RMCP 173 (Entrepreneurship Project)
Submitted to – Charlene Hill
Submitted by – Rahul Vij
Student no. – 100130545
I would love to open a shoe store in the Parkgate Mall at 3680 Mt. Seymour Parkway and the reasons being are as follows:
The mall layout is quite adequate to fit a new shop and there is a very less competition around the mall.
| 2018 Projections: | 1km | 3km | 5km |
| Total Population | 6,313 | 21,476 | 62,496 |
| Total Household | 2,386 | 7,866 | 22,982 |
| Average Household Income | $114,687 | $128,376 | $114,003 |
Secondly, according to the recent study posted above, states that there will be a good demand and good amount of customer traffic flow in my store.
Competition
There is as such no primary competition to my shop but nearby there is a Joe Fresh in Real Canadian Superstore which can be seen as a secondary trading area. It may affect my sales but it will be profitable for me because it will be an unrelated competition.
Mall overview
It is place where you can easily buy groceries, get a massage, do a little banking, pick out a bottle of wine, take a tan, book a flight or get together with your friends or family for a coffee or meal.
The following are some brief details of the mall:
Ancillary: 42,995 (38 stores)
Total GLA: 54,607 sq ft
Safeway 37,000 sq ft
Shoppers Drug Mart 9,011 sq ft
North Shore Credit Union 4,055 sq ft
There is ample space for parking and there is a combination of big and small stores in the mall.
Some of the business which already exists in the mall are Canada Safeway, A&W, Shoppers Drug Mart, Aspire Naturopathic Health Centre, CIBC ABM, Blue Shore Financial, Cobs Bread, Parkgate Farm Market, Parkgate Village Dental Centre, Parkgate Medical Centre, Parkgate Optical etc.
My store price would be medium keeping in mind the projections of 2018.
I would be banking with CIBC because it is near to my store and will be convenient for me. Moreover, there is a western union in Safeway which I can use for any international transfer because of its low service charges.
My hours of operation will be from 10:00 am to 9:00 pm every day.
Talking about the traffic problem, it is rough during winters because of snow whereas in summers people usually come to have snacks and visit other shops in the mall with their family or friends which will help to increase sales. Hence, during winters it may impact my sales more as compared to summers.
A brief description of my store is as follows:
- It will be a store which will provide mix shoes of different brands like Adidas, Nike, Reebok etc.
- There will be stock for both men and women and the price would be affordable, basically depending upon the product.
- Hence, people living around the mall doesn’t have to travel way back to Vancouver just to buy some pair of shoes.
- I would love to deal with various kind of shoes like casual, formal, sports, work and for little kids too. Hence, the store will be classified according to its type.
- The storefront will be open, impeccable, modern and made up of glass. Moreover, there will be walk-up displays scattered throughout the store to help steer customer traffic.
- Tile flooring will be used as it will be more comfortable as compared to carpet in a shoe shop along with a soft music system playing in the store.
- There will be a proper seating area where customers can try their shoe and a full-length and foot-level mirrors for inspecting appearance.