It’s supposed to be the collaboration of the decade. Right when Kanye West’s Yeezy brand launched its interactive 3D website, Mr. West announced a new ongoing collaboration with Gap. Kanye will remodel a Gap outlet downtown Chicago as part of the deal. It seems like a good idea, right? The Yeezy/Adidas sneaker collab was hugely successful and Yeezy brought in $1.3 billion last year alone. But this doesn’t mean that Yeezy would also bring new life to the ailing mall-based retailer. There are five reasons why the Gap collaboration won’t match …
A Mental Health Crisis: Gen Z and Coronavirus
The hot topic on everyone’s minds is: why won’t Gen Z stay inside? The answer to this question is complicated, but it also has big implications for the retail industry. The world is in a tizzy about the behavior of Next-Gens during Covid. Gen Z is taking fewer precautions than any other generation to prevent virus spread. Only slightly over half (57 percent) are social distancing and there was an onslaught of photos of Gen Z and millennials partying it up over spring break on the beach. While, at first glance, it may appear that Gen Z is …
Millennial and Gen Z Trust in a Newly Reopened World
It’s a strange time to come of age, but Gen Z is doing just that in a world on lockdown. While it’s beginning to look like there’s light at the end of the tunnel for nonessential retailers, NextGen consumers have been profoundly impacted by the Covid crisis and their purchasing behavior will never be the same. Young consumers’ trust, and engagement with brands during shutdowns will play a factor in what brands they choose to patronize when stores reopen. The number of available entry-level jobs will also play a factor, as that determines …
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Face Masks Make a Statement
Despite the evidence, few of us saw the face mask boom coming. Fabric face masks are this season’s most controversial accessory. They are the first accessory to bridge the gap between fashion item and medical necessity. But are they here to stay? Etsy sellers sold more than 12 million face masks during April alone, leading to $133 million in sales revenue. In Eastern countries such as Vietnam, Japan and China, face masks have been commonplace for years already. People wore them to protect others when they had minor illnesses such as colds or …
When Did the Gap Turn into Old Navy?
Gap is struggling. CNBC reported that Gap’s stock had fallen by more than 25% over the past year before the coronavirus outbreak. Gap’s former CEO, Art Peck, was fired in November of 2019 after a series of missteps led the brand away from the resurrection the retailer needed. Gap recently furloughed the majority of its employees without pay, but extending health benefits throughout shutdowns. So, what’s the problem with Gap? The standout issue is that its offerings have, for some time now, been undifferentiated from those of Old Navy, its …
Gen Z Has Been Prepping for Coronavirus All Their Lives
Funny thing about Generation Z/iGen consumers: they always shopped as if they were preparing for a cataclysmic global event. Gen Z grew up during the Great Recession and watched their parents and millennial siblings struggle to make ends meet with little to nothing put away in savings. Harsh inevitabilities about how global warming would play out during their lifetimes also made an impact on Gen Z's purchasing behavior, leading to the pursuit of sustainability over status (to the great dismay of many a legacy brand). Gen Z was often accused …
Gen Z Has Been Prepping for Coronavirus All Their LivesRead More
Are You There, Retailers? It’s Me…A Millennial HENRY
Millennial HENRYs (High Earners Not Rich Yet) felt broke before the COVID outbreak. And even those that haven't been furloughed or lost their jobs during coronavirus shutdowns will be more cautious spenders on the other side. In 2016, NPD found that over a quarter (29 percent) of "affluent" millennials were still shopping at dollar stores. The headline shocked everyone except for the "affluent" millennials mentioned in the piece. Since then, there have been multiple studies dedicated to learning why millennial HENRYS-or millennials that make …
Are You There, Retailers? It’s Me…A Millennial HENRYRead More
Coronavirus: The Changing of the Guards, Still Not the Apocalypse
The retail industry is in such a tumultuous state that it has most of us remembering fondly when we could call a few department store closures the "retail apocalypse." Coronavirus hit the U.S. fast and hard, with many states and individual retailers closing up shop until further notice. California governor, Gavin Newsom, issued a statewide "stay at home" order and individuals can now face a fine or jail time for being caught outside on non-essential business. New York's governor, Andrew Cuomo, issued a similar stay at home mandate for …
Coronavirus: The Changing of the Guards, Still Not the ApocalypseRead More