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Target Project Final report

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Online luxury Design Six Amigos
i
Designer Clothing for a New
Shopping Experience
Online luxury Design Six Amigos
ii
Online Luxury Design
Designer Clothing for a New Shopping Experience
Proposed to
Gregg ...
Online luxury Design Six Amigos
iii
March 26, 2013
Gregg W. Steinhafel
Target Corporation, CEO
1000 Nicollet Mall
Minneapo...
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Target Project Final report

  1. 1. Online luxury Design Six Amigos i Designer Clothing for a New Shopping Experience
  2. 2. Online luxury Design Six Amigos ii Online Luxury Design Designer Clothing for a New Shopping Experience Proposed to Gregg W. Steinhafel, CEO Target Corporation Presented by The Six Amigos: Andrew Janusz Zach O’Connor Josh Flick Jeff Seng He Song April 4, 2013 KelleySchool of Business 1309 E. Tenth Street Bloomington, IN 47405
  3. 3. Online luxury Design Six Amigos iii March 26, 2013 Gregg W. Steinhafel Target Corporation, CEO 1000 Nicollet Mall Minneapolis, MN 55403 Dear Mr. Steinhafel, SUBJ: DESIGNER CLOTHING FOR A NEW SHOPPER EXPERIENCE Six Amigos Consulting wants to thank you for the opportunity to work with Target Corporation. We are honored in the opportunity to provide you with a solution to perform better for guests, given the emergence of online retailing. After researching and analyzing Target and its competitors, we have discovered that Target’s main consumer is a female around the age of 46, the youngest amongst major retailers. With this in mind, we decided to incorporate the average Target guest into our idea. Six Amigos Consulting believes Target should collaborate with high-end designers to create a product line specifically catered to the main Target demographic, with an emphasis on women’s apparel. We believe that through this exclusive collaboration you would gain an edge on your competitors while reaping benefits. In the formal report, we give important recommendation and implementation steps to follow through with our proposal. Six Amigos Consulting would like to thank Professor Jeanette Heidewald and Merchandise Lead Sarah Zehrer for providing valuable insight during our research and formation of this proposal. Please feel free to contact Six Amigos Consulting with any questions or concerns by emailing us at SixAmigos@gmail.com or by phone at (812) 999-9999. We look forward to working with Target Corporation and strongly believe our suggestion will continue Target’s success in the future. Sincerely, Six Amigos Consulting
  4. 4. Online luxury Design Six Amigos iv Table of Contents Executive Summary....................................................................................................................... vi Designer Clothing for a New Shopping Experience....................................................................... 1 Target Invests In Its Guests.............................................................................................................1 Innovation Creates Success.............................................................................................................1 Online Sales Consumption..............................................................................................................2 Emerging Trends............................................................................................................................. 2 The Rise of the Female Economy.....................................................................................................3 The Digital Age Brings More Wireless Devices.................................................................................3 The Next Step:................................................................................................................................. 4 Synonymous Values.......................................................................................................................5 Product DifferentiationWins..........................................................................................................5 Collaborations benefit both parties.................................................................................................6 Implement online first....................................................................................................................6 Moving Forward ............................................................................................................................. 7 1. Contact Designers.......................................................................................................................7 2. Design, Agree, Produce...............................................................................................................7 3. Release Line ...............................................................................................................................8 4. Prep and Integrate......................................................................................................................8 Profit Analysis................................................................................................................................. 9 “Expect More, Pay Less”............................................................................................................... 10 Appendices.................................................................................................................................... 11 Appendix A: SWOT Analysis Pre-Implementation..........................................................................11 Appendix B: SWOT Analysis Post-Implementation.........................................................................12 Works Cited................................................................................................................................... 13 Works Consulted........................................................................................................................... 14
