Fashion retailing, where and how to purchase

 Recently, the mascot DD has been widely released in Dongdaemun market. This is news that everyone will be interested in.  As anyone can understand, the designation of these mascots is one of the marketing strategies to expand the brand awareness of a product and increase sales of the product.  It is similar to the logo, but different. Any logo usually gives the company a name, but the mascot gives the product or company a character. Such a mascot can be anything from anthropomorphized animals or objects to cartoon depictions of humans or even actors pretending to be actual people. Someone’s discussion of brand mascots is quite convincing.  “A brand mascot can breathe new life into your business. Leverage this powerful tool to expand your brand and reach new demographics.” +  As such, it is worth discussing that the mascot is the face of a company and a competent salesperson. It is a means of cost-saving management, and is also a brave soldier of online and Un-t...

 The merchants in Dongdaemun market are doing sustainable management by selling fashion products at lower prices. Why such a management performance has been consistently achieved is because Dongdaemun market itself has fundamentally a competitive market structure. Adam Smith, the theoretical godfather of capitalism, said earlier that prices acted as an invisible hand in free competitive markets. Prior to Adam Smith, the 14th Century Syrian academic, Ibn Taymiyyah was among the first to put idea into words. “If a desire for goods increases while its availability decreases, its price rises. One the other hand, availability of the goods increases and the desire for it decreases, the price comes down.” + Dongdaemun market is a huge shopping mall with 30,000 small wholesale and retail stores. Above all, it is a strong point of the market that 100,000 designers inside and outside the market are doing more creative work, and it is also advantageous to have 15,000 small sewing factories ar...

  There is a proverb in the widely accepted English version.    “Every little helps.”   Synonymously, Koreans often say that when dust is collected, it can become a high mountain. In fact, there were several trash landfills in the suburbs of Seoul, which became quite high like a mountain in the past 20 to 30 years.   Anyway, Dongdaemun market is a large shopping mall that is hard to find in the other countries of the world. The market is famous for merchandising of various fashion products and its assortment. Therefore, Dongdaemun market, which has more than 30,000 wholesale and retail stores in one area, is a marketplace where anyone can easily shop for a variety of fashion products.   What is more unique than anything else is that many of the fashion products on such a large marketplace are manufactured and supplied by 15,000 small sewing factories in Gangbuk, Seoul. Each small sewing factory produces a few items and a small amount of fashion products, an...

  For any fashion retailer, optimal merchandising is a means to rationalizing of its management. It is important how many different products (width) to purchase and to have the assortment (depth) of those products. In addition, for product support, it is also important to sustain optimal inventory.   Among them, it is very important to maintain an adequate level of inventory in fashion retail management. If a retail shop has insufficient inventory and stock quantities, it cannot immediately satisfy the needs of customers. Then, the retailer’s business image may be damaged, and some of customers may soon be lost.   On the other hand, if there is too much inventory of a product in the retail stop and the product does not sell well, the burden of inventory costs increases. Of course, when the demand for the products stocked in the shop increases and the retail price rises, then the inventory itself becomes a voluntary investment. However, as the sales volume of a product dec...

As the headlines of big news from the world’s leading media, Lee Kun-hee, Samsung Chairman who transformed the small television maker into a global giant of consumer electronics, left us at the age of 78.   According to “Samsung Electronics and the Struggle for Leadership of the Electronics Industry,” a 2010 book on the company by Tony Michell, the Gumi factory’s 2,000 workers gathered in a courtyard and were made to wear headbands labeled “Quality First.” Mr. Lee and his board of directors sat under a banner that read “Quality Is My Pride.” + The New York Times continued to introduce the realistic report in this book. “Together they watched as $50 million worth of phones, fax machines and other inventory was smashed to bits and set ablaze. The employees wept.” In the next 10 years, the company has been reborn as a world-class company. It is true that it was due to the management strategy of ‘Quality First’ that Chairman Lee pursued. Many merchants in Dongdaemun market have also be...

  We often discuss whether the source of any fashion product is a design lab and a sewing factory, or a market to meet consumers. The issue of debate is whether it is a push on the supply side or a pull on the demand side. In fact, accounts differ.   Of course, designers’ creative designs, production in sewing factories, and supply and shipment to the wholesale market are made according to the consumer needs or preferences, and their desires. Some of suppliers, however, act as a driving force to stimulate and induce fashion consumers’ preferences and willingness to buy.   In Dongdaemun market, many designers, entrepreneurial wholesalers, and many small and medium-sized sewing factories scattered in Gangbuk, Seoul, as well as shops of an innumerable number of textiles and various fashion parts, are focused mainly on supply- side management.   They make decisions together or separately. They are partners, but sometimes competitors. Business behavior between these partn...

  LPGA Korean golfer, Lee Mi-rim became a winner, nailing a birdie on the first playoff hole at the 2020 ANA Inspiration to beat Canadian Brooke Henderson and the USA’s Nelly Korda, all tied at -15. Lee shot a final-round 67, sparked by birdie chip-ins at 6 and 16, and an eagle chip at the final hole to jump to the top of the leaderboard.   “Lucky or not, she showed a lot of fortitude to stick with her game.” +   Mr. Steve Eubanks, Managing Editor for the LPGA, saw her victory and commented above.    Similar to these sports competitions, it is a widely accepted general view that business success is 80% skill and 20% luck. In response, Chief problem solver at Tov Furniture, Bruce Krinsky, argued that business success is 10% skill and 90% luck, and said. “You create your luck trough your work. If you do not do the work, you will miss opportunity.” ++   CEO of Sugar Bowl Bakery, Andrew Ly, also said “The harder you work, the luckier you get. There is not any o...