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Free People Business Plan

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Whitney Hoard

on 29 April 2014

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Transcript of Free People Business Plan

Free People Business Plan
Matthew Cardenas
Shana Hagemeyer
Whitney Hoard
Sara Kaufmann
Jennifer Lawson
Gulcan Rika
Free People
Dick Hayne
Target-audience women in their 20s
Located in New York, Chicago and L.A.
Slouchy Vegan Tote
Current Retail Strategies
Premium price for quality clothes
Sell jewelry, jeans, dresses and shoes
Strong brand image
Sales to promote sales
The Free People Shopping Experience
Very few stores and very upscale
Encourage customer interaction throughout the store
Bohemia and 70s inspired
Exposed wood and wire trees with slips hanging
Current Strategies Continued
Social media:
Tech savvy through various social media channels
Instagram for inspiration
FP Me app
Typical customer:
Extremely loyal
Wide range of customers
Higher disposable income
Current Social Media Use and Typical Customer
Urban Outfitters:
Lower price point
Street style
Appeals to both men and women
Home furnishings
More accessible
Lager store
Cheaper construction
More abundant in marketplace
Controversial merchandise
Free People Direct Competitors: Urban Outfitters and Nordstrom
Customer service
Return policy
Wider variety and deeper assortment
Multiple price points
Family head-to-toe shopping experience
Not a small scale boutique
Limited selection of Free People merchandise
Inability to access Free People
Not connected with Free People merchandise

Expand Free People
Retail Strategy Re-design
School appropriate, yet trendy
Sense of individuality and freedom of dress
Located next to Free People
Special promotions on social media
New Free People
Utilitarian and Hedonic Needs
Targeted at Tweens and Teens (12-18)
Use social media and image freedom
Find ways to lower price
Customer Service
Standardized--it works!
Reliable, Responsive, Tangible
If it ain't broke, don't fix it
More stores
Outdoor malls that are safe and frequently shopped by all ages
More upscale location than the traditional mall
Inviting, not intimadating

Prices are to come down
Appeal to a larger, younger consumer group
Purchase more pieces at a time
i.e. $58 v. $40 starting price for knits
Pricing Strategy
Well designed website
Vintage Loves
High quality and Well Crafted
Unique store experience
Free People vs. Competitors
Free People Weaknesses
Vintage items non-returnable
High prices
Limited Locations
Specific style
Varied merchandise at each location
Free People vs. New Free People
Target parents: Follow school dress codes
One-stop shopping
Staying on trend
More SKUs: end of trend sales to reduce inventory
Standard layout
Less floor space
Point of purchase items
Merchandise Variety and Assortment Planning
New Free People will utilize social media as a communication source
Laid back
Colorful, distresses
Store Atmosphere
Cutting costs without cutting corners
Integrate the supply chain
Control distribution
Full transcript