Say you're an existing retailer with locations throughout the country, and say you have this cool idea of a new business concept that piggybacks on your original retail concept. How would you go about rolling out this new concept? Well, if you're anything like Toys 'R' Us, you would feature the new concept as a "store" within your original locations. This is exactly what the toy retailer is doing with its new 'R' Market convenience concept and it's a pretty crafty idea.
Stores-within-stores present some interesting opportunities for retailers. First, they allow proactive retailers to roll out new concepts without the total investment of opening up a new location. Second, they allow retailers to "test" the concept. Should it prove to be a roaring success, these stores-within-stores could also provide a good springboard for opening up separate locations when the money's there and the time is right.
What do you think about this whole "store-within-a-store" idea? Leave a comment. We'd love to hear it.
Thursday, April 30, 2009
Monday, April 27, 2009
Looking for start-up money? Ask the Frequent Fliers.
It's no secret that traditional funding for entrepreneurial pursuits is all but dried up. But the great thing about entrepreneurs is that they are a creative group of people and one of that group's fearless leaders, Richard Branson, is providing yet another avenue for entrepreneurs to get their ideas off the ground(literally): PitchTV.
Entrepreneurs can create video clips (no longer than 2 minutes) and upload them to the Virgin website. Visitors of the site then vote on their favorites. The top 5 vote-getters each month win the prize of having their pitches aired on PitchTV, a new channel in Virgin Atlantic's in-flight entertainment line-up.
The goal of the project is to put aspiring business people in need of funding in contact with those current business people who might just want to do some investing. It's a clever idea (leave it to Branson to come up with it). It'll be interesting to see which, if any, pitches get any traction with this service.
Entrepreneurs can create video clips (no longer than 2 minutes) and upload them to the Virgin website. Visitors of the site then vote on their favorites. The top 5 vote-getters each month win the prize of having their pitches aired on PitchTV, a new channel in Virgin Atlantic's in-flight entertainment line-up.
The goal of the project is to put aspiring business people in need of funding in contact with those current business people who might just want to do some investing. It's a clever idea (leave it to Branson to come up with it). It'll be interesting to see which, if any, pitches get any traction with this service.
Thursday, April 23, 2009
Decision-Making Is a Science
So it's the day after Earth Day and I think the environmental focus is still with me. Perusing through my usual suspects for blog post fodder, I came across a New York Times Magazine article titled "Why Isn't the Brain Green?" and I immediately clicked on it. I wasn't sure what I was expecting to get from it, but what I got wasn't something I would expect: insight into decision-making.
The brunt of the article focused on people's decision-making when it came to environmental topics --not the particular decisions being made but how people came to them. Taking away the environmental overtones, the article's author presents some ideas that could most definitely apply to consumer decision-making in the retail environment.
Here are some tidbits I found particularly interesting:
The brunt of the article focused on people's decision-making when it came to environmental topics --not the particular decisions being made but how people came to them. Taking away the environmental overtones, the article's author presents some ideas that could most definitely apply to consumer decision-making in the retail environment.
Here are some tidbits I found particularly interesting:
- People can behave unexpectedly when faced with seemingly simple choices.
- We all possess "automatic biases" such as being "more adverse to losses than we are interested in gains."
- We are "extremely susceptible" to how questions are posed.
- We have different processes for assessing risk (analytical and emotional) and both present their own unique problems.
- We enjoy knowing we're part of a group, and if reminded of that membership, the group becomes "sort of the decision-making unit."
Monday, April 20, 2009
Look Before You Lease
You would think that something as important as a lease should come in easy-to-understand terms. I mean, it would really be a win-win for the landlord and tenant if the fine print was cut out and replaced with wording that was straight-forward and to the point. The tenants would know exactly what they were getting into and wouldn't sign leases with terms that they knew they couldn't meet. That would leave the landlords with tenants that could make timely rent payments and accommodate the other lease requirements.
BUT in the real world that's so not the case, and it's up to the prospective tenants to do their due diligence before entering leases. Helping provide some direction on what to think about is this article from Womenentrepreneur.com. Suggested items to consider include:
BUT in the real world that's so not the case, and it's up to the prospective tenants to do their due diligence before entering leases. Helping provide some direction on what to think about is this article from Womenentrepreneur.com. Suggested items to consider include:
- Length of lease
- Additional rent
- Tenant improvements
- Maintenance costs and fees
- Penalties for breaking the lease
Thursday, April 16, 2009
The New Look of Laminate
Today, everyone seems to be on the hunt for less expensive alternatives to their favorite things. Even retail fixtures aren't immune from the trend as we're finding that many of our clients are looking for a way to get the same look and feel but without the high price tag. Lucky for them, one durable, flexible and -most importantly- economical material is coming to the rescue.
