Fashion retailing, where and how to purchase

  “The product is good, fast, cheap, and pick two options from them.”   The issue of choosing among these three factors is used in university textbooks. This theory focuses on three marketing & promotion strategies such as good quality, fast speed and low price which are very important, but it is not easy to integrate them all together into one.   The concept of triple factor tells us that there are three limitations to using any marketing strategy tool as follow. (1) Develop something quickly and of high quality, but it will be very costly to do. (2) Develop something quickly and cheaply, but it will not be of high quality. (3) Develop something of high quality and low cost, but it will take a long time.   Dongdaemun market, however, overcame the limit through triple management by balancing the importance of products, speed and price. Will this work well in the market? Or, as everyone says,  “Merchants lie like having lunch or dinner every day.”...

  Up to the present, many wholesalers have led the sustainable growth of the Dongdaemun market. This is because Dongdaemun wholesalers’ sales are estimated to account for 90% of the total market sales.   Needless to say, Dongdaemun wholesalers, which own about 30,000 stores, are small but have strong market competitiveness.   Despite the accumulation of commerce experience and its management know-how, however, Dongdaemun wholesalers are facing a serious structural crisis due to rapid changes in the post-development market environment. Surprisingly, Dongdaemun wholesalers in the crisis faced even greater difficulties due to the unprecedented crisis such as COVID-19 coronavirus pandemic.   Under these circumstances, what should Dongdaemun wholesalers do? Charles Darwin, Author of ‘On the Origin of Species’, one of the historical famous books said.   “It is not the strongest of the species that survives, nor the most intelligent, but the one most adaptable ...

As is widely known, Dongdaemun market is a global shopping district that sells designers’ fashion products at low prices. In Dongdaemun market, however, its market competitiveness based on low price has been weakening gradually due to rising wages and other costs. In the late stages of development, it is true that Dongdaemun market is difficult to avoid the trend of wage increase., Furthermore, it is a big problem of the market that the cost is not reduced due to the inefficiency of physical distribution. We know about the Amazon effects, which have recently come up with an amazing business wave. As CEO Jeff Bezos said, Amazon’s mission is simple. They are trying to discover what products the global consumers want to buy and deliver the products to everyone on the planet. T o improve its performance and cost factors, Amazon is investing heavily in the mechanization of its warehouses. We should know that the key to Amazon’s success is, more than anything else, driven by l...

Apart from the tragic human consequences of the COVID-19 coronavirus pandemic, the economic uncertainty it has sparked will be difficult to predict. In the midst of this domestic and foreign economic crisis, Dongdaemun Fashion Cluster is also facing a big crisis, as if everything has stopped. As every cloud has a silver lining, hopefully, the end of the crisis will come to us someday. The question will depend on how we meet the market situation at that time. This is because Dongdaemun market has had more structural problems in the market than factors appearing outside the market. In the meantime, Dongdaemun market has grown by improving the productivity of human resources such as people and their development will rather than capital or size of market and other physical resources. In the midst of economic growth, changes in market structure and social environment, however, people in Dongdaemun market are unable to adapt to the changes and prevent their competitive...