  5. 5. Online luxury Design Six Amigos v Table of Figures Figure 1 The Model of Kate Spade .......................................................................................................1 Figure 2 U.S. Online Retail Forecast .....................................................................................................2 Figure 3 Online Consumers per Year(Millions) .....................................................................................2 Figure 4 The Rise of the Female Economy ............................................................................................3 Figure 5 Website Visits by Device.........................................................................................................3 Figure 6 Brand Priorities......................................................................................................................4 Figure 7 The Information of Designers .................................................................................................7 Figure 8 Implementation process.........................................................................................................8 Figure 9 Production Costs....................................................................................................................9 Figure 10 Profit Analysis......................................................................................................................9
  6. 6. Online luxury Design Six Amigos vi Executive Summary Purpose of the Report The principle reasons for this report are to: 1) Assess Target’s current market position 2) address the changes in Target’s market and 3) propose a strategy and implementation plan to respond to these changes. Defining the Market Target is known for maintaining a strong set of values and providing for its guests and communities. These values led to strong and consistent guest loyalty. Target’s ability to drive innovation has led to unique products that resonate with guests and appeal to their desires. Target fulfills these desires by providing an online marketplace the guests use to purchase products. The past has shown that Target’s website is a key profit driver within its business. Survival of the Fittest Given the emergence of online retailing, Target success depends on its ability to adapt to market changes. An increase in wireless devices represents a large portion of this change requiring attention from Target. Women also represent an immense portion of emerging market. In order to capture this new influential demographic, Target must address their needs. Through the implementation of Online Luxury Design, Target will be able to cater to this demographic. Defining Online Luxury Design Target previously partnered with various luxury designers, which resulted in inconsistent sales outcomes. Our new approach allows Target to have more control over the product lines. This control stems from Target’s ability to ascertain which products are top-selling within the product line. Following this result, Target will maintain cost-efficiency by placing top-selling products in stores. Building Blocks to Success Target’s implementation of this new approach to online luxury design will allow it to give its guests a broad range of new products while appealing to their styles and values. Six Amigos Consulting suggests these 4 steps to profitability and guest satisfaction: 1. Contact designers to discuss project elements 2. Agree upon a deal and allow time for product development 3. Use multi-channel marketing to create buzz for product followed by online release 4. Plan and implement in-store placement of top-selling products while catering to region specific climate
  7. 7. Online luxury Design Six Amigos 1 Designer Clothing for a New Shopping Experience In 1962 Target set out in pursuit of a goal to completely redefine the shopping experience for its guests. For the past 60 years, Target committed itself to providing its guests with a pleasant shopping experience that offered both everyday essentials and fashionable merchandise for a low cost. As a result of its success, Target Corporation is now the second largest retailer in the United States (“Target Corporate”). Target Invests In Its Guests By maintaining a strong set of moral values, Target increases customer loyalty and differentiates itself from other competitors. Target believes that benefiting the surrounding communities is essential to its business model ("TARGET”). According to Target.com, each year, it gives back 5% of its total profits to communities across the country. Furthermore, Target participates in community service activities and donations substantial amounts of wealth to further education. In 2011, Target’s employees accumulated 475,000 hours of community service and donated over $100 million toward education ("Target Corporate”). By investing in the community, Target transformed its bulls-eye logo into an iconic