The clothing industry is risky but exciting. Are you planning to open a shoe retail kiosk in the shopping center or start a shoe retail shop on the business street? For you who want to embark on the adventure and open a shoe store, we have concentrated on the information on each of the significant steps to take to move from the idea to a profitable business.
The market study, choice of location, business plan: you will be able to find something that suits you!
Before anything else, you should know: the clothing industry, in general, is risky. As an INSEE analysis specifies, only a quarter of the companies present in 1996 were still current in 2010. And footwear is no exception to the rule, the share of traders specializing in this area tending to decline.
And This does not mean that the sector is doing poorly. On the contrary: France remains the leading footwear market in Europe. Clothing turnover, as a whole, increased by 70% between 1996 and 2010 and by 11% between 2011 and 2015. More than ever, the French buy clothes. But this turnover is concentrated, the number of companies going down.
For its part, the footwear market is doing well, according to Chaussure de France, with a turnover of 713 million euros in 2019.
For you who plan to set up your shoe store, it will be necessary to carry out a market study specific to the target area of the establishment. And, This will require reviewing major market trends, consumer expectations, and the level of competitive intensity.
You will also have to consider indirect competition, because today the shoe is developing strongly on the Internet, and e-commerce is particularly competitive on prices.
To attract the favors of buyers, you will have to build a concept that will meet the desires and unmet needs of your future customers.
To make your place in the market, you will need to differentiate yourself from the competition. For example, if your municipality already has five brands specializing in sports footwear, it is better to get into another niche.
There's no shortage of ideas at Chic, inexpensive, offbeat, "Made in China" shoes, or a shoe store specializing in large sizes. It's up to you to find the one with the most potential.
The premises necessary for opening a store must be spacious enough to receive a sufficient stock because it would be a shame to miss sales because of a shortage of supply.
On the other hand, you must think about the location of your future premises. A background in the city center or a shopping area will allow you to benefit from significant natural traffic in the store, in return, the rent will be higher than if you choose a further street back.
One last point concerning the regulations: your premises must comply with the safety standards relating to establishments open to the public (or ERP).
To set up your shoe store, you will need to choose the legal status of your business.
This status will depend, among other things, on the method of taxation (income tax or corporate tax) of the company and the social regime applicable to the manager (self-employed or general regime).
The time has come to take stock of the human and material needs to create or take over a shoe store.
In addition to the possible renovation of the premises, and interior fittings, including IT (the cash registers in particular). You will also need to build up a stock. Purchases are the first expense item for a store in this category: 60% of turnover, excluding VAT.
In terms of human needs, the sector operates with a certain seasonality. So it makes sense that at crucial moments, like the sales, you have more work to do and need more staff. Shoe stores operate a lot with fixed-term contracts and part-time contracts, which allow these more or more minor ad hoc requests to be met.
Put A Luxury Jewlery Display Showcase In Your Shoe Store !
Before opening your shoe store, it is vital to have a suitable marketing plan. Otherwise, your store may be left hopelessly empty.
You can consider actions like:
The business plan is a document that allows you to present your project to create a shoe store for banks and investors.
Whether you are opening a shoe kiosk for indoor space or start a shoe retail shop, you will need a business plan to follow;
Therefore, it is an essential tool for fundraising and the business creator since it allows to verify the project's viability in a quantified manner.
On the financial level, the business plan of a shoe store must show the need for financing the project and highlight its potential for profitability.
When looking for financing, your first point of contact will often be a bank. But bankers are not the only ones who can finance you.
You can also consider the following solutions:
That's all there is to know about opening or taking over a shoe store. Once again, prepare your project before launching. And when your store is open, consider inviting us!
If you are decoration a shoe store and looking for shop fixtures or need any customized display stands for your shoe store, Ant Display is the right place to go. We can custom design and manufacture retail store fixtures and stand with any material you required. From solid wood tables, laminated shelving, or marble store reception desk and led lights signs, you can find it here as long as you need. Contact our team for more information.