Leonard, Hillary [faculty advisor, Department of Business Administration
consignment; environment; marketing; business plan; recycle
As environmental awareness and sustainability have become more widely promoted, it has resulted in an increase in the importance of recycling. A consignment store, by definition, is a second-hand store that offers previously owned goods, both used and unused, for a lower price than that of new products. Consignment stores provide consumers with an outlet through which they can recycle items, by selling those that they no longer use and purchasing products that have been previously owned. Along with their environmental benefits, these businesses present creative designers with the chance to sell their original work. My experience working at a consignment store has allowed me to recognize consignment as a valuable business opportunity providing affordable fashion to the community. The University of Rhode Island has allowed me to explore my studies of Marketing and Textiles, Fashion Merchandising, and Design, and to combine them with my love for fashion, retail, and general business. This project is my way of integrating my education and my experience working at a consignment store with what I am passionate about.
The purpose of this project was to provide URI with a successful student-run organization and business. My project will consist of a written business plan for a Campus Consignment store to be run by and for students and faculty at URI’s Kingston campus. A student club, the Campus Consignment Club, will be organized specifically for the store’s operations. The goal of this club and of the store is to provide motivated students with an avenue to gain hands-on experience establishing and maintaining all aspects of a successful business. Together, both the Campus Consignment Club and the consignment store would offer the university community an additional opportunity to become more environmentally conscious. I will conduct market research to help me determine and locate the market for the store, to understand the wants and needs of the customer, and to realize the potential of a student organization for this business.
My ultimate goal for this project was to explore my interests, to apply my knowledge of business in a way that would allow me to strengthen my skills, and to learn and prepare myself for my future as a potential small business owner through creating a detailed business plan.