There seems to be a preconceived nothing that because laminates play the more "economical" role, they also have to dress the part. The reality, however, is that the laminates on the market today are not your mother's laminates. Nor do they have to be of the solid color variety so popular in the '80s and '90s. As paper assortments grow and printing and coating technologies continue to improve, so too does laminate's ability to mimic costlier building products like wood, metal and stone.
Wood grain laminates have broadened their horizons and now include patterns for virtually every species of tree imaginable. New laminate designs showcase the nuances that make wood so stunning while finishes add a wood grain texture realistic enough to fool the fingertips.
Metal laminates have come a long way as well. What always seemed to be lacking was that luster, but new finishing options have turned laminates into reflective surfaces, shiny enough to entice a second look.
Scaling back on budget doesn't mean you have to scale back on your design. Laminates have proven themselves as cost-effective alternatives. Combine the realistic looks with the surface durability and flexibility and one might even argue that these materials are better than the real thing.
There seems to be a preconceived nothing that because laminates play the more "economical" role, they also have to dress the part. The reality, however, is that the laminates on the market today are not your mother's laminates. Nor do they have to be of the solid color variety so popular in the '80s and '90s. As paper assortments grow and printing and coating technologies continue to improve, so too does laminate's ability to mimic costlier building products like wood, metal and stone.
Wood grain laminates have broadened their horizons and now include patterns for virtually every species of tree imaginable. New laminate designs showcase the nuances that make wood so stunning while finishes add a wood grain texture realistic enough to fool the fingertips.
Metal laminates have come a long way as well. What always seemed to be lacking was that luster, but new finishing options have turned laminates into reflective surfaces, shiny enough to entice a second look.
Scaling back on budget doesn't mean you have to scale back on your design. Laminates have proven themselves as cost-effective alternatives. Combine the realistic looks with the surface durability and flexibility and one might even argue that these materials are better than the real thing.
Monday, April 13, 2009
CompUSA: It's Alive!
CompUSA is making a comeback with its "Retail 2.0" strategy, according to this post on Wired.com's Gadget Lab blog. Yes, this is the very same CompUSA that declared bankruptcy and shuttered stores a little over a year ago. Now, Systemax, the electronics retailer's parent company, is hoping that it can use its online retailing success as a springboard for success in the physical marketplace. New tactics include "agressive prices, remodeled stores, improved lighting and in-store web access for comparison shopping."
While in-store web access isn't anything new, what is pretty revolutionary --and gutsy in my opinion-- is that CompUSA isn't limiting what pages can be accessed. That means I could walk into one of the 30 new CompUSA stores, head over to one of the display computers, and update my Facebook status, post a new blog entry, or see what kind of deal Amazon.com has for the very computer I'm using at the moment.
It takes a pretty confident retailer to let customers carry out that last action in-store, but maybe CompUSA is smarter than we think. After all, it's hard not to have some respect for a store that isn't afraid to help its customers find exactly what they are looking for instead of letting them settle for less. Not to mention, it allows customers access to a wealth of product information --more than any in-store signage can display.
It's hard to say whether this "Retail 2.0" strategy will fully revive the once-successful electronics retailer, but the absence of competitors like Circuit City and The Sharper Image doesn't hurt its chances. It's also hard to say whether the idea of open internet access will catch on with other retailers. Perhaps we'll be finding more kiosks and computers in our favorite stores. Then again maybe not. We shall see.
While in-store web access isn't anything new, what is pretty revolutionary --and gutsy in my opinion-- is that CompUSA isn't limiting what pages can be accessed. That means I could walk into one of the 30 new CompUSA stores, head over to one of the display computers, and update my Facebook status, post a new blog entry, or see what kind of deal Amazon.com has for the very computer I'm using at the moment.
It takes a pretty confident retailer to let customers carry out that last action in-store, but maybe CompUSA is smarter than we think. After all, it's hard not to have some respect for a store that isn't afraid to help its customers find exactly what they are looking for instead of letting them settle for less. Not to mention, it allows customers access to a wealth of product information --more than any in-store signage can display.
It's hard to say whether this "Retail 2.0" strategy will fully revive the once-successful electronics retailer, but the absence of competitors like Circuit City and The Sharper Image doesn't hurt its chances. It's also hard to say whether the idea of open internet access will catch on with other retailers. Perhaps we'll be finding more kiosks and computers in our favorite stores. Then again maybe not. We shall see.
Thursday, April 9, 2009
Kiosks Get Personal
Online shopping is a personal experience. For starters, you can do it from the comfort of your own home. Returning visitors are greeted with a "Hi [insert name here]" and given recommendations based on past purchases. Even new visitors are treated to the "You might also like" list of recommendations based on what you're searching for. It's like having your own personal sales associate who is trying his best to be genuinely helpful.
