Secondly, this is embarrassingly late. I got this dress over a year ago. Isn't it funny how fast time goes by? Just as refresher, I got this at a bag sale and the cost came out to be about $0.33 for the dress. So essentially if I messed it up, it wasn't going to be much of a loss.
But there wasn't much room for mistakes; this is a pretty straightforward refashion.
As you can tell from the photos, I simply cut the dress to the desired length (plus about 1.5 inches to take the hem into account), and then used the excess fabric to make three large ruffles for the front of the dress.
If you'd like to see how to make ruffles, here's a pretty good simple tutorial! I don't even do two rows of stitches like they do...works just fine.
But essentially, each ruffle is a rectangular piece of the fabric with the sides hemmed. I cinched one long side of each one, arranged them as I wanted them tiered, pinned them, and sewed them into place.
I also made a waist tie with the excess fabric, but I didn't have that with me to take the "after" picture.
That's all! And now, a whole year later, I have a cute $0.33 dress all ready to go. :)