The home furnishings industry finds itself in the ultimate Venn Diagram (a graphic representation of circles that shows the sweet spot where different datasets overlap): the confluence of Americans spending much more time at home, much less time traveling and going out to restaurants, theaters and events -- and all of us having a general feeling that where you live should be the nicest, most comforting place on the planet. It is Home Sweet Home to the max. While certain sectors of the American economy like airlines and restaurants are in …
Experience
Reimagining JCPenney
Several weeks ago, a colleague asked me which retailer(s) I thought were genuinely innovative. For me, "innovative" and "retailer" rarely fit in the same sentence, but, my immediate response: Carvana. Disruption for Detroit The world of used, or previously owned cars will never be the same. It has now been transformed into a fascinating, fun and, dare one say, festive shopping experience. Carvana is a totally reimagined catalytic wonder-what-it-would-be-like moment of new car ownership all the way through to the thrill of delivery and …
Pandemic Fashion: We May Never Wear Real Clothes Again
Not much of coronavirus’ impact on the fashion industry was predictable. Sure, sweatpants did eclipse evening gown sales and lipstick took a nosedive, as expected; but some of the more lasting effects of Covid-19 on the fashion industry could not have been foreseen. I’m talking about a scarcity aesthetic the likes of which we haven’t seen since the Great Depression. A “scarcity aesthetic” comes into play in times of economic hardship, when the divide between the haves and have-nots makes consumers reluctant to flaunt their wealth through …
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Rerouting Retail
In 2015 NIKE opened a Community Store in Brooklyn; It’s not in Williamsburg or Dumbo, it’s in Flatbush. Flatbush is hardly an international retail mecca. In fact, the store is near the last downtown stop, at the end of the number two subway line. The NIKE Community Store model has expanded to include downtown Detroit, Ivy City in D.C., mid-city New Orleans, South Chicago, Portland Oregon, East Los Angeles, and the newest location, which opened in August of 2020 in the Watts neighborhood of L.A. The game plan of breathing authenticity and local …
A New Fashion World Is Getting Ready to Ascend
Will the fashion industry carry on mostly as it has in the past 10 years after the coronavirus ends? Or, will it evolve slightly and basically bounce along the same-old tired path it has been trudging along? Or, will it explode into an exciting new time of creativity and rebirth? One thing is certain, the industry had better be working hard right now to get ready for the new world that is going to emerge. To be sure, there will be lingering problems from the immense destruction caused by the pandemic. The exciting opportunity rising from the …
How to Tell Your Brand’s Story and Meaningfully Connect
Experiential marketing is described as a strategy that immerses customers within a product or deeply engages them, according to Salesforce, the customer relationship management (CRM firm). In short, they say, it "enables consumers to not just buy products or services from a brand, but to actually experience the brand." With the shutdowns and social distancing stemming from the pandemic, brands and retailers can find an opportunity to connect with consumers by employing experiential marketing to tell their story. C-Commerce "We believe that …
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There Is Trouble Down in Texas and Her Name Is Lulu
There have always been turf wars in the fashion retail world. Competition is the backbone of our free market economy, but in the fashion industry, drama often trumps pragmatism. The most recent example, accelerated by Covid-19 is the news that Lululemon, from their secure base camp in Vancouver, has been in a clandestine war with Levi's, Wranglers, and Calvin Klein. The Pants Battle Jeans -- high end and low end - are pitted against the yoga pant as the CV-19 world perceives comfort and fashion. The net result of Covid-19 is that the war Lulu …
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The Retail Outlook? Cloudy with a Chance of Meatballs
Stanford professor and author of the bestseller Mindset, Carol Dweck describes grading students as a young teacher. If a student was not progressing toward the expected learning outcome, rather than a failing grade, the mark given was a not yet. Holiday shopping is now underway, and 2021 fast approaches, are the signs for retail signaling recovery, or are they indicating not yet? Divergent Outlooks Green shoots have appeared. Goldman Sachs has raised its 2021 GDP forecast to 6.2 percent from 5.6 in anticipation of broad vaccine distribution …
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