But many people would love it if the government will abolish the law. Ukay-ukay stores sell dirt cheap apparel and fashion accessories from various parts of the globe. Create your own SWOT analysis matrix with our SWOT Analysis Template Spreadsheet or check out these free SWOT analysis templates from other companies. Its crucial to know which suppliers are reliable and trustworthy. SWOT analysis assesses internal and external factors, as well as current and future potential. But they dont mind if its illegal or not, they just want to buy ukay-ukay because its cheap and affordable. A SWOT analysis won't solve every major question a company has. The study found out that ukay-ukay is not as preferred as department stores and other stores, but could be competitive based on the (a) consumers evaluation of the stuffs as passing the criteria on durability, prestige, originality and uniqueness, low pricing, and desiring to continue patronizing the ukay-ukay stores, (b) entrepreneurs perceptions on its profitability and long-term viability, high prospects of continuing their business in the next 5 years and becoming more knowledgeable while engaging in the business. of Pages In recent years, the market for secondhand garments has flourished from its considered capital, Baguio City, province of Benguet. Start An Ukay Ukay Store Business Summary Startup Costs Pros & Cons Marketing Ideas Trying to understand the pros and cons of starting an ukay ukay store The majority of your days will be spent walking, running errands for your business, and completing a variety of chores. However, studies assessing Filipino consumers perception of ukay-ukay as a CE are limited, making their role and a CEs subsequent potential indeterminate. As soon as he promoted his video on Twitter, some users started calling him out for gentrifying ukay-ukay, for being burgis, for not acknowledging that shopping in an ukay-ukay is more than a challenge, especially since [proletariats] treat it as a lifestyle. Other users also came to his defense, saying that it is a non-issue when he certainly is not the only person of privilege who shops in ukay (for example, photographer Shaira Luna has talked about her love for ukay countless times) or that hes not influential enough to actually gentrify ukay-ukays. We are the FIRST ever Ukay-Ukay Online Seller. Ukay Serye Clothing line is made from renewable fabrics that are transformed into, fashionable, eco-friendly pieces that any costumer would love to have. One staff member has been a part of mediations, but not as a neutral party. As the goods piled up, business-minded people decided to buy them at a very low cost and sell them to the public. The most popular destinations for ukay-ukay is in Baguio, Cebu, Cubao, Anonas, Bluementrit Espana, Mandaluyong, Sta.Mesa and Pasig. It originated in Baguio City. What once started as a charitable act has indeed become a multimillion-peso trade. Powered by. For the poor, thrift shops have been the most practical place to shop for clothes because of its low prices. You can still dispose of items through giveaways or discounts. The idea is there is no right or wrong answer; all participants should be encouraged to share whatever thoughts they have. Retrieved from http://studymoose.com/ukay-ukay-shopping-buiseness-essay. Then, a company looks outward and evaluates external factors that impact its business. Customers who haggle are common in ukay-ukay stores, so entrepreneurs must be prepared to negotiate wisely with them. is a company based in Malaysia, with its head office in Ampang. It can require a lot of time, energy and trial/error. Although Republic Act number 4653 (ratified July 1966) has been enacted, there is no clear implementation of this law (e.g., confiscation and/or burning of such imported commodities). Wherein that place, we interviewed 20 costumers and 20 ukay-ukay store owners. Anyone can become a mediator, so other construction law firms could open up their own mediation service as well. Our SWOT analysis forced us to methodically and objectively look at what we had to work with and what the marketplace was offering, Weaver said. They are areas where the business needs to improve to remain competitive: a weak brand, higher-than-average turnover, high levels of debt, an inadequate supply chain, or lack of capital. Enter the email address you signed up with and we'll email you a reset link. Interview-a formal consultation usually to evaluate qualifications. The respondents of this research study are at least 20 customers and 20 sellers of ukay-ukay clothing. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Although R.A. 4653 was ratified on 1966 to prohibit the importation and selling of cheaper second-hand clothes in the Philippines, the impact of the said law has diminished over the years until Filipinos have finally learned to patronize the business as if its something legal. Risk analysis is the process of assessing the likelihood of an adverse event occurring within the corporate, government, or environmental sector. Ask for input from a variety of team members and openly discuss any contributions made. The tremendous growth of this business phenomenon is observed in Santiago City. Reports state that ukay businesses generate 1.2 million daily. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. Just like any other business, the success of an ukay-ukay business is Skye Schooley is a human resources writer at business.com and Business News Daily, where she has researched and written more than 300 articles on HR-focused topics including human resources operations, management leadership, and HR technology. The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay PJD 2005 Vol. How much is the weekly income of an ukay-ukay business? The minimum startup costs for an ukay ukay store business: $2,254 The maximum startup costs for an ukay ukay store business: $37,876 The average startup costs for an ukay ukay This cookie is set by GDPR Cookie Consent plugin. CNN and the CNN logo are registered marks of Cable News Network, Inc., displayed with permission. Questionnaire- a list of planned, written questions related to a particular topic, with space provided for indicating the response to each questions, intended for submission to a number of persons for reply. The market for secondhand goods grew vigorously across the world. This ukay-ukay place can be reached easily since it is accessible through the MRT or LRT 1 lines. Both values were based on the prevailing exchange rate at that time (Philippine Star 2000). The task of initially cleaning or washing your goods is already tiring itself. The analysis team develops the strategy to revisit the decision in six months in hopes of costs declining and market demand becoming more transparent. She has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street. (Weakness) What are our lowest-performing product lines? Using research from around the globe, colourful stories and hard data demonstrate how the clothing, textile and recycling sectors have played a major part in making different regions of the world rich and poor. According to the survey, most of the costumers of ukay-ukay industry ranges from 20-30 years old and the least ranges from 50-60 years old. About | Its Applications and Uses in Business, Risk Analysis: Definition, Types, Limitations, and Examples, What Is Brand Management? Save my name, email, and website in this browser for the next time I comment. The researches limit the study in the Ukay-Ukay stores which will focus on the information and the knowledge of the costumers and sellers about Ukay-Ukay. If the term is employed to the context of ukay-ukay culture, then it possibly is. Albert Humphrey of the Stanford Research Institute created this method in the 1960s during a study conducted to identify why corporate planning consistently failed. Nowadays it is a term use for place that sell old clothes, bag, shoes, and other pre-owned goods a very low prices (de Jong 2011) The information in the research may only be limited to the extent of information being reviewed and cited by the researchers. The cookies is used to store the user consent for the cookies in the category "Necessary". Having the ability to make decisions may be both empowering and liberating. SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning. The competitiveness and viability of the ukay-ukay business in the long run is an important concern. Closely related to its weaknesses, Home Depot's threats were the presence of close rivals, available substitutes, and the condition of the U.S. market. If you enjoy interacting with people, this business is definitely for you. Mostly, ukay-ukay store owners answered Cebu City for the question where did they get their stocks?. The analysis can show you key areas where your organization is performing optimally and areas where operations need adjustment. With the spread of ukay-ukay stores, the practice of buying thrift items has become popular among Filipinos. A SWOT analysis pulls information internal sources (strengths of weaknesses of the specific company) as well as external forces that may have uncontrollable impacts to decisions (opportunities and threats). In sourcing your goods, you can either thrift them by yourself or buy them wholesale from suppliers. There have also been a surge of online shops that sell vintage clothes, style the pieces to make the pieces more attractive to middle-class taste, and sell them in a much higher price. The lack of knowledge about the Ukay-Ukay. To determine some facts about Ukay-Ukay and the industry itself. Use a series of analysis strategies, like SWOT, in your decision-making process to examine and execute strategies in a more balanced, in-depth way. Following the journey of a pair of jeans Clothing Poverty takes the reader on a vivid around-the-world tour from cotton fields to retail stores. For smaller disputes, mediators dont work as a team, only as individuals; Scholefield staff can offer anyone the advantage of a group of neutrals to evaluate a dispute. Dont waste Your Time Searching For a Sample, The Science of Shopping versus "The Signs of Shopping", Compare/Contrast Online Shopping vs Traditional Shopping, Compare and contrast shopping online with shopping in actual shops. We recommend that the ukay-ukay vendors or store owners must be careful because they might be sued. Then-Vice President and Social Welfare Secretary Gloria Arroyo, who has experience in dealing with the textile and garments sector during her time as trade undersecretary, then issued a department order to prohibit the import of used clothing. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. The six forces model is a strategic business tool that helps businesses evaluate the competitiveness and attractiveness of a market. To the government, they will realize that even though ukay-ukay imports and sells cheaper second-hand clothes, still it has a great help especially to the citizens who are in the poverty line. Due to the frequency of calamities happening in our country, a certain humanitarian group called the Salvation Army used to ship second-hand garments and other goods as forms of help to the filipino victims. Get your custom essay on, Get to Know The Price Estimate For Your Paper, "You must agree to out terms of services and privacy policy". He provided Business News Daily with a sample SWOT analysis template and example that was used in the firms decision to expand its practice to include dispute mediation services. Locsin says that this period after the second world war coincides with the time the UN Relief and Rehabilitation Administration (UNRRA) gave billions of dollars worth of relief to Asia, which was around 1943 and 1949. Contrary to authorities notion that these commodities are donations from foreign countries, wagwag items are actually purchased from Hong Kong-based Salvation Armys rummage sale sites. Sometimes its wise to perform a general SWOT analysis to check on the current landscape of your business and improve operations as needed. Start An Ukay Ukay Store Business Summary Startup Costs Pros & Cons Marketing Ideas Wondering how much it costs to start an ukay ukay store business? For the costumers viewpoint, what are their different perspective about the advantages and disadvantages of ukay-ukay? Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget.