TP Business student in need of help.

[NathanielWong]

Hi guys, i'm doing a final year project and i'm in need of your opinions regarding a possibility of opening a guitar store in Orchard Central. It will be gladly appreciated if you could take less than 5 minutes of your time to fill up a short survey for me. THANKS YOU!

http://www.surveymonkey.com/s/S8DF5V8

 

[Jumpin'Jellybean]

I am no business student/man, but i can tell you it'll fail imo, ymmv.
1) Rent too high=cost of instruments go up=less customer.
2) Many guitar shops are located in and around Bugis/CT Hall mrt, easier to go there and see everything all at once.
3) Even though there's high vol of people, how many are really guitarists/bassists that are looking for gear? There will be many more who come in, try try touch touch and your accident rate will be higher...

PERSONALLY, i don't really enjoy crowds and therefore, enjoy the setting at BB/Penin much more as i can test gear without having to fight my way through the crowd/have tons of people starting at me playing.

By the way, survey done.

 

[subversion]

the last 2 guitars shops in that vicinity didn't hold out:

1. Swee Lee @ Takashimaya: I have no idea if this was a temporary set up after they moved out of Plaza Singapura while that building was retrofitted, they never moved back, only Yamaha did.

2. Raymond Music @ Phoenix Hotel: Phoenix Hotel is now no more of course, it's directly across Peranakan Place. I used to deliver 'by-hand' documents to this hotel when i was working part time, there were offices & shops at the lower floors- that's when i bumped into RM. they were the original dealers of ESP guitars. anyway, i was informed the business ceased operation due to legal matters more than profitability issues.

PS: i read the survey but didn't participate because it doesn't contain the option i was looking for

eg: How much would you pay for a locally handmade effect pedal?

my preferred ans: the tagged price as long as it gives me what i want to hear

 

[theliverevolution]

Done, hope it helps!

But yea, I doubt Orchard Central would be a swell place to put up a guitar shop. It'll bring life into OC, but in the middle of town? Hmm, the rent would be way too high, and would probably cater more to the high-end. In which I'll avoid because I've got no $$ to get such high-end stuff :X

 

[cheesedaele]

If feasibility of your project is a factor for grading, you might want to rethink your FYP. Especially if your lecturer knows anything at all about the local music instruments industry.

You don't find any large computer stores in Orchard apart from the "Apple stores", and Apple products are an exception because it's such an unreasonably strong brand which doesn't have a guitar equivalent. For the same reasons, you don't already find any music stores that don't have other unique selling points. e.g. Yamaha sells not just products but is also a music school and has student discounts.

 

[LadyInTears]

you lucky get the expatriates and tourists attention lor...... heehee

 

[DeathCubeK]

Back when I was in TP business we had some Principles of Entrepreneurship module, are you doing that? Personally I don't see how this will work, tourists don't come to Singapore to buy guitars, they have a much wider range from wherever they're from, unless they're filthy rich and just buy on impulse.

 

[NathanielWong]

Hi guys, thanks a lot of your help and opinion. The biggest bummer at this point of time is the location i guess. Orchard Central is pretty much fixed and we can't change that. My entire report revolves around the entire business plan including entrepreneurship, distribution channel and even strategic retailing. Will look for other forms of alternatives if feasibility and sustainability is such an issue. Other groups are doing the usual fashion retailing and stuff, and since i have passion in music, why not do something different. but yea, Thanks alot anyway

 

[cheesedaele]

You could try this: if one of the bigger stores opened a small unit selling only strings and accessories and not guitars, (i.e. stuff you know what you want before you even get there, just walk in buy it walk out) I'd totally get my stuff from there. Just have two or three guitars in the display window to catch people's eyes, and say sorry no trying of instruments cause you don't sell amps at that branch hence no amps in the store to try

You can save on labour cost, cause don't need staff handholding people through trying guitars or making sure they don't break anything; save on rental space, just walls of accessories instead of wallspace and floorspace for guitars, amps etc; while still having brand presence along the Orchard Road stretch, which is probably the no.1 reason why you'd want a store there in the first place - get your name out, when people actually want to buy guitars you can direct them to the main stores back at Penin/Bras Basah. Among my non-musician friends, somehow they all know Swee Lee, and they think Swee Lee is the best and only guitar store in Singapore (/shrug).

Oh and if someone then takes up your report and you're earning $ from it, I'll expect a message asking for my bank a/c number etc, thanks

 

[ashes307]

Hey there, you have to factor alot in your budget, and that's before you even considering buying guitars to adorn the walls of your shop. Things like rent, utlities and such, but i'm no business student.
Why don't you start with small names for guitar brands and reap what you sow first. Then think about venturing into known brands. I really hope you get through with it, and you might even have the support of the soft faithfuls here. My two cents.