“Creating experiences and an emotional connection will help customers feel like they’re getting more value from a retailer — and that they’re being valued and appreciated in return. