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In the context of rapid economic development and the maturity of the consumer market, the pursuit of quality and personalization of products has gradually become the mainstream trend in China now (McKinsey, 2020). More and more consumers prefer to choose clothes that meet their needs and have differentiation. Against this backdrop, the multi-brand store, which relies on professional fashion “buyer” to select clothing, accessories, shoes and other brands around the world, has seen a great opportunity for development (Biondi, 2021).

1.1 “White board” introduction

The business plan therefore presents a project to set up a white space themed multibrand boutique named “WHITE BOARD” in the Nanxia Tang Cultural and Creative Park in Wuxi, Jiangsu Province, China. “WHITE BOARD” is precisely positioned to create a unique market category by partnering with sustainable brands that care about the environment and sell only white garments with genderless style. In addition, it combines a recycle program and handmade workshop to give consumers a high value-added shopping experience. This business plan is dedicated to providing special, quality clothing options for Gen Z consumers through internal and external market research and statistics on multibrand stores, understanding consumer needs, buying motivations, and other key factors. A comprehensive competitor analysis is conducted to develop a marketing strategy that will enable the store to operate successfully, profitably, and grow in its positioned market.

In contrast to large development stores and brand name boutiques, a multi-brand boutique is like a personal advisor to the consumer. Fashion buyers select items such as fashion and accessories from different brands based on the unique fashion concepts and interests of their target customers, and match clothes that never seem to clash together into unique styles (Yu, 2019). For the consumer, it saves time and money to a great extent. White board is a highly conceptual multi-brand store that promotes a neutral, personalized and sustainable lifestyle with a single color selection of products. White, simple and pure, without distractions. Compared to the strong colors, white represents a back-to-basics attitude. The boutique hope everyone can use white as a base to paint their own color life.

02 MARKET ANALYSIS

FIGURE 1 : SOURCING FROM STATISTA

Revenue of the apparel market worldwide by country in 2021 (in million U.S. dollars)

Revenue of the apparel market worldwide by country 2021

With the increase of people's income, the improvement of living standards and the change of consumption concept, the needs of Chinese consumers have become more segmented and diversified (McKinsey, 2021). According to Maslow's Hierarchy of Needs theory, apparel consumption will no longer be just to satisfy the most basic survival needs, but will leap towards higher psychological needs, the need for self-satisfaction (Bressán, 2021). From 2014 to 2019, the department store and footwear business in China declined from 38.6% to 26.3%

(Fashionatingworld,

2021). Consumers are choosing multibrand boutiques to provide a personalized shopping experience.

2.1 Market opportunity for multi-brand boutiques

• China's apparel sales market is huge and growing rapidly

The sheer size of China’s consumer markets continues to matter. China is currently the world's second largest apparel market (Figure 1), accounting for 18.4% of the $1.773 billion market (Heuritech, 2020).

• The rapid rise of the middle class

The dramatic increase in the size of China's middle class (Figure 1) is contributing to the restructuring of the Chinese consumer market. People's demand for clothing is no longer limited to comfort and price, but growing consumers are inclined towards niche products with texture and design features, shifting from blindly worshiping luxury brands to trendy and niche designer brands (Cerini, 2019). For example, Bulgarian leather goods brand By Far and French sneaker brand VEJA sold out in less than a week after their launch on Jingdong in April 2020. (Jiang, 2020). So, multi-brand stores are gradually gaining tremendous growth opportunities in this context.

• The development of multi-brand boutiques

In recent years, Chinese designer brands have been on the rise and are being sought after by the younger generation in terms of style, fashion and brand philosophy, and a large number of independent Chinese designer brands have emerged (Hu, 2021). The vast majority of them are targeting China as their primary retail market, which is one of the key prerequisites for the growing number of multi-brand stores (Jiang, 2021).

The number of multi-brand stores in China

In terms of quantity, in 2015, there were 1,636 multi-brand boutiques in China and this number increased to 3,781 in 2017, an increase of over 130% (Kang and Zhang, 2019)

.Furthermore, according to 2019 data provided by the China Fashion Designers Association, the number of multi-brand stores has increased sixfold in five years (Hu, 2022). The market that is considered to be a potentially profitable and lucrative one.

FIGURE 1 : SOURCING FROM MCKINSEY

2.2 Market positioning

A 2-dimensional segmentation by price and fashion of multi-brand boutique shows the market positioning occupied by different stores. From the chart, we can see that almost every type of market segment has been covered. With the exception of large-scale multi-brand such as Lane Crawford, which target the rich and famous at the top of the pyramid, most stores prefer new and trendy products. The main consumers are young fashionistas with avant-garde and individuality, and the prices are moderate, in line with the affordability of new consumers.

WHITE BOARD

2.3 Why white?

According to Edited analysis （Figure1&2）, black and white has always been the most consumed and produced color, both for mass apparel and high-end market.

Brands that emphasise black, grey and white are now becoming increasingly popular among young Chinese. Generation Z defines this solid color style as “norecorestyle” and sees it as a fashion statement. The hashtag #sexualcorestyl has over 18 million views on the Chinese Tik-Tok platform (Zhuang, 2020). For example, COS, a minimalist brand famous for its black, white, and grey, has opened 30 stores in China since it entered the market in 2012 (Wu, 2019).

FIGURE 1 FIGURE

Competitive advantage

In this era, narrow category brand and narrow category of people is easier to break out. With a narrow category, you can only dig deeper and create your own professional qualities. By selling only white garment, white board will form a strong memory point for consumers and take a place in the market positioning. Compared to the above three competitors, white board is committed to working with ecofriendly brands, making it become the only retailer in the Wuxi market that is currently focused on sustainability and has a positive social and environmental impact. In addition, the unisex style represents that our consumers are not limited to female customers, and for certain items, the consumer base can be expanded to include both men and women.

03 VALUE PROPOSITION

3.1Consumer wants, needs, fears

There is a growing demand for uniqueness in contemporary China (Cai,2018). In the case of apparel, growing consumers are becoming younger, more personalized and international, paying more attention to product quality and meeting individual needs, aspiring for better quality and creative products, more reasonable prices and better shopping experience and service (MarketMeChina, 2021). Young people, in particular, want to establish empathy and emotional links with brands and express their lifestyles through products (Kim and Sullivan, 2019).

Genderless clothing is one of the most important shifts in the lifestyles of young Chinese consumers today (Luo, 2021). In the report "Lifestyle Trends

Keywords for 2021" released by Chinese social media platform RED (over 300 million users), genderless fashion was listed as one of the platform's top 10 themes (Chozan, 2021). Furthermore, in 2021, Alibaba's 618 shopping festival saw single-day sales of 19 million yuan for genderless clothing brands, surpassing the single-day sales of 2020 in half a day (Hyqinghong, 2022).

Currently in China, more and more consumers are demanding ethical practices and responsible retailing (Daxueconsulting, 2021). Post-crisis, people are reconsidering the relationship between humans and nature and pushing for a better model of coexistence with the environment, and consumers expect retail to take responsibility and take real action (Haller et al, 2022)." According to a post-COVID-19 McKinsey & Company survey of Chinese consumer attitudes, 64% agreed or strongly agreed that they would consider greener products.

3.2 Product benefits, features and experiences

• Carefully balancing quality and price in the selection of products, ensuring partnerships with sustainable brands, building trust between brands and consumers, and creating a business model that is both profitable and good for the environment.

• The prevalence of fast fashion has largely reduced the use of clothing. White clothing is a versatile item in the daily lives of many consumers and has the quality of not being stain resistant, which promotes the mood of "wanting to use it often and feeling cherished".

• It provides maximum convenience for consumers. It eliminates the need to browse the individual websites of many brands and the need for long hours of physical shopping to find white clothing.

• Through the Deli-stickers customization service, we combine urban culture and art to produce a constant stream of collage materials and provide a differentiated service, offering consumers the possibility to create their own white clothing on a DIY basis and maximizing their personalized needs.

