Consumers are still trapped at home and they’re picking up some new hobbies. The DIY market is booming, and Euromonitor predicts that DIY sales will grow by 6.1 percent globally in the new year. However, when researching the category, one quickly notices an interesting discrepancy: there is no universally accepted definition of what constitutes DIY. I was amused to see Statista break DIY sales down into three sectors –– home centers, lumberyards and hardware stores –– when that’s obviously not the full extent of the vertical. How We Define …
Operations
Ralph Lauren: Maintaining a Brand During a Pandemic
I'm a Ralph Lauren aficionado. Long a fan of the brand and its overarching idea, "The World of Ralph Lauren," I continue to think it is the best articulated and most consistently executed brand in the fashion, apparel and retail sector -- and beyond. I've written several articles about Ralph Lauren for this publication, beginning in 2014, explaining how the brand is defined and controlled in every aspect -- from an identifiable product, to romantic and aspirational advertising, to its relationship with customers across media. Ralph Lauren's …
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Malls Can Still Matter
The news on the mall front remains depressing at best. Coresight Research, along with many other respected firms, continue to predict as many as 25 percent of the nation’s malls may close over the next three to five years. And there could be even more “if we can’t stop the bleeding,” said Coresight CEO Deborah Weinswig. Currently there are about 1,000+ indoor shopping malls in the U.S. But the survivors may not be the silver lining in the dark cloud hanging over malls. Of the malls that make it – mostly the A-class and better B-class malls – …
Costco Doesn’t Need Curbside Pickup
Over the past decade, omnichannel has become one of the most common buzzwords in retail. Retailers of every size and shape have implemented strategies to make their brick-and-mortar and e-commerce operations work together. Common omnichannel fulfillment capabilities include buy online, pickup in store (BOPIS); buy online, ship to store (similar to BOPIS, but the items are shipped to a store for pickup rather than being in the store's inventory at the time of purchase); and buy online, ship from store. The Covid-19 pandemic has driven …
Home Retailers Go Large Even as Fashion Flagships Recede
The flagship store has been a staple of retailing since…well, practically since retailing started. No self-respecting operation wouldn't dare to have a showpiece store, often downtown, but more recently in the dominant regional mall in its marketplace. The concept pretty much transcended merchandise classifications, price points and geography. But no more. A fascinating dichotomy has emerged in the business: fashion apparel retailers are giving up their flagships while on the other side of the retail table, home furnishings stores are …
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2021 Forecast: Next Gens in a Brand-New World
Gen Z is in dire straits. They’re facing the second major economic recession of their lifetimes. They’re spending a year of their formative teens trapped at home. They’re staring down the barrel at climate change, so their future isn’t looking much brighter than their present. But these kids are nothing if not adaptable. Only Change Endures Next-gens born after 1997 grew up in a time of uncertainty. It took a toll on their mental health, but it also made them savvy, strategic consumers. Glossy marketing didn’t resonate with next gens even …
The Great Retail Simplification
Remember when everyone was talking about the great retail “bifurcation?” The gap between discount and luxury retail was the trending topic up until a year ago, when Covid-19 threw all of the old rules out the window. Then consumers started buying fewer items. While merchandise began to pile up for some retailers, others missed their regular shipments due to lulls in production. The conversation has changed to how to operate retail with a simplified strategy. Now, instead of worrying about how to attract a wider range of consumers, retailers …
Black Friday is Dead
Long in a state of decline, 2020 provided the final nail in the coffin to kill off Black Friday as we have known it. While consumer shopping trends have changed in recent years, 2020 provided a catalyst for accelerated change in two key areas: technology and behavior. Some may say that the Covid-19 pandemic delivered that fatal blow, but it's changes in retail technology and consumer shopping behavior - both of which are inextricably intertwined - that sealed Black Friday's fate. The shopping holiday will never be the same, and both retailers …