place
● Adidas wall stands just over 7 feet tall and is split into sections that can be detached to alter the width. So far, Adidas has shown 9-foot, 13-foot and 17-foot wide versions of the wall. The touch-screen portion of the wall showcases digital representations of a product, including marketing content such as the inspiration behind the design of a shoe, size availability and price (Malcom).1. Cost/Execution:
● “At a cost of $69 a month — to create its digital content for custom interactive screens that cost about $2,000 each”… “The company says the screens have paid for themselves in additional sales” (Girrard)
● “At the Plaza, our digital sign was placed at the foot of the escalator to drive traffic to our station and tell our brand story, while the multimillion-dollar companies we were competing against weren’t using them,” says company founder Lee Tillette. Kroma’s annual sales of about $500,000 have grown 10 percent a year since 2009, up from 7 to 8 percent before the digital signs were installed in 2009.
2. Moon Studio Pizza Hut Case Study:
● We’re basing our interactive storefront off of Moon Studio’s design for Pizza Hut. They created an interactive touch screen table for purchasing that syncs with your phone’s app on contact. The screen automatically retrieves the app’s stored info containing shipping, billing, and credit card info.
● If in a case where our pop up shop doesn’t have the customer’s size or color on hand, we will refer to their app for a countdown to delivery time.
● Our storefront is essentially Moon Studio’s table built vertically and will a cell phone holder.Ann’s shop-in-shop concept follows the rollout of Lou & Grey into all 540 Loft stores and online. In-store shops will be roughly 500 sq. ft. in size on average (Fierce Retail).
For our pop up shops were going to double this in size to 1000 square feet.Mood Board:Location Substantiation:
1. According to Forbes.com, Hong Kong is ranked number 3 in best places to start a business.
“Free market economy is highly dependent on international trade and finance. The value of goods and services traded, including the sizable share of re-exports, is about four times GDP” (“The Best Countries For Business”)
2. Younger Consumers Show Strongest Resonance With American Brands: American brands have consistently stood for freedom and independence, evoking the rugged west with the rebel as hero.● This positioning seems compelling for a significant minority of Hong Kong’s younger consumers. In a recent survey from Ipsos Hong Kong of 1,000 consumers, 22% of consumers aged 15–34 said they liked American casual wear brands.
3. When buying American labels, this segment of consumers most strongly identifies with the “comfort” (89%) and “fit” (48%) offered by the brands. Therefore showing a strong affinity with American labels.
4. American brands command a price premium; Hong Kong youth are willing to pay, on average, 14% more for American brands compared to local brands (e.g., Bossini, Giordano).
6. Hong Kong consumers show openness for brands to actively get in touch with them via push notifications, and seem willing to be synced in to receive information (news or non commercial information). Given the above trends, mobile shows great potential for brands to more proactively engage with target customers. (American Fashion Brands- “Cool Kids On The Block” in Hong Kong)
Success Stories in Hong Kong:● Hong Kong is a prime location for fashion:
“Opening in Hong Kong is an easy decision for us. It’s one of the world’s greatest cities with great energy and great appreciation of style, design and creativity,” said Millard Drexler, chairman and chief executive officer of J. Crew Group Inc. (“J.Crew to open in Hong Kong” WWD, Feb 2014).
● Keeping the collection selective and exclusive is key:
In Hong Kong, a 3,200-square-foot J. Crew Collection women’s store will open in the International Finance Centre, also known as the IFC mall. It will feature a “carefully edited selection of the most exclusive and special fabrics and prints, limited-edition designs, Italian cashmere and a dedicated shoe and handbag salon” (Moin, David, “J.Crew to open in Hong Kong” WWD, Feb. 2014).Beyond The Label; A Local Artisan Collaboration: Edge of EmberJewelry brands are focusing on using sustainable materials while employing local craftsmen to give back to the community
Hong Kong based Edge of Ember, established by ex-trader Lynette Ong in 2012. The brand features versatile yet modern jewelry that is made by local artisans in Asia. Her current collection, Sarat, incorporates organic hand-hammered metals, bold geometric studs and ethnic-inspired tassels.They use brass as a base metal for all our pieces. I wanted to keep the collection in a more affordable price range because of the social message.
Currently certain pieces from the collection showcase an up cycling of materials, such as the studs and spikes from recycled brass bombshells in Cambodia and discarded buffalo horn in Vietnam which are made into buffalo horn bangles.Mood Board:Location Substantiation:
1. According to Popup Britain, up to 59% of pop-up store tenants felt that they were able to obtain customer feedback on their products and in-store experience to benefit their businesses.” This information was helpful in “improving their existing product and service offering to better fit consumers’ preferences.” (“Pop Up Stores Taking The Retail World By Storm”)
2. “20 shops close on British high streets every day. One in six premises now stands empty across the country, compared with just one in 20 before the start of the recession (Guardian).”This vacancy has opened the doors for extremely great opportunities for the rise of pop up shops to be opened on high trafficking streets. Pop Up Britain believes that now more than ever this pop-up model is “less a trend and more an invaluable and low risk experimental testing ground that comes with low overheads and often a good return (Popup Britain).”
Beyond The Label; A Local Artisan Collaboration: Fiona Pitkin
Fiona Pitkin’s products consist of hand-painted cushions, scarves, books and bags. These are painted in soft, subtle washes of color, mixed with rich, deep pigments that blend into each other.
All the products are one-of-a-kind and designed, painted and manufactured in the UK.Mood Board:Location Substantiation:
1. It is not a coincidence that Milan is the city of temporary shops. The many fashion and design trade fairs held in this city have lead to a growing demand for temporary retail space.
2. Italy is leading when it comes to guerrilla stores. The pop-up-shop phenomenon has become a rather ‘permanent’ feature in the streetscape. (“Guerilla Lifestyle)Beyond The Label; A Local Artisan Collaboration: Alice D
“Alice.D bags combine a modern look of clean lines and vibrant colors with the centuries-old art of Italian leather. Co Founders – and mother and daughter dynamic duo – Alice and Donatella got their start creating leather goods for brands in their native Milan before teaming up to launch their own line of beautiful Italian leather handbags”(Navy and Black Milano Bag).Our Lou & Grey Merchandising Strategy will fulfill our financial goal by implementing tech infused, metropolitan pop up shops that showcase local artisan sponsorships.
We’ve proved this strategy will work through successful pop up shop analysis, technological case studies, primary research, and extensive industry examination.
We hope you enjoyed reviewing our project! It is an honor to be the consultants for such an established company, as Lou & Grey embarks on their journey to develop themselves into an iconic American brand that is growing both domestically and internationally.1. “3 Reasons Lululemon Is Poised To Deliver Strong Returns.” Business and News RSS. Bidness Etc, 7 Apr. 2014. Web. 26 Apr. 2014.
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