symbol that is recognized by 96% of consumers. Targets ability to integrate its values into its business model has resulted in customer loyalty that is far superior to that of its competitors. Innovation Creates Success Product differentiation is ingrained in the company through heavy focus on design and innovation. Target proved its leadership position in design and innovation through its collaboration with Isaac Mizrahi in 2003. The collaboration began a decade long drive by retailers to attract new customers through unique product sourcing. However, Target remains focused on its customers by releasing products that aimspecifically at Target’s main demographic: 40 year-old, college-educated women (“Fast Facts”). With the focus on this particular consumer demographic, Target released exclusive designer collaborations that appealed to these women and their sense of fashion. It has worked with the likes of Pabral Gurung, Neiman Marcus, Kate Young, and many others. One such Figure 1 The Model of Kate Spade Source: thrifty-tyra.com
  8. 8. Online luxury Design Six Amigos 2 collaboration, Missoni for Target, succeeded extremely well for the company both in-store and online. In fact, its popularity crashed the online website and in-store stock sold out within the day. The website crash is just one indicator of the current online market. Online Sales Consumption Target’s Online sales increased 10% in 2012 and global online retail sales are projected to increase over 62% by 2016 (Indvik). In 2011, U.S. online retail sales topped $200 Billion dollars and are expected to reach $327 Billion dollars by 2016. Source: Indvik In 2011, 167 million consumers purchased something online. That number is expected to grow to 192 million by 2016. The totals represent 53% and 56% of the population respectively. With over half of the United States making purchases online, the online retail market is ripe for expansion and growth. Emerging Trends Target’s current strategies and the current market condition allowed it to hold a leadership position. However, there are some emerging trends that are changing the market and need to be addressed. By taking action, Target can respond to these changes and continue the positive online experience that customer’s desire. Figure 2 U.S. Online Retail Forecast Figure 3 Online Consumers per Year (Millions) Source: Halid
  9. 9. Online luxury Design Six Amigos 3 The Rise of the Female Economy Within the U.S., women control roughly $7 trillion in annual consumer spending, and are expected to increase to 2/3 of all U.S. consumers spending. Women represent a growth market bigger than China and India combined (“HBR”). Senior women age 50 and older control net worth of $19 trillion and own more than three-fourths of the nation’s financial wealth (“Ogilvy”). The Baby Boomer Generation will have more money than any other generation in history. Not only do women represent a significant portion of the world’s buying power but also they do most of the shopping. Figure 4 The Rise of the Female Economy The Digital Age Brings More Wireless Devices While consumers are spending more time online making purchases, an increasing amount of devices are becoming Internet capable. The increase in internet-capable devices has paralleled increasing online sales. According to Monetate Solutions, websites they tracked saw desktop and laptop visits decrease from 92.33 percent to 81.60 percent in one year. While that may seem like a negative thing, both tablets and smartphones more than doubled their Figure 5 Website Visits by Device Source: MarketZeus MarketingZeus Source: Campbell
  10. 10. Online luxury Design Six Amigos 4 market share in the same year. For all of 2011, some 66.9 million tablets sold around the world, up approximately 260 percent from 2010 (Roggio). One of the most important trends to take into consideration is Target’s aging consumer demographic. As the demographic ages, its preferences will change. The change will include the product types being purchased and how they are purchased. With millennials growing older, they are going to start having more buying power. By 2015, almost half of the world’s population will be under the age of 25 (“Millennials”). Millennials will have experience with mobile devices, allowing them to increasingly purchase online from any location in the world. Their views on brands and value have also shifted from the current Target demographic. Millennials desire brands with attributes like “cool”, “trend-setting”, and “unique”. Out of a rank of 1-39, millennials rank those 3 attributes in the top 15. On the other hand baby-boomers rank the same attributes much lower on the list at 23, 24, and 25. Both generations have radically different views on brands and their value, which Target may need to respond to soon. The Next Step: Six Amigos Consulting believes Target should collaborate with high-end designers to create a product line specifically catering to the main target demographic with an emphasis on women’s apparel. The designer apparel should be implemented exclusively online for a period of one month allowing target to gauge which products are most successful. The top selling products should then be transferred in-store to further increase sales. We recommend that Target form partnerships with the Tory Burch, and Kate Spade. These designers are extremely popular, like-minded in values, and produce unique products. Integrating a line of products with each of these designers will set Target apart from competitors while staying in line with their ideals. This report includes a thorough recommendation explaining the benefits of high-end, online-exclusive collaborations, how implementation can be carried out, and how Target can expect to be affected by implementation. Figure 6 Brand Priorities Source: Boomers
  11. 11. Online luxury Design Six Amigos 5 Synonymous Values Target and our recommended designers share similar values. Target has been giving 5% of income to the community each year since it was founded. They believe it is essential to their business model to serve their communities through charitable donations. Our recommended designers, Kate Spade and Tory Burch, serve communities through philanthropic organizations. Kate Spade specifically works with Women for Women International, an organization striving to help women’s lives in warring countries. The company creates engraved bracelets with a positive message which are sold on its website. 25% of all sales of these bracelets go to Women for Women International. Tory Burch strives to provide benefits to women in the United States. Recently, she founded the Tory Burch Foundation, which aims at providing economic opportunities to women and their families. The foundation “invests in the success and sustainability of women owned businesses through grants and microfinance for women entrepreneurs” (“Tory Burch”). Through its mentoring program, the Tory Burch Foundation provides young women with the necessary tools to become successful as entrepreneurs and leaders. Our recommended designers share the same values that target holds and preach. Through collaborations with these designers, Target can continue to show its guests that benefiting women and communities is important to its core business values. Product Differentiation Wins Product differentiation is a core marketing strategy in Target’s business model. The marketing strategy has allowed Target to become the second largest retailer in the U.S. Strong in-house apparel brands have allowed Target to maintain its image of unique products as it has grown. By partnering with luxury designers, it allows Target to further increase product differentiation by appealing to more women. These designer brands will appeal to women across several generations including generations X, Y, and millennials. All generations lie within Target’s optimal consumer demographic range. Because generation Y and the millennials have grown up in the information age, they have the strongest internet presence. This makes them more susceptible to buying products online. Generation X has the highest buying power of the three generations with $125 billion spent annually. However, their online presence is smallest. Product integration online first will allow generation Y and the millennials to find out what’s popular and trendy. Integrating the most popular products in-store will coincide with generation X’s desire to appear young and hip. Generation X is among the first to try and buy new products (Lambert). The brand loyalty of
  12. 12. Online luxury Design Six Amigos 6 these consumers is highest compared to other generations. These factors support the effectiveness of our strategy. While continuing Target’s trend of providing cheap-chic style, these partnerships will allow it to compete with more upscale companies like Macy’s and J.C. Penney’s. The collaborations will parallel Target’s promise to guests of “Expect More, Pay Less” and broaden its consumer base. Collaborations benefit both parties Collaborations are mutually beneficial for both Target and the fashion designer. These partnerships benefit designers by bringing luxury brands into a setting that allows a broader and more diverse audience to purchase these products. This increases awareness of the luxury brands, translating into purchases of their standard fashion products following the collaboration. In the past, the marketing strategies Target implemented created immense buzz surrounding the release of the Missoni product line benefiting both partners. These benefits provide incentives for the designers to partner and work with Target. Target benefits most from working with luxury designers. Target essentially creates an “in- house” brand by collaborating with luxury designers (Zehrer). It allows Target to outsource the legwork to the designers while retaining the luxury brand image. This translates into increased profits for Target. By attaching the luxury brand name to Target’s name, it increases Target’s brand image and awareness as well. Implement online first Our strategy of rolling out the entire product range online first followed by in-store placement will be cost efficient. Starting the product line online, allows Target to accurately judge the top- selling products by computer tracking. It also allows Target to determine which regions certain top-selling products are sold in. For example, Northern regions will most likely show higher purchases of warmer clothing whereas; Southern regions will show light-weight clothing. Because the majority of target sales occur in-store, placing top-selling products in-store will lead to less surplus merchandise. In the past, Target had problems with in-store surplus leading to slashed prices and cost-inefficiency. The strategy we have provided defeats showrooming. Target is the only option to purchase from because the product is unique and unattainable elsewhere. Our strategy will ultimately increase profitability by retaining high markup price and reducing product surplus.
