Burberry Thrift Store Business Plan: Market Analysis and Strategy

This report outlines a business plan for launching a Burberry thrift store, addressing the need for affordable, trendy fashion among middle-income women. The plan includes an elevator pitch highlighting the creative concept, a brainstorming session detailing the idea's genesis, and a description of the products and services offered, such as transformed used clothing and online shopping options. A consumer profile (W5) identifies the target demographic, and a SWOT analysis assesses the strengths, weaknesses, opportunities, and threats facing the venture. Key strengths include product variety and price affordability, while weaknesses involve product quality and stock availability. Opportunities arise from the rising cost of living and the demand for sustainable options, but threats include market competition and promotion costs. The plan aims for a break-even point within six months, leveraging effective marketing and the growing trend of thrift shopping to achieve success. References to relevant academic sources support the analysis and recommendations. Desklib provides access to this and other solved assignments.

Thrift

Contents
• Elevator pitch
• Brainstorming
• Products and services
• Consumer Profile
• SWOT Analysis
• References

Elevator Pitch
• I have found out a creative idea to open a thrift for Burberry. For that reason,
I carried research to solve the problem of customers regarding costly
products.
• After I interacted with customers, I was able to know that they require
products that are trendy but at low cost. The customers will prefer the idea as
it is aligned with creativity. There is need of understanding the latest
requirements of customers.
• The target customers will be women of middle income group. They like to
wear different clothes on regular basis at the time of going to office. It will
provide them sustainable fashion that will help to provide variety of products
to the customers.
• I have analysed that there is key role of selecting the target customers for the
company. The company take care about the preference of these customers so
that best is provided to the customers.

Continue…
• The use of online selling services will be used in order to provide an option to check the products from the place customers
want. The products are quality approved and provide best to the customers and satisfy their needs and wants. I have
analysed that the business provides effective quality products to the customers that can be easily used by them. It will help
to provide best to the customers and enhance their experience.
• Along with that the motive is to serve the requirements of customers by taking care of recycling concept. There is need of
providing the products to customers that will enhance their trust in the organisation and will enhance the purchases of
customers. It is important aspect to reach more customers and help them to adapt sustainability.
• According to me the positive aspect is thrift is in trend. The customers are aware about the concept and adding the brand
name of Burberry will help to enhance the reach. Along with that customers prefer the concept of sustainability that will
help them to take proper care of environment.

Continue…
• The customers that do not prefer to wear the same clothes again and again will also be able to sell the clothes and get some
money back. This will motivate more customers to become its part and achieve success in effective manner. It is necessary
to attract the customers and provide the idea that solves their problem.
• The competition is present at each and every level and this is a problem faced in the initial days of thrift. The company will
have to maintain quality as well as penetration pricing that will help the to gain lead over the competitors.
• I believe that the venture will be able achieve break even in 6 months and then start earning revenue as well. The use of
effective marketing tools to reach more customers and attain success. The creative idea will enhance the sales of Burberry
and they will be able to expand the operations in near future.

Brainstorm
• Brainstorming can be defined as creativity technique that helps to solve a particular problem. It is necessary to take review
of all the team members that helps bring most creative idea. It is necessary to analyse the diverse knowledge. It helps
to spontaneously get new ideas.
• Today the people are facing the issue of costly products that makes it difficult for the customers to make purchases. It helps
to generate good idea that is beneficial in solving the problem of customers and attaining success. The various ideas that
come out were sustainable fashion, low cost goods, providing online services and transforming the products of company.
After matching them all, the idea of thrift came out that helps to provide transformed products to the customers.
• It is a technique that helps to provide best solutions for the businesses and helps to enhance the sales. There is key role of
using brainstorming technique at the time of starting a new venture. By including more people and taking their suggestions
that are necessary to carry on the business effectively. It is essential to come with the best idea or to provide effective
decision that is combination of the ideas in order to satisfy the needs and wants of customers.

Brainstorm
Thrift
Sustainable
fashion
Transformed
products of
company
Cost
effective
concept
Online
services

Products and services
• The business deals in products and services to satisfy their
customers. There is need of maintain quality products and services
to the customers as better results can be attained. It is analysed that
Thrift will sell the already used clothes after transforming the in
effective manner. It is important to check the quality of products at
the time of selling them to customers. It helps to grab the attention
of customers and provide them best.
• The services include providing the online thrift where the
customers have option of exploring the options. This also helps
them to get the products delivered at the door step. This saves time
of the customers and enhance customer experience.

9
Consumer Profile
Name: ABC
Age: 30
Marital status: Married
Gender: Female
Demographics Background
Country: UK
City: London
Borough: Europe
Geographics
Habits: Reading fashion blog
Lifestyle: Middle
Interests: Shopping
Values: Ethical person
Psychographics
Socio-Economic
Income: £20,000
Occupation: Employees working full time
Home environment: Good
Education: Management
(W5)
The people of UK who are
working and want different
clothes of regular basis will be
the target customers.

10
Strengths Weaknesses Opportunities Threats
• Variety of products:
Thrifts provide variety of
option to the customers
that helps the customers
to make purchases
effectively. The
customers are able to get
better purchasing of the
products for the benefit
of customers.
• Price affordability: The
thrift provides branded
clothes at affordable
prices that engage the
customer towards the
products.
• Quality of product: The
customers do not make
purchases due to the poor
quality of products
because they are already
used products.
• Amount of stock: There
is one piece of a types
available and size is not
available that is
problematic for the
customers.
• Rising cost of living:
There is rise in other
expenditure and
customers prefer to buy
the products that are less
costly and affordable.
• Sustainable: It is a
sustainable concept and
this enhances the chances
of rise in sales and
profitability for the
business.
• Competition: There is
high competition being
present in the market and
this enhances threat for
the thrift business.
• Cost of promotion:
There is high cost of
promotion that the
businesses have to bear
in the staring to promote
the thrift.

References
• Andrews and et.al., 2022. The Viability of Pop-Up Thrift Shops in Increasing Revenues for Goodwill Industries of Akron.
• Ogunmuyiwa, M., Oluwasanya, O.P. and Aladegoroye, O.R., 2021. Impact of Cooperative and Thrift Societies on Small
Business Performance in Nigeria. The Journal of Accounting and Management, 11(3).
• Rakowski, T., 2022. Generous Thrift. Thrift and Its Paradoxes: From Domestic to Political Economy, 10, p.94.
• Machado and et.al., 2019. Second-hand fashion market: consumer role in circular economy. Journal of Fashion Marketing
and Management: An International Journal.
• Hulme, A., 2019. Towards a theory of thrift. In A brief history of thrift (pp. 6-16). Manchester University Press.