"With the loss of jobs, additional money that people used to care for their horses has gone down...You have to feed your family before you feed your horses" (Powers 2009). The availability of second-hand goods will be helpful to address this issue. On the other hand, one of the most untouched segments by the recession was that of high-end, luxury goods. Consumers who do not primarily live off of their salaries as less impacted by the upturns and downturns of the unemployment rate, and the stock market has been less affected than employment by current economic figures. They will have more money to buy customized saddles and to pursue their hobby.
Weaknesses
The market for horse items is very specific, and not all areas of the country have high levels of equestrian participation. Additionally, there is a great deal of loyalty amongst brands because of the 'traditionalism' of the market. Finally, the brand would be geared more towards riders and showing than people who keep their own farms, as these individuals might be more inclined to patronize stores that focused on ranch rather than riding supplies. This focus on custom saddles and apparel could miss a market segment of horse owners that kept horses mainly on-property, as part of farms rather than focused on the sport of riding.
Opportunities
The online market has turned people on to buying second-hand gear of all kinds more than ever before, as manifested in the popularity of eBay. The store could sell second-hand as well as new products online, while still honing its 'brick and mortar' customized business. Few stores offer both second-hand and customized merchandise. There are customized tack merchants and some second-hand retailers online, but few combine the two services.
Threats
The Dover and Miller stores are already well-reputed amongst riders for their high quality tack and...
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now