  13. 13. Online luxury Design Six Amigos 7 Moving Forward The following 4 step implementation plan will help follow through with our recommendation. Following this plan will ensure a successful launch of the new collaboration online as well as in stores. 1. Contact Designers Target’s first step in executing this new proposal is to determine its interests in the types of products to be offered. We here at Six Amigos consulting believe that Target should focus solely on women’s apparel. Following through with this suggestion, Target then needs to contact our recommendation in high-end designers; Tory Burch and Kate Spade. Target will contact these designers and set up meetings at corporate headquarters located at: Figure 7 The Information of Designers 2. Design, Agree, Produce During these corporate meetings, Target will explain to Tory Burch and Kate Spade how they would benefit from this exclusive collaboration, the terms of the deal, and what each side should expect to receive from the deal. Target should pay both Tory Burch and Kate Spade $2 million for their services in this collaboration. Target would clarify to Tory Burch and Kate Spade what type of products they want the designers to create, exclusively women’s apparel. After the designers receive the information about the clothing line, they would start designing the Source: “Tory Burch” “Kate Spade”
  14. 14. Online luxury Design Six Amigos 8 Contact Designers Design, Agree, Produce Release Line Prep and Integrate collection. It may take up to a few months for the designers to finish the product to their liking. Target would then need to approve the entire collection. Target should check for styles, colors, and quality assurance. Once everything is agreed upon, it is time to mass produce the clothing. 3. Release Line As per our recommendation, Target will release the exclusive clothing line online for a period of one month. However, in order for the clothing line to be successful, Target must use multi- channel advertising to promote the new line. We suggest daily posts on both the corporate Facebook and Twitter accounts, airing television commercials, and promoting on the front page of Target’s website. After a time period of one month has passed, Target will then review the itemized income statement breakdown for online sales during this one month. After the top selling items have been noted, it will then be time to release these items in stores. 4. Prep and Integrate The last step in this implementation plan is to prep and integrate the new clothing line into existing stores. Target will prepare for incoming shipments of the new line as well as rearrange the apparel section in existing stores to make way for the new clothing line. Target will create a separate section for the new line while choosing “prime real estate” in the store to promote the line. This area should be highly visible and should attract customers in to this area to view the clothing. The clothing in each section will differ based on the geographical location of the stores. For instance, stores with a cooler climate will have more coats, sweaters, and thicker clothing items to adjust to the cooler temperatures. Stores with a warmer climate will be more focused on lighter clothing. Figure 8 Implementation process
  15. 15. Online luxury Design Six Amigos 9 Profit Analysis Our profit analysis is based on the fact that Target uses a 100% markup on production costs for its clothing line. Assuming that the new clothing line has about 200 items (100 from each designer), averaging $30 retail price, the average production costs for these items would be $15. If you produce 5000 of each item for online sales during that one month period, the total costs for online inventory would amount to $15,000,000. When Target determines the top selling items, most likely around 50 items (25 from each designer), each store will keep 500 in inventory for each item. Again, assuming the average production costs for these items is $15 the total costs per store is around $375,000. Since Target will be incorporating this new line into every store, per store production costs would be multiplied by 1763 (total number of target stores). Figure 9 Production Costs Number of items Inventory for each item Production cost for each item Number of locations Total Online 200 5000 $15 1 $15,000,000 In Store 50 500 $15 1763 $661,123,000 This figure shows the total production costs for in store as well as online inventory. Adding both in store and online production costs as well as the $2 million given to the designers will give total costs for producing the new clothing line. In the figure below we have put together a worst, base, and best case scenario relating to the sales of these items. Figure 10 Profit Analysis Worst Case (60%) Base Case (80%) Best Case (100%) Total Revenue $811,350,000 $1,081,800,000 $1,352,250,000 Total Costs $680,125,000 $680,125,000 $680,125,000 Gross Profit $131,225,000 $401,675,000 $672,125,000 In our worst-case scenario, Target only sells 60% of its inventory and still makes a profit of $131,225,000. Our base case scenario predicts that Target will sell 80% of its inventory to realize a profit of $401,675,000. Finally, our best case scenario, in which every item in inventory sells, would realize a gross profit of $672,125,000.
  16. 16. Online luxury Design Six Amigos 10 “Expect More,Pay Less” Target satisfies its guests by offering everyday essentials and fashionable merchandise at an affordable price. Through our exclusive designer collaborations, Target can offer luxury apparel while maintaining low prices. Not only will our recommendation satisfy guest’s needs, Target will also benefit. These benefits consist of increased profitability, customer satisfaction, and online sales presence. By utilizing our recommendation, Target will be able to fulfill its needs and further increase its brand image. Our recommendation is a step in the right direction towards increasing online traffic and sales presence given the emergence of online retailing.
