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Transcript of Forever 21
Veronica Licon Do Won & Jin Sook aka Mr. & Mrs. Chang migrated from Korea in 1981.
Mrs. Chang was a hair dresser and Mr. Chang had 3 jobs.
In 1984 they opened up Fashion 21 on Figueroa st. in Los Angeles.
Within the first year their sales reached $700,000
Now it’s a $3billion, 477 store, 35,000 employee chain.
Family operating business. Mr. Chang is CEO, Mrs. Chang is head of merchandising. Their daughters, Esther and Linda are creative director and head of marketing. History It all began in a 900 square ft. shop on Figueroa Street in Los Angeles on April 21, 1984. The store was called Fashion 21. By the end of the first year, sales had risen from $35,000 to $700,000. The Founder reinvested his success by opening new stores every six months eventually changing the name to Forever 21. Los Angeles, CA - 1984 Forever 21 opened its 11th store and the first store located in a mall. Forever 21 has multiplied its presence by expanding the average size to 5,000 square feet per store. Since then, Forever 21 has been running specialty stores in major mall locations nationwide. Panorama Mall, Panorama City, CA - 1989 This location was the first store outside of California. Adding new stores every six months, Forever 21 had reached a total of 40 stores by 1997. Forever 21 has rapidly expanded throughout the United States. Mall of Americas, Miami, FL - 1995 The opportunity was finally created for a new prototypical store within a mall setting, with a complete redesign of merchandising displays. By this time, Forever 21 also increased its average store size to 9,000 square feet per store in prime spots of top tier malls. Topanga Mall, CA - 1999 Forever 21 has opened XXI flagship store in Texas, Miami, Los Angeles, Chicago, and Edmonton, Canada. The average size of XXI venues is an average of 24,000 square feet. XXI offers true one-stop shopping in a fun and exciting environment and has become the ultimate source for the latest fashions at a great value. Willowbend. Plano, TX - 2001 In July 2006, Forever 21 opened its new flagship store in Pasadena, California. At 40,000 sq ft. and two levels it proves that bigger really is better. It's upscale and accessible to all ages and demographics. It's numerous shop-in-shop concepts demonstrate the continuing strength of boutique and specialty retailing over department or format. Old Town Pasadena, CA - 2006 Grand Opening of their first BIGGEST Forever 21 Store at Los Cerritos Center. Its a 86,000sq.ft. two floor department store. Cerritos, California
January 23, 2010 XXI For ever
For Love 21
Forever 21 plus (Faith 21)
Forever 21 girls (HTG81)
Twelve By Twelve Brand additions Trademark Yellow Bag According to Yahoo! Finances, in the year 2011 Forever 21 had a revenue of 2600.00 M Forever 21 Financial You don't have to be 21 or older to shop at Forever 21 stores -- you just need your wallet. The fast-growing retailer operates about 500 stores under the Forever 21, XXI Forever, Love 21, and Heritage 1981 banners throughout North America, Asia, the Middle East, and the UK, as well as online. Forever 21 Forever 21 and its Competitors A higher quality clothing store that as well as Forever 21, sells everything from clothing to candies. According to Yahoo! Finances, in the year 2011 Urban Outfitters had a revenue of 2473.80 M Urban Outfitters There isn’t much difference between Forever 21 and Charlotte Russe, consequently they are each other’s competitor. According to Yahoo! Financial, Charlotte Russe’s 2011 revenue was 18.2 M Charlotte Russe Originally H&M didn't have stores in the U.S., the company has now opened up locations all over the world. H&M Hennes&Mauritz targets the Hip & Modish. The firm designs cheap yet chic clothing, mainly for men and women ages 18 to 45, children's apparel, and its own brands of cosmetics. Fast-growing H&M operates some 2,470 stores in some 35 countries and offers online shopping in eight countries.
The company has been around longer than Forever 21 (1947), which means more years of experience H&M According to Yahoo! Finances, H&M had a revenue of 15 M H&M Ways Forever 21 Promotes Forever 21 mostly targets young men and young women
66% percent of their customers are between the ages of 18-34 Market Targets Forever 21’s blog is meant to educate the costumer on their products
They have inspiration boards
Twitter is used to attract customers for sales and special offers
Having a page on Facebook allows the company to spoken of among friends Marketing Strategies Even though the competition for Forever 21 is high, the company is not slowing down.
The owners, Don Woo and Jin Sook Chang and their two daughters manage the company privately and efficiently. Owners When a new Forever 21 comes to your nearby mall, you’ll definitely be aware of it.
For example, the grand opening of one of the biggest Forever 21 stores which is located in the Cerritos Mall, had promotions on the radio.
KIIS FM advertised about a special gift card giveaway ranging from $10 to $210 for the first 500 shoppers as well as a free tank top for the 500 customers after that. Grand Openings Fashion is available for all ages at Forever 21 along other products and Services Strengths Prices at Forever 21 range from $0.99 to the most expensive which is priced at $149.95
At H&M prices range from $2.50 to designer pieces that can cost up to $1,000 Forever 21 uses the “low price strategy,” which is used to build sales via volume.
In order to establish a low price for a product to stimulate the demand, and then in order to achieve high volume production. Pricing Strategies SWOT
Relatively low prices
Expanding group of clientele Strengths
Sweatshop Weaknesses Online market
Advertisement Opportunities Fashion Apparel Stores
Charlotte Rousse Threats Shouldn’t copy other designers
Interaction with consumers Solutions Splurge or Save? Betsey Johnson Feral Childe Foley + Corinna Jeffrey Campbell Phillip Lim Marc Jacobs <iframe width="560" height="315" src="http://www.youtube.com/embed/T-XuymEOU2g" frameborder="0" allowfullscreen></iframe>