Not to be outdone, bricks-and-mortar retailers may soon get a boost in offering a more personal in-store experience through advances in kiosk technology. This article on NYTimes.com tells of new prototypes being built by the likes of Intel that will be equipped to deliver a purchase experience similar to what you would find online. With the swipe of an identification care (i.e., something similar to customer loyalty cards given out by grocery stores), the kiosks can greet the customer by first name. They can also make product recommendations and even allow customers to virtually try on products before deciding whether to buy or not. Instead of relying on a sales associate, customers could essentially serve themselves.
So, does that mean that sales associates are doomed to become a thing of the past? Eh, probably not. Just as with any technology, you'll have people who are afraid to try it or who need help using it. It might, however, mean that sales people will need to get more tech-savvy in addition to learning customer service.
Not to be outdone, bricks-and-mortar retailers may soon get a boost in offering a more personal in-store experience through advances in kiosk technology. This article on NYTimes.com tells of new prototypes being built by the likes of Intel that will be equipped to deliver a purchase experience similar to what you would find online. With the swipe of an identification care (i.e., something similar to customer loyalty cards given out by grocery stores), the kiosks can greet the customer by first name. They can also make product recommendations and even allow customers to virtually try on products before deciding whether to buy or not. Instead of relying on a sales associate, customers could essentially serve themselves.
So, does that mean that sales associates are doomed to become a thing of the past? Eh, probably not. Just as with any technology, you'll have people who are afraid to try it or who need help using it. It might, however, mean that sales people will need to get more tech-savvy in addition to learning customer service.
Monday, April 6, 2009
Riding Waves at the Mall
Money might be tight, but there's no shortage of creativity coming from the retail industry these days. To see the latest of their creative works, look no further than your local mall. With vacancies rising, mall owners are turning to some unusual solutions to fix this growing problem reports the New York Times.
Some are harnessing the power of waves and filling vacant stores with increasingly-popular wave-making machines. One adventure sports retailer, Adrenalina, has even added the water ride to its stores. The contraption may not be that aesthetically-pleasing, but the experience is attracting enthusiastic crowds and repeat visits.
Some other solutions that may not be as exciting as a wave-making machine but still effective include: inviting non-traditional mall tenants like grocery stores to set up shop, dividing up larger spaces to accommodate more than one retailer, and turning empty anchor stores into community colleges. Some mall owners have also been encouraging smaller tenants to take over larger spaces. Pop-up environments have also been providing temporary relief.
Walking through my local mall this weekend, I saw quite a few vacant storefronts with "New construction starting soon" signs hanging in the windows. I don't think we'll be getting a wave-riding machine any time soon, but this article has me a little excited to see what'll be opening up in coming months.
Some are harnessing the power of waves and filling vacant stores with increasingly-popular wave-making machines. One adventure sports retailer, Adrenalina, has even added the water ride to its stores. The contraption may not be that aesthetically-pleasing, but the experience is attracting enthusiastic crowds and repeat visits.
Some other solutions that may not be as exciting as a wave-making machine but still effective include: inviting non-traditional mall tenants like grocery stores to set up shop, dividing up larger spaces to accommodate more than one retailer, and turning empty anchor stores into community colleges. Some mall owners have also been encouraging smaller tenants to take over larger spaces. Pop-up environments have also been providing temporary relief.
Walking through my local mall this weekend, I saw quite a few vacant storefronts with "New construction starting soon" signs hanging in the windows. I don't think we'll be getting a wave-riding machine any time soon, but this article has me a little excited to see what'll be opening up in coming months.
Thursday, April 2, 2009
A Gin and Tonic & That Pair of Jeans, Please
First, there were coffee counters and in-store cafes. Now one of the hottest fixtures in the retail environment is: The Bar. I suppose that there are very few things that can put people at ease quite like alcohol and it looks like some men's clothing retailers are hoping that it will make guys comfortable enough to stick around and make some purchases.
This article on WSJ.com digs deeper into the bar craze, but I think this little trend goes beyond the counter and stools and spreads to the rest of the store environment. It really comes down to creating an atmosphere. Color schemes, material selection, lighting patterns, graphics, and even the music help further convey that lounge feeling many of these retailers are going for. If men don't generally care for the traditional shopping experience and store environment, why not make it resemble an activity and place that they enjoy?
But this trend isn't limited to lounges for men. Once you have a good idea of your target market and their likes and dislikes, there's a huge variety of design elements that can be used to tailor the experience to these shoppers.
This article on WSJ.com digs deeper into the bar craze, but I think this little trend goes beyond the counter and stools and spreads to the rest of the store environment. It really comes down to creating an atmosphere. Color schemes, material selection, lighting patterns, graphics, and even the music help further convey that lounge feeling many of these retailers are going for. If men don't generally care for the traditional shopping experience and store environment, why not make it resemble an activity and place that they enjoy?
But this trend isn't limited to lounges for men. Once you have a good idea of your target market and their likes and dislikes, there's a huge variety of design elements that can be used to tailor the experience to these shoppers.
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