New Store Expansion of Midnight Bookstores in Greenlake

New Store Expansion of Midnight Bookstores in Greenlake
Date: June 1st, 2013
To: Leonard Hoven
From: Wendell Summers: Supervisor for Company Expansion
Subject: Progress of New Store in Greenlake

Midnight Bookstores opened its first store in 2005, which garnered great respect and sales in its first quarter. After only one year, the company founded two new stores in the Lake City and Capitol Hills areas, respectively. In April of this year, the company has expanded by launching a new store in Greenlake. Greenlake is a sector in Seattle with a large reading population and a socio-economic base that fits the description of our target customers outlined in our business plan. The following is the work completed at our new store in Greenlake, displaying our consistent progress.

Work Completed

April 1st – Launch of the new store. Decorations in relation to April Fools Day. A count of 347 non-staff people entered the store.

April 3rd – Hired one clerk and one customer service representative.

April 10th – We had 6.3% more clientele buy our products than expected in our original assessments of the estimated progress.

April 11th – Better Business Bureau representatives visited our new store and gave it a 8.5/10 rating in customer service and environment.

April 14th – The Greenlake store was reviewed in the Seattle Times. It was a fairly favorable review that focused on our 24-hour brand philosophy and how Greenlake would benefit from our presence.

April 20th – Our original estimates about the number of products purchased after 20 days is close to the actual figures. There is only a 0.46% increase from our estimate.

April 26th – Famous author Rick Perry honored the store with a visit and gave a reading. He attracted 250 individuals to the reading, which is our maximum capacity. We sold 42.1% more products than the daily average on this occasion.

April 30th – Hired a new accountant, as our previous accountant was transferred to Lake City.

May 2nd – Our projected number of products sold is below the actual figure: we had a 4.4% increase from our original estimates.

May 7th – The store manager, William Stokes, experimented with a discount on all fantasy genre books on World Fantasy Book Day. The profits gained from this discount was $147.56.

May 10th – Products purchased exceed the original estimate by 3.2%

May 16th – The Greenlake store was featured on the Kiro-10 news channel, which showed a 10-minute special on our company values, philosophy, and information about our new store. There was reported to being 676,134 viewers.

May 20th – Products purchased exceed the original estimate by 2.3%.

May 24th – Manager Stokes noticed the sales of non-fiction books were not up to numbers. He made a 10% discount on non-fiction books. Sales-by-day have increased by 2.5%.

May 30th – Products purchased exceed the original estimate by 2.7%.

Issues

Our original estimates in the sales of non-fiction books at the Greenlake store are down 4.6%. Though discounts are currently working to improving the numbers of sales, this strategy may not work for more than one quarter. It is then recommended to bring more attention to non-fiction books and make them appealing to purchase in regard to our target customers by showcasing them and hosting famous non-fiction authors at the store.

Our accountant, Redford Goddard, took 3 days longer overall than expected to finish each of the 10-day estimate-comparison reports. He has been reprimanded by being set to a fixed schedule in June. If he does not complete the reports on time, he may be fired.

Future Plans

The Greenlake store will invite Francis Reinfeld, author of the bestselling book How to Live Casually With No Money for a meeting with the public. This is intended to increase sales in non-fiction books.

A new online advertising campaign will commence on June 15th. It will focus on Facebook, Twitter, and Flickr promotions.

Summary

The amount of products sold in comparison with our original estimates have exceeded our expectations by an average of 2.8%. The Greenlake staff have been amiable and have worked according to their quotas. Our accountant, however, has been reprimanded for slow work and will be fired after June if he does not meet our timetable. Midnight Books can be assured that this expansion was a prudent choice, and more expansion is almost assured.

2.8/5

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