2.0 Attractive Marketing Segments and Target Market and Strategy for Forever 21
2.1 Company Background
The chain, originally known as Fashion 21, was intended at first mostly for middle-aged women. The store was founded in Los Angeles, California in 1984 by Do Won Chang and his wife Jin Sook Chang. The first Fashion 21 store opened on April 21, 1984. It was located at 5637 N. Figueroa St. in the Highland Park district of Los Angeles. The store sized at only 900 square feet (84 m2). It is still in operation and bears the chain's original name. Trendy designs seen in South Korea were sold and targeted to the Los Angeles Korean American community. However, people from many other ethnicities and nationalities began noticing the trend-setting fashion designs and the store became increasingly popular. By the end of the first year sales were reported to have risen from $35,000 to $700,000. Fashion 21 eventually expanded at the rate of a new store every six months and changed the Fashion 21 brand name to its current name, Forever 21. By 1997, there were 40 Forever 21 stores and today it has many different brands within the company, brands like Forever 21, Forever XXI, For Love 21 and Gadzooks. They sell children’s, girls, women, and men and extended size clothing, shoes, accessories and intimates.
Forever 21 missions are to provide shoppers with an unprecedented selection of today’s fashion with affordable pieces. They are also knows as “always changing and always in style”.
2.3 Marketing Objectives
* Expand depth of product selection by offering to their customers a wider mix. * Dedicated lines within different product categories
* Sells the latest styles of clothing and accessories at an affordable price. * Keep up with every changing style in the fashion world.
Birmingham, United Kingdom, Ireland, Dublin, London, Belgium, Brussels, Austria, Vienna, Paris, Bahrain,...
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