• Continuously implement the "recycling program" to practice a sustainable lifestyle and encourage consumers to participate in environmentally friendly living. And in the second time to be able to promote consumer consumption in the store.

• After the store will build an online community with the help of the WeChat small program platform bound by the membership system, and gradually improve the functional services mainly reservation and customization.

3.3 Mission and vision statement

Mission:

Short-term : to recover the investment cost and achieve profitability within two years, and strive for an annual sales growth rate of at least 10%.

Long-term : plan to realize 2-3 chain stores in the next 5-10 years. Form influence in the industry and become the most competitive thematic concept of multi-brand boutique.

Vision statement:

Multi-brand boutiques are a ‘slow business’ within ‘fast fashion’, requiring a lot of time to select products, cultivate customers and build influence. Excessive pursuit of market-recognized “hot” will lead the these multibrand stores into a homogenized “new department store” dilemma (Sjfzxm, 2019). In contrast, white board prefers to focus on exploring niche areas to respond to consumers' individual needs, recommending quality brands, and taking "every personality can breathe freely" as its core philosophy. We hope that everyone can start with "white" and have a more fresh, interesting and daily urban life experience.

White board's target consumers are mainly gen Z . Used to denote those born between 1996-2010 (McKinsey, 2020). Generation Z is the next big disruptor in apparel and retail, and they are widely considered to have tremendous buying power (Davis, 2020). Some data shows that the size of China's Generation Z has reached 275 million and is gradually becoming the dominant force in China's new economy and new consumption (Hua, 2022). In terms of product selection, Gen Z values creativity and aesthetics, as well as functionality and value.

Demographics

• White board's main target consumers are young women aged 16 to 35 with good education and environmental awareness.

They may work in creative jobs, such as designers, stylists, etc., while some other consumers may be students or fashion bloggers with good family conditions.

Lifestyle:

• High amount of resources, socially active

Values:

• Color-oriented, quality-conscious, sustainability-conscious

Interests:

• Arts, independent design brands, travel, fashion

Attitudes:

• Risk-taker, enthusiastic, active, neutral style

Behavioral

• Pay more attention to healthy lifestyle

• Passionate about sharing outfit inspiration on social media

• Enjoy spending their free time keeping up to date on art exhibitions

05 KEY ACTIVITIES

5.1 Recycling program

The fashion industry is known to be the second largest environmental polluter after the petrochemical industry (Dottle and Gu, 2022), and the depreciation rate of white garments is higher than other products. In the matter of "sustainability", in addition to cooperation with environmental brands, white board will launch a recycling-program, encouraging consumers to recycle old garments to the store and then buy new ones at a 10% discount. The store will evaluate the recycled clothes with A and B grades (Figure 2).

A grade can be used to donate to charity or put into the used clothes recycling bin for reuse (Figure 3). B grade store will then be made into bags, pet supplies (Figure 1).

This kind of activity is actually an interactive experience, which not only deepens the store image of "saving and environmental protection" in consumers' mind, but also strengthens the interaction and stickiness between consumers and the store, extending to the social life scene and empowering the cultural value of the store. More importantly, it solves the problem of repurchase through this link, forming a complete and full business closed loop.

The most important thing at the moment is to awaken people's awareness of practicing this sustainable thing through various ways. Of course, not everyone will pay for sustainability, but it is enough to have more interaction with sustainable products and more opportunities to participate in such events.

FIGURE

FIGURE

FIGURE

5.2 Deli-stickers

According to Chi (2021), more than 51% of the Chinese Z generation prefers brands with customized products and services. In order to provide personalized service, white board will have a customized experience area in the center of the store (Figure 1). The store will offer a uniform design of letters, numbers and punctuation “ Deli-stickers ” (Figure 2), a basic package of materials that will ensure that the brand's design elements and tone of voice are unified and available for consumers to choose from on a daily basis. At the same time, every month, we will also continue to add 4 new patterned kits, so that consumers can create something by themselves. Be a "designer"!

