V. Competitive Analysis
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Direct & Indirect Competitors
The following companies offering similar products and services are located within a 10-mile radius of [Company Name], thus providing either direct or indirect competition for customers:
Hal’s Thrift Store
Hal’s Thrift Store is a local thrift store that has served the local population since 1988. It was the first major thrift store in town and helped spread awareness of all the benefits of purchasing used items. Almost everything second hand can be purchased at Hal’s, from clothing and shoes to books and games.
However, Hal’s Thrift Store is not a social enterprise. While popular and appealing, it is simply a local business that keeps all of its profits. So although we expect Hal’s to continue to thrive, we expect many residents will prefer [Company Name] for its social programs.
Kitten Thrift Store
Kitten Thrift Store is a social enterprise thrift store whose profits benefit cats in shelters and foster care. The proceeds help to buy food, toys, and pay for vet visits and medical treatments. The money raised through this social enterprise has helped thousands of cats in [location] and nearby areas, with many finding loving permanent homes thanks to the awareness the thrift store spreads.
We expect Kitten Thrift Store to continue to thrive due to its noble cause. However, anyone who isn’t a fan of cats but still wants to contribute to a good cause may find [Company Name] a more appealing thrift store to patronize.
Goodwill has been the most popular thrift store in the United States for decades. Established in 1902, Goodwill’s goal is to raise funds by selling second hand items in order to fund programs that help disabled and underserved populations get stable employment. People can find almost anything second hand at their local Goodwill, from vintage clothing, to albums, to rare trading cards.
However, Goodwill has been the subject of controversy in recent years. Multiple investigations have found that while Goodwill executives are taking in millions in their salaries, programs are being defunded or operated minimally. Furthermore, the organization is known to pay its employees under minimum wage and treat them poorly. Because of all these problems, many people have turned away from Goodwill and are looking to more ethical thrift stores such as [Company Name].
[Company Name] enjoys several advantages over its competitors. These advantages include:
- Our mission: We have an important mission that serves the local community. This puts us at a great advantage over other thrift stores who only operate for profit.
- Location: We will be located in the heart of downtown [location]. This is a high traffic area that is easily accessible by foot, car, or public transportation.
- Management: The management team has a track record of success in social enterprises that will prove valuable to our cause.