For the Drawing and Imaging Final Project, we went through several processes in order to get the last piece. The first step was
Story is a permanently located retail store that allows retail shops to be sponsored. A store will be set up for four to eight weeks where they are given 2000 square feet of space to test out their companies. It is similar to those lab areas or shared spaces where people can work on their company. However, with this model, companies have to ability to test out their businesses with actual customers before they actually launch.
New York Times goes in to detail about some of the companies successes. There have been a variety of types of companies that have already set up shop here. There have been typical retail shops that sells products such as makeup, speakers, notebooks, etc. They have also branched off into services such as creating a Wellness yoga studio. But, one of the most unique opportunities Story has worked with was sponsored by General Electric which created a Makers Studio when customers were inclined to trying technologies such as the 3D printer or a robot that draws. Because a certain product couldn’t be sold in that project, most of the Story owner’s revenue came from the sponsorship.
When switching stores, Story also shuts down for an entire week to rebuild the shop. At the moment there are no signs of expansion for the company, although they do hope to expand their social media presence.
Detailing the Systems
Water systems –
Transportation (Similar to what we calculated with the food project)
Maintenance – Cleaning the store as well as plumbing, restrooms, Air Condition, etc. Anything that keeps the shop running can need water.
Material systems –
Goods/Products – The items being purchased itself
Displays – Tables and mannequins that may display the products
Decor – The store must change any of the decors around the store every time a new store is established. Story makes sure each shop is themed and the decor and furniture around the shop reflects this theme.
Social systems –
Designers – ” Much of what’s for sale comes from small brands and designers, some of whom were discovered at a “pitch night” where designers offer their wares to Ms. Shechtman and her team. And while most merchandise changes with each new theme, there are a few constants, like some jewelry and a stash of New York City items kept on hand for tourists.” – (New York Times)
Collaborators – The store holds many events and sometimes collaborate and promote people or shops that are not included in the month-long themed shop.
Economic systems –
Transactions – Customers pay for the goods or service
Sponsorship – The owner of Story makes her revenue through Sponsorships, which are the companies that buy the space for the month. She also gets a percentage of the profit made through the customer transactions.
Political systems –
There are many policies that go into setting up a retail store that are the support systems to put a business in place and keep it alive.
Security – many companies suffer from crime losses. This helps decrease chances of robberies, by techniques such as decreasing the amount of cash left in the register. It is a measure taken to maintain daily operations.
Procedure – This is general store policies such as handling damage, house keeping, gift registry, donations, gift wrapping, power failure, etc.
Lay away – Ask questions such as will the store include lay away, how much is customer required to lay down, where are lay away items stored, etc?
Hours – business hours and store hours.
Credit – How will the company accept transactions