  17. 17. Online luxury Design Six Amigos 11 Appendices Appendix A: SWOT Analysis Pre-Implementation Strengths:  Large consumer base  Well known brand, Bull’s-eye o 97% of American consumers recognize Target’s Bull’s-eye  Charitable Organization o Gives Back to the Community  Take Charge of Education Program donated more than 229 million to 75% of all schools in US  5% of profits weekly donated to charities  Variety of Suppliers, not dependent on one particular supplier o Large Selection o Quality and stylish products Weaknesses:  Slightly higher prices than competition, due to quality merchandise  Apparel lines not appealing to younger consumers  Received complaints about delivery time of products through the mail  Non global sales organization  Traditional advertising (“behind the times”) Opportunities:  Emerging online market o Incentives to shop and buy online o Incentive to add more online products  Improvement of purchasing and shipping speed  Developing more, popular “in house” brands  Improvement of pricing perception  Emerging Millennial market to capitalize on o Especially with Millennial women because of quality apparel Threats:  Apparel market competitors o Macy’s, Kohl’s, J.C. Penney’s  Competitive prices  Quality clothing  Fast growing potential e-retail competitors  Poor economy and job loss o Customers want low prices
  18. 18. Online luxury Design Six Amigos 12 Appendix B: SWOT Analysis Post-Implementation Strengths:  Adds appealing apparel products to emerging online market  Increases brand strength more through luxury designer apparel o Adds better products to main customer, women  Partnership with well known designers and quality apparel  Increases charity through more profit and partnership with philanthropic designers  Increases online website traffic o Possibility of increasing other products’ sales  Lessens apparel supplier dependency even lower Weaknesses:  Uncertain reaction to slightly higher apparel prices o Although prices will be higher, the quality will increase  Unknown popularity of releasing new product line  Non-global customer base Opportunities:  Attract more than just middle aged women to its apparel products o Specifically millennial women through the new stylish products  Differentiate products and company from competitors  Possibility of increasing in-store sales if the partnership with luxury designers is successful o Add popular products into in-store sales  Attract foreign and celebrity buyers through partnership with luxury designers  Increases philanthropic opportunities through designer product give-a-ways o Kate Spade and Tory Burch work with Women for Women International, boosting women attraction to Target even more  New and attractive social media advertising product Threats:  Consumers spending less on new apparel because of lingering economic recession  Competitors picking up on partnering with good luxury designers and competing with apparel line
  19. 19. Online luxury Design Six Amigos 13 Works Cited "10 ThingsYou Didn't KnowaboutTarget." A BullseyeView. TargetCorporation,15 Aug. 2012. Web.04 Mar. 2013. Blaine,Charley."OilandGasoline PricesAre Rising." MSNMoney.com.30Jan.2013. Web.04 Mar. 2013. "BoomersandMillennials’BrandPreferences." EPollMarketResearch Blog.17 June 2011. Web.04 Mar. 2013. Campbell,Mikey."Apple'sIPadDrivingE-commerce asMarketShiftsfromDesktop-based Purchases."Appleinsider.com.27Nov.2012. Web.04 Mar. 2013. "Fast Facts."Target.com.Web.05 Mar. 2013. Halid,K. "Online ConsumerBehaviorInfographic." Invesp.com.8Mar. 2012. Web.04 Mar. 2013. “HBR BlogNetwork."HarvardBusinessReview.Web.07 Mar. 2013. Indvik,Lauren."U.S.Online RetailSalestoReach$327 Billionby2016." Mashable.com.27Feb.2012. Web. 04 Mar. 2013. Karow,Dave."The Target.com"Fail Doggie" -- It Didn'tHave to Happen." Blog.keynote.com. Keynote,23Sept.2013. Web.04 Mar. 2013. "Kate Spade."KateSpadeNewYork.N.p.,n.d.Web. Lambert,Emily."GenerationX." Specialty Retail.N.p.,Summer2003. Web. "Millennials'BrandPreferencesShiftDue toHouseholdStructure." TheHartman Group.1 Sept.2011. Web.04 Mar. 2013. Ogilvy&Mather. “WomeninTheirDigital Domain.”Web.04 Mar. 2013. Roggio,Armando."4 Ways TabletsCouldAffectEcommerce Design, Marketing."Practicalecommerce.com.7Feb.2012. Web.04 Mar. 2013. "Target Corporate:Social Responsibility,Careers,Press,Investors."Target Corporate: Social Responsibility,Careers,Press,Investors.Web.06Mar. 2013. "Tory Burch."Tory Burch.N.p.,n.d.Web. Zehrer,Sarah.Merchandise PlanningLeaderforTarget Corporation.“TargetExecutive Q&A.”Neal- Marshall Black Culture Center,Bloomington.21Feb.2013.
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