“Retail as theater” has been redefined. The new shopping, entertainment, immersive experience ecosystem will completely transform the roles of retailers, retail workers, brands, products, services and especially “customers.”
In the 1960s, before the term “retail experience” existed, CEO and industry icon, Marvin Traub, created “retail as theater” at Bloomingdale’s on 59th Street.
Traub explained, “We developed the idea that a store should be entertainment, not just a place to buy a suit and a shirt or a tie.”
An Homage To My Dad, for Father’s Day 2019
I recall my father as a fashion and style mentor. He set the bar very high. And, for me, it was the wrong bar.
In my memory, his wardrobe comes into sharp focus not only visually, but also as a reflection of his personal statements regarding essential goals, achievements and status.
Born in the Bronx, New York, the son of a haberdasher and schoolteacher, my father was a product of post-World War II prosperity. …
Randa Accessories, one of the world’s leading accessories companies, announced on Tuesday, May 7 that it has entered into a definitive agreement to acquire 100% of Haggar Clothing Co. The transaction is expected to close on May 31, 2019.
Randa, a privately-held company founded in 1910, produces belts, wallets, headwear, slippers, luggage, neckwear, jewelry and other accessories under 50 brands, including Levi’s, Tommy Hilfiger, Columbia Sportswear, Dickies, and Kenneth Cole. Randa distributes its products globally through more than 20,000 stores and employs over 4,000 associates at 26 offices located in 10 countries.
Since its beginnings in a one-room office in…
Where can you go to work, jump on a treadmill, watch a movie, see an art exhibit, and buy a $10 latte, a $4,000 Louis Vuitton bag, and a $32 million condo — all at the same location?
On March 15th, the 28-acre mixed-use Manhattan real estate development will open nearly one million square feet of retail space.
18 million square feet of residential and commercial development, five office towers, including a 1,100-foot tall skyscraper with the city’s highest outdoor observation deck, the complex will ultimately include 4,000 condominiums, a hotel, and an art and music venue. …
In 2019, regardless of size, tenure or segment of business retailers, brands and suppliers must recognize that they can no longer navigate the new landscape with old maps.
Tomorrow’s retail winners will be nimble, data-driven, fast-to-market and cost efficient. They will have the foresight, fortitude and fearlessness to disrupt their own identity and legacy models.
“Do or do not. There is no try.”
The rate of change will escalate. There is no time for deep contemplation. Winners will leap, measure and then optimize.
Failing fast will be a requirement, not an option. Succeeding fast will be a requirement, too.
J.Crew CEO Jim Brett is exiting the company, after serving for only 16 months. An interim committee of four executives will manage operations until a replacement is found.
Despite announcing the company’s first quarter of positive same-store sales growth in four years, signs of down-sizing are prevalent. In an ironic development, J.Crew is turning over more of its corporate office space to Facebook and Instagram, and a “for rent” sign hangs in the window of its iconic men’s shop, the Liquor Store.
“Returning J.Crew to its iconic status required reinventing the brand to reflect the America of today with a…
Like the captain of the Titanic, leadership of failed and failing retailers has been publicly, and occasionally brutally, criticized. In some instances, this criticism is clearly deserved, in other cases not.
It may not be as bad as it seems.
Despite the painful passing and decline of retail industry stalwarts including Linens ‘n Things, RadioShack, The Bon-Ton Stores, Toys R Us, Sears and Kmart, retail chains including Macy’s, Kohl’s, Walmart, Target and other major retailers are showing financial improvement. Macy’s stock price is up 40+ percent year-to-date, Kohl’s is up 30+ percent, and Target is up 25+ percent. The rumors…
For over one thousand years success in business relied on providing a narrow segment of consumers with a narrow segment of products, distinctly suited to their needs and sold nearby.
More recently, the proliferation of mass media — TV, national newspapers and magazines — combined with the expansion of national retail chains, along with the growth of a global and efficient supply chain, led to a world of mass marketing, mass production, and massive retailers.
Mass marketers thrive on “must-have” items — huge volumes of single styles, sold across many market segments to an audience of consumers eager to have…
“In Amazon’s early years, a running joke among Wall Street analysts was that CEO Jeff Bezos was building a house of cards. Entering its sixth year in 2000, the company had yet to crack a profit and was mounting millions of dollars in continuous losses, each quarter’s larger than the last. Nevertheless, a segment of shareholders believed that by dumping money into advertising and steep discounts, Amazon was making a sound investment that would yield returns once e-commerce took off. Each quarter the company would report losses, and its stock price would rise. One news site captured the split sentiment…
The best performing retail stock this year is no surprise: Amazon is up 54% so far in 2018.
But you may be surprised to learn that Macy’s, often considered a casualty of Amazon, is the retailer that comes in second. Shares in Macy’s are up more than 50% year-to-date, making the department store the 10th best performing stock in the S&P 500.
Macy’s has closed underperforming stores, invested in Bluemercury, Story Worldwide, b8ta, and other new ventures, increased its use of BOPIS (Buy Online Pickup In Store), and added mobile payments. …