Recycled dreams is an Oregon-based retail rental shop for bridal dresses and accessories. Recycled Dreams, founded by Connie Jugal and run by her, will satisfy the unmet demand for formal wedding dress rentals rather than purchasing. Traditionally, wedding party members are required by the bride to buy their dresses. They have no say in what the dress will look like. They are advised exactly what type of dress they need. The dresses end up looking awful and are often left in the closet gathering dust for years. It is therefore very practical to provide people with the option of renting a dress in light of the fact that the dress will only be used once. This makes the event far more cost effective, yet just as fashionable. Now, you can rent tuxedos for men and bridesmaids dresses for women.
The Services
Recycled Dreams rents dresses, shoes, head pieces and veils. The dresses can also be purchased by the bride or other guests if desired. However most customers will be overjoyed with the option of renting these one time pieces of clothing. Recycled Dreams provides the opportunity for the wedding party to rent all of the clothing pieces and accessories. Additionally, Recycled Dreams has developed strategic partnerships with top local vendors such as caterers, invitations and photographers. Recycled Dreams offers a one-stop shopping solution for customers, where they can rent all necessary clothing and accessories. Recycled Dreams also receives a commission for referring other people, which provides additional revenue.
The Market and Competition
Recycled Dreams aims to target two distinct market segments. These are the parents and the spouses of the bride. Couples as a market segment is growing at 9% a year with 114,584 potential customers, and the parents of the couple have a 8% growth rate with over 112,000 possible customers.
Recycled dreams faces competition from traditional bridal shops who sell the products. Recycled Dreams views these as competitors but sees them more as indirect rivals. Recycled Dreams believes the renting of dresses is an extremely valuable service. Currently, there are no other bridal rental facilities in Portland. This is a new concept. It was tested in San Francisco with great success. Recycled Dreams is now offering it in Portland.
Competitive Edge
Recycled Dreams is able to offer two unique advantages that will help them rapidly expand their customer base as well as validate their concept. The first is the concept that brides’ bridal wear can be rented. This is similar to men’s tuxedos. Because the dresses are only worn once, this makes it intuitive. Although some might feel that there is a social stigma attached with women renting clothing, there is no way for anyone other than the renting customer to know that the dress that they are wearing is rented. Their outstanding customer service is their second competitive advantage. Recycled Dreams considers their role to be the one who holds the client’s hand, guides them through the event and meets all their requirements. This philosophy has been instilled throughout the company.
Management
Recycled Dreams is an innovative idea. However, it also has a veteran founder and manager to help guide the company towards profitability. Connie brings years of retail management expertise. She was the manager of multiple stores at the Salvation Army. Connie managed stores that saw growth of up to 46% per year. Connie will draw on her extensive industry experience to make Recycled Wishes a success.
Recycled Dreams is an exciting concept that acknowledges the fact that most bridal party dresses are not the prettiest creations, are quite expensive, and almost never worn after the intended wedding. Recycled Dreams will reach profitability by month 10 with healthy sales for year one and more than doubling by the end of year three.
1.1 Objectives
The objectives for the first three years of operation include:
- To create a service-based organization whose primary goal it is to exceed customer’s expectations.
- Superior service and increased clientele will allow us to increase our clients’ numbers by 20% per annum.
- To develop a sustainable start-up business providing cost effective bridal dresses.
1.2 Mission
Recycled Dreams’ mission is to make wedding dresses and accessories affordable.