THE IDEA Name of the Idea Persuasive Framing of the Problem or Opportunity EXPLANATION (My/The??) Second Wardrobe Currently the global market presents a trend towards smaller living spaces, however, as we live in a culture of consumerism the need and want for 'stuff' is ever-growing and seemingly infinite (Richardson 2021). Consequently, this lack of space is forcing people to throw away viable and loved clothing items - where they end up in landfill. In Australia "every 10 minutes, an estimated 6000 kilos of textiles and clothing are dumped in landfill" (Monash University 2021). Therefore, there is a dire need for more storage space. The fastest growing segment of US real estate is the self-storage industry (Hamilton 2010, pp. 71). People have turned to self-storage facilities as a way of salvaging some of these clothing items. The problem? These storage units are simply not made for 'ready-to-wear clothes. Chances are they look relatively similar to this image below: A chaotic mess of boxes and 'bits', covered in dust, rat droppings, dead (& alive - yikes!) insects, and who knows what else?! And then... the worst situation: once someone has hauled through 10s of boxes to find their clothing box, just as they begin to lift, the box breaks from the bottom, spilling their crumpled clothes onto the - for lack of better words - disgusting locker floor. There goes the outfit for their event tonight... The solution? "My Second Wardrobe" Describe the Product or Storage lockers converted into clean and aesthetic 'second wardrobes'. Service Describe the essential elements of your idea. Warehouses will be well-located in inner city areas and well maintained with groomed gardens outside for a welcoming appeal (comparatively to current self-storage facilities looking like an abandoned, haunted, dusty, spider and bug infested, grey, boring building...) Additional services could include dry-cleaning: vendor location inside of facility-build industry connection by using existing dry- cleaning business [different 'top vendor' in each Australian State] delivered straight back to your second wardrobe. (Safety/Security of personal items as a variable needing further research & problem solving) Donation boxes to compensate for the mass amounts of clothing going to landfill. Possible incentives to donate instead of throwing away could be to donate x kg and receive free dry cleaning/money off one payment period Storage locker facility renovated into 'second wardrobe' units. Wardrobes/lockers will include: (i.e. what and how it works) - Clothing racks - Shelving Shoe cases/storage Temperature controlled. Target Audience - Primary & Secondary market Mirror Chair Extras: (appeal to small businesses for stock) Mannequin Larger stock shelves Labelled storage (shelving, boxes, racks) There will be different sizes of lockers with varying amenities to suit the needs of the target market. (Customisable amenities? For instance the ability to rent another clothing rack if needed) Bigger unit = higher rent price Customisations = additions to rent price Primary Market: Gen' Z & Millennials - Statistics from (Square Australia 2023) Gen' Z compromise 20% of Australia's population (30% globally = largest generation ever) Gen' Z + Millennials = 36% of total retail spend in Australia Gen' Z is yet to grow into their earning & spending power. Retail spend predicted to grow to 48% by 2030 (more Gen' Z's enter workforce) Market as an alternative to throwing away clothes you still 'love' or have an attachment to. People living in smaller spaces/need for more clothing storage (for instance studio apartment owners/renters). Secondary Market: Small business owners looking to store their stock outside of their personal homes. Current self-storage users Self Storage Use by Generation Gen X Baby Boomers 54% 51% Millennials 40% Silent Generation 34% Gen Z 25% What industry are you competing in? Who will be your main competitors (identify min 3). Unique features that differentiate your idea from competitors and compelling to your target market. Source: 'American's self-storage use by generation' (Mohan 2022) Self-Storage Facilities 1. National Storage 2. Kennards Self Storage 3. Storage King ^ Top 3 self-storage facilities in Australia^ (Canstar Blue 2022) Storage Furniture IKEA - Howards Storage Storage units will not look like its competitors within the self-storage industry. Every unit will be aesthetically presented. The units will have: - - sufficient & even lighting, shelving, clothing racks, storage compartments for shoes, a mirror, How is this an innovation? - - lounge chair (to put on shoes or for guests who are coming with you to try something on) - having this could be for a higher priced, bigger unit. temperature control (for expensive items, e.g., handbags or other leather items). Self-storage facilities are not doing this (in-terms of a niche clothing- storage market) Helps solve the problem of smaller living spaces and the need for more storage options. Solves the problem of clothes sitting in dusty boxes, puzzled away in a storage locker full of random junk boxes. Saves clothes going to landfill-source of sustainability and environmental focus. Clothes would be accessible and wearable that day. Evidence of Research - Includes References of URLs, Reports, Readings etc. *(Every time I pasted the URL links for the references into the table it disrupted the formatting of the document; instead, I have put them here) Canstar Blue 2022, Best-Rated Self-Storage, Canstar Blue, viewed 23 March 2023, Hamilton, C 2010, 'The consumer self', Requiem for a species: Why we resist the truth about climate change, Allen & Unwin, Crows Nest, N.S.W, pp. 66-94. Mohan, M 2022, More Than a Third of Americans Rent Self Storage, With Furniture The Most Stored Item, StorageCafe, viewed 23 March 2023, Monash University 2021, Coming full circle on fast fashion for a sustainable future, Monash University Lens, viewed 23 March 2023, Richardson, K 2021, The Rise and Rise of Australian Self-Storage, CBRE, viewed 23 March 2023, Square Australia 2023, How Gen Z is Shopping and How to Reach Them, Square, viewed 23 March 2023, Key Partners: What can the company not do so it can focus on its Key Activities? Who are our suppliers? Distributors? Key Activities: What uniquely strategic things/core competencies does the business do to deliver its proposition? What are we getting from Key Resources: them? Giving them? What unique strategic assets and people must the business have to compete? Value Propositions: What's compelling about the proposition? Why would customers buy, use? What problem are we helping to solve? What features of our product match the customer's problem/needs? Customer Relationships: How will you interact with the customer through their 'journey'? How will we get, keep and grow them? Channels: How are these propositions promoted, sold and delivered? Why? Is it working? Customer Segments: Who will be your customers? What do they think? See? Feel? Do? What are their archetypes? Revenue Streams: Cost Structure: How does the business earn revenue from the value propositions? What is the business' major cost drivers? Fixed? Variable? How are they linked to revenue? What is the revenue model and pricing tactic? You must also add the following to your submission: 1. Executive Summary that convinces in 200-300 words the Idea in a persuasive way.