July 15, 2013
Shannon Stewart had a plan. But, she needed a little help with her financing; accepting a “no” or a “maybe” from us wasn’t an option. So, Shannon re-jigged her business plan and her financial forecast. And she re-jigged it some more until we approved a loan for her business in 2012. While she has four years to repay the loan, she has set an aggressive target of three years to pay it off. With sales steadily increasing, she is in line to reach her target! Only then will Shannon pull a wage from the business.
Shannon is the sole owner, buyer, bookkeeper, merchandiser, customer relations manager and the personality of the store. She has a remarkable marketing strategy to help her one-woman show. Find her online through numerous social media channels and you will soon see she has a fun and community-minded approach.
Shannon created fashion personalities for the mannequins in her store and posts their activities and what they are wearing on her Facebook page. Anna, Elsa, and Veronica can be seen around town, on Facebook or on YouTube modelling the latest fashions. These posts help generate business for Covet, resulting in a consignor list of 284 and 4,385 transactions during the 11 months she has been open. When her Mannequin Fashion Mavens aren’t posting, sales dip! Working with other local retailers, Shannon is exploring more cost-effective and broader-reaching new media such as Rebelmouse to further her profile as an independent retailer as well as a retailer in her community.
She has taken on several high school co-op students to assist her in the store and to give back to her community. She is a strong supporter of Optimism Place, a women’s shelter in Stratford, for which she created a YouTube commercial entitled, “Let’s Create Some Optimism for Optimism Place”, to generate donations of gently used clothing for Optimism Place. To date, she has raised $700 and has donated numerous items to the centre. She has also sponsored a local floor hockey team and a skateboard competition.
The market for thrift stores is growing, with many people purposefully buying their clothes from these shops. Consignment stores are also increasingly popular as individuals see a way to “recycle” their clothing and make a little profit from doing so. Covet Consignment sells items for modest prices and offers a mix of new items. Shannon understands that it takes creative, “out-of-the-box” strategies to entice customers to spend their hard-earned dollars in her store. In addition to her Mannequin Fashion Mavens, she holds contests to see who can create the most interesting garment from various items.
Shannon credits Perth CFDC for getting her business started. “During the planning stages I met with Kris and she helped me fine tune my business plan.” Shannon made good use of our lending library, finding and using information on social marketing and lease negotiation. All of this preparation made her a good candidate for a loan. “Expect not to draw an income right away though”, she advises. Careful management of your personal finances is critical “so that you don’t become a risk to the success of your business.”
Looking forward, Shannon anticipates developing a strong online shopping experience on Facebook. With more and more people turning to online shopping, Covent Consignment plans to continue finding new and creative ways to engage its customers.
COVET
Reloved, Consignment Boutique
Stratford, Ontario