BE A “DESIGNER” DIY FOR YOUR OWN

06 KEY PARTNERS

White board will have two main partners. SF EXPRESS, a logistics delivery partner. Jiangsu Lihua Environmental Technology Co., Ltd, a non-profit charitable organization, or used clothes recycling bins. Delivery will be done through SF Express who provide fast, safe, and high quality shipping services (Figure 1). SF Express will be able to guarantee the timeliness and safety of the shipments to the greatest extent possible and ensure high quality arrival.

Since the store's activities involve recycling programs, the clothing collected at white board will be sorted according to the degree of contamination and damage, and some of the less worn clothing will be collected and delivered to Jiangsu Lihua Environmental Technology Co (Figure 2). The company is a company qualified to recycle used clothes, and donates used clothes that meet the donation criteria to poor areas or low-income people on demand. For some of the old clothes that do not meet the donation standards, they will be used for environmental recycling.

As a B2B business model, in the next two years, white board intends to adopt a combination of online and offline business model, through the store display and shopping experience, to establish the white board collection store white image. In addition to the physical stores, white board will provide customer service and sales through RED, WeChat and Taobao stores. in year 3, white board will create an independent store website. We will also create a "good white" community to break through the time and geographical restrictions, to cover the channels and reach the consumers around the target customers, and finally complete the sales conversion. Awareness.

Social media recommendations such as RED, Weibo and Tiktok are the main ways for Chinese consumers to discover new products and decide to buy them (Chi, 2021). In addition, through the fashion blogger marketing strategy, the brand concept of white board and the image of a sustainable retailer are spread through precise marketing to its followers. Evaluation.

Young Chinese consumers are now more open to hearing from others, both offline and online. After they learn about a new brand or store, they usually tend to go to social media presence like Dianping, RED and other social media platforms to refer to other people's reviews before making a purchase decision.

07 CHANNELS

Purchase.

For same-city consumers, brick-and-mortar stores not only provide physical objects for consumers to directly perceive and judge before payment, but also focus on experiential consumption and personalized services. For white clothing, purchasers can also carefully observe the product, which facilitates timely detection of problems, shortens the return time and improves the shopping experience. In addition, online stores such as Wechat can break the spatial and geographical deficiencies and promote higher sales.

Delivery.

For online orders, white board will cooperate with SF express, a well-known courier company, to provide free, fast and safe service. Orders can be delivered the same day in the same city and within 2 -3 days in the whole country.

After-sales services

White board's after-sales service is divided into two parts: online and offline sales. For physical store sales, white board only offer exchange and store credit services within 2 weeks, and won't offer any refund or returns. For online orders, the store will offer refund.

08 KEY RESOURCES

Human

white board will hire a buyer and two sales associates to handle the day-to-day store details such as sales, operations, and inventory. The store staff will provide overall styling guidance and recommendations to customers and actively motivate them to buy. In addition, the store will hire a new media employee to handle white board's social media accounts on a daily basis to increase the store's exposure.

Showroom

ALTER SHOWROOM is a multi-brand channel development agency of alter universe, which represents more than 180 fashion brands in China and abroad (Figure 4). The brand positioning ranges from contemporary to pioneering, with categories spanning apparel, shoes, bags, jewelry and lifestyle. European and American brands account for 25% of the total number of brands, Asian brands account for 35% and Chinese brands account for 40% (Alter).

Ontime showroom started in October 2014 and is held twice a year, exclusively for the Chinese market. At present, there are 2,600 exhibiting brands (Figure 1).

In addition, it includes tube showroom (Figure 3), blooming showroom (Figure 2) and so on.

FIGURE

FIGURE 2

FIGURE 3

FIGURE 4

DONSEE10

Based on the target consumer group and consumers' purchasing power, purchasing behavior. In terms of marketing strategy, white board will adopt omnichannel marketing strategy to meet the needs of consumers to buy at any time, any place, any way, integrating physical channels and e-commerce channels to provide consumers with a non-differentiated buying experience.

Product

In planning the market supply, white board divides the product hierarchy into 3 main levels, each with a different product plan, which together constitute the consumer value hierarchy.

Fad (10%):

• this category is basically a product that has some explosive models, higher unit prices, or a product that meets some special consumers.

