Types of fashion retail stores and assortment plans

Introduction

With the growing trend of online shopping, the traditional brick-and-mortar retail stores have had to make some changes to stay competitive. One of the best ways for retailers to do this is by having a well thought out assortment plan. An assortment plan is a strategic document outlining what types of fashion retail stores should exist in order to generate sales and profits. It typically includes information about product categories, store size and layout, target customer demographic, and pricing strategy. Developing an effective assortment plan can help fashion retailers remain competitive in an increasingly competitive market. In this post, we will explore the different types of fashion retail stores and delve into how you can create an effective assortment plan for your business.

Fast fashion stores

There are a few different types of fashion retail stores, and each type has a different assortment plan. The most common type of fashion retail store is the fast fashion store. Fast fashion stores are known for their cheap prices and trendy clothes. They typically have a lot of turnover, which means they need to constantly replenish their inventory. On the one hand, it's great that you can always find something new at a fast fashion store. On the other hand, it can be difficult to find something that you really love because the selection is always changing.

Another type of fashion retail store is the luxury store. Luxury stores are known for their high prices and designer clothes. They usually have a smaller inventory than fast fashion stores, but that doesn't mean they don't have a lot to offer. Luxury stores tend to carry more classic pieces that will never go out of style. If you're looking for something timeless, then a luxury store is probably your best bet.

The last type of fashion retail store is the vintage store. Vintage stores sell used clothing and accessories from past decades. You can usually find some great deals at vintage stores, but you'll need to sift through a lot of stuff to find them. Vintage stores are great for people who want unique items that you won't find anywhere else.

Luxury fashion stores

Luxury fashion stores offer high-end designer clothing, footwear, and accessories. They are typically located in upscale shopping districts or malls. There is a great deal of competition among luxury fashion stores, so it's important to have a well-thought-out assortment plan.

Identifying your target customer is the first step. What age group are you targeting? What is their income level? What kind of lifestyle do they lead? Once you know who your target customer is, you can start to curate your inventory accordingly.

Next, take a look at your competition. What are they carrying? How can you differentiate yourself? Make sure you have a mix of classic pieces as well as trendy items to appeal to a wide range of customers.

Finally, price your merchandise accordingly. Luxury fashion stores are all about exclusivity, so make sure your prices reflect that. You don't want to be too expensive and scare away potential customers, but you also don't want to be too cheap and undermine the luxury image you're trying to create.

By following these steps, you can create an assortment plan that will help you stand out from the competition and attract the right kind of customer.

Department stores

There are several types of fashion retail stores, each with their own unique assortment plan. Department stores are one type of fashion retail store that offers a wide variety of clothing, footwear, and accessories. The typical department store will have separate sections for each category of product, as well as a clearance or sale section. Department stores typically offer a mix of high-end and lower-priced items to appeal to a wide range of customers. Another type of fashion retail store is the specialty store, which focuses on selling a particular type of clothing, such as formal wear or activewear. Specialty stores typically have a smaller selection than department stores but offer more in-depth knowledge about the products they sell. Boutiques are another type of fashion retail store that usually carry higher-end items and provide personalized service to customers. Finally, there are online retailers, which sell fashion items through their websites or mobile apps. Online retailers often have a wider selection than brick-and-mortar stores but may not offer the same level of customer service.

Online-only retailers

Though traditional brick-and-mortar stores are still the most popular shopping destination for consumers, online-only retailers are growing in popularity. Online-only retailers offer a wide variety of advantages for shoppers, including a larger selection of items, the ability to shop from home, and often lower prices.

For fashion retailers, having an online presence is becoming increasingly important. A recent study found that 66% of millennials say they would be more likely to shop at a retailer that offers both in-store and online shopping options. And with millennial spending expected to reach $1.4 trillion by 2020, fashion retailers need to make sure they're catering to this important demographic.

There are a few things to keep in mind when planning your fashion retail store's assortment if you want to appeal to online shoppers. First, you'll need a greater variety of SKUs than you would carry in a brick-and-mortar store because customers can't try on items before they purchase them. Second, it's important to have good product photography and descriptions so that customers know exactly what they're buying. Finally, offering free shipping and returns is often key to getting customers to make a purchase from an online store.

Selecting the right type of store for your product

There are a few things to keep in mind when selecting the right type of store for your product. Your product type is the first thing to consider. Is it something that is best suited for a specialty store or would a department store work better? The second thing to consider is your target market. Once you have answered these questions, you can begin narrowing down your options.

Another important factor to consider is the location of the store. It's important to choose a spot that is convenient for your target market and that has good foot traffic. You also want to make sure the Rent amount is within your budget.

Once you've taken all of these factors into consideration, you can start narrowing down your options and selecting the right type of store for your product.

Assortment planning

There are four main types of fashion retail stores: mass market, department, specialty, and online. Each type has a different target customer and offers a different assortment of merchandise.

Mass market retailers sell a wide range of products at low prices. They are typically found in malls and target a general audience. Department stores also sell a wide range of products, but they are usually more expensive than mass market retailers. They are typically found in city centers and target a more affluent customer.

Specialty stores focus on selling one particular type of product, such as clothing, shoes, or accessories. They often have higher prices than mass market or department stores but offer a more focused selection. Online retailers do not have physical stores but sell their products through websites and mobile apps. They often have the widest selection of products but may not offer the same level of customer service as brick-and-mortar stores.

When planning your store's assortment, you will need to consider your target customer and what type of products they are looking for. Mass market retailers should focus on offering a broad selection of popular items at low prices. Department stores should focus on offering a mix of high-quality items and lower-priced items to appeal to both budget-conscious and luxury shoppers. Specialty stores should focus on offering a unique selection of items that cannot be easily found at other types of retailers. Online retailers should focus on offering a comprehensive selection of items with competitive prices.

Conclusion

Fashion retail stores can come in all shapes and sizes, offering varying types of merchandise. Regardless of the type or size of store you want to open, a well-thought-out assortment plan is essential for success. With careful consideration of customer needs, fashion trend identification and analysis, and market research, retailers can create an effective assortment plan that will draw customers to their stores. By utilizing these strategies, fashion retail store owners can confidently launch their business with an optimal selection that appeals to their target audience.