V. Competitive Analysis
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Direct & Indirect Competitors
The following businesses are located within a 30-mile radius of [Company Name], thus providing either direct or indirect competition for customers:
ThriftMore owns and operates a chain of thrift stores. The company offers housewares, collectibles and antique, furniture, household goods, clothing, and accessories. ThriftMore has expanded its network and now operates stores across the world. The store is known for providing stylish finds at affordable prices. They place an emphasis on impacting the environment, communities, and local nonprofit organizations.
ThriftMore’s operation consists of partnering with local nonprofit organizations and accepts donations of clothing and other household items on their behalf. ThriftMore pays the nonprofits for the items and helps to fund various programs in the communities as well. In addition, ThriftMore has created a recycling and reuse program where they recycle millions of pounds of reusable items annually.
Savings Galore is a nonprofit 501 organization that is not only a thrift store, but also provides employment opportunities and job training to individuals who have difficulty or barriers to gaining employment. Savings Galore receives millions in donations every year and donates much of their proceeds to various nonprofit organizations and charities around the country. The company places numerous donation bins around each town where they have a presence to make it easier for the public to drop off donations.
Savings Galore employs those with disadvantages such as homelessness, welfare dependency, no education, or have physical and/or mental disabilities. The company pays a living wage to those individuals employed at their store and provides opportunities for advancement.
Cheap Goods is a thrift store that focuses on retailing affordable boutique brands for resale. They accept gently used clothing, shoes, and apparel in popular brands and are in decent, resellable condition. The company pays a certain amount to those who bring in their items for resale and prefer to only receive boutique, brand name items. The company then resells the items for a marked up price in order to make a profit. Cheap Goods is often located near colleges and universities as it markets itself towards the college student demographic.
The company has locations across the country and is available as a franchise for new owners who would like to open a Cheap Goods secondhand store of their own.
[Company Name] enjoys several advantages over its competitors. Those advantages include:
- Charitable Focus: [Company Name] will donate a large portion of its profits to various nonprofit organizations and charities around [location].
- Location: [Company Name] will be located in a highly trafficked retail strip center.
- Wide Selection of Items: [Company Name] will accept a wide variety of donations and have it able for resale. The items include household items, clothing, shoes, apparel, books, and baby items.
- Pricing: [Company Name] will offer the donated items for resale at affordable prices to people from all walks of life.