Fashion (40%) :

• the Fashion category is a purchasing decision made in response to current trends, and tends to feature products that meet some trendy consumers.

Classic (50%):

• the style of Classic is the DNA product of white board, which accounts for a relatively large percentage. It focuses on oversize, genderless style that does not take gender as a design consideration.

MARKETING STRATEGY

Price

With a focus on quality and design, followed by the goal of maximizing profitability, White board will not order brands above £350 for spring/summer and £500 for autumn/winter, depending on the positioning of its street-level stores.

One of the prerequisites for the success of a physical store is the location of the store (Waters, 2021). Superior geographical location can more convincingly attract the target market under precise positioning. In addition to the basic requirements of easy access, high popularity and cost effective rent, the type of stores in the vicinity and the fashion atmosphere of the whole area are important conditions for site selection.

According to McKinsey (Figure 1), Wuxi has relatively good medical and educational resources as well as moderate tourism and lifestyle spending, but at the same time has low store rents, so white board can maximize profits

Specific location: Nanxia Tang Cultural and Creative Park in Wuxi, Jiangsu

Province, is a commercial complex with shopping, dining, leisure, and hotel accommodations (Figure 2).

FIGURE 1: Sourcing from McKinsey

FIGURE 2

Mouth to mouth is one of white board's ways to maintain customer resources, and to gain customers' approval and purchase through the quality and design of the product itself.

• In-store campaign

White board will hold various fashion events. According to the style positioning of the store and the size of the space, we hold various interesting fashion theme activities. For example: new season product pre-sale, VIP party, fashion art exhibition, etc. Through these activities not only can attract consumers, improve the store attention, and promote the profit. It can also be based on consumer feedback to understand consumer demand, the first time to capture the market changes, for the store selection of goods, sales and other aspects of favorable information.

PROMOTION STRATEGY

• Digital marketing

Official account:

Through various official online platforms such as WeChat, Weibo, RED and Tiktok, store will regularly release store activities and new brands. Consumers can purchase directly through the Internet, with online booking and reservation services, as well as express delivery services. In addition, the online platform will also do regular promotions, release trends, and build a good relationship with customers to deliver all the developments in the store even to consumers.

Influencer strategy:

In the first three years of store operation planning, white board mainly targets the Chinese market, so the store will not cooperate with Instagram bloggers, it will turn to bloggers with local platforms, public review and RED bloggers will be the main placement platform. According to the data recently released by Topklout, 67.8% of users believe that online seeding content has a great influence on choosing products and eventually making purchases, 74% of users have bought products that have been seeded, and 80.7% of users will complete their purchases within a week after being seeded.

10 COST STRUCTURE

When a store is starting up, costs are incurred mainly in product and store rent. The initial team's salaries and marketing campaign costs will be fixed costs. Finally, shipping and decoration occupy a relatively small part.

A total of three people are the startup shareholders, and a total of £150,000 is contributed to start up the operation. The store products will be updated quarterly, and about 25 brands will be introduced at the beginning, with an average purchase of 20 products per brand, totaling about 500 pieces of clothing. The average purchase price of each item is 180. Because the buyer's store cannot price the products by itself, usually the order discount is 60-65%, and after long-term cooperation, it can be 70-75%, therefore, the average profit of white board is 55% in the first three years, and can be increased to 60-65% later.

FINANCIAL REPORTS

11.1

Cash Flow Year 1

Whether from the scene side, the brand side or the consumer perspective, we can clearly see that the buying store, as a complement and upgrade of the shopping center brand, can not only bring profits to the scene side and the brand side, but also meet the personalized needs of the consumer side and provide a novel experience. Integrating the environmental opportunities in which the buying stores are located, the advantages of experiential consumption and the characteristics of goods of original designer brands, etc., white board will focus on the differentiation of each segment. As the theme operation mode of white board and one of the store's products and services, white sustainable clothing will combine online and offline omnichannel models to convey a lifestyle about fashion and environmental protection, provide customers with a higher value-added experience platform beyond commodities, and realize profits while building the store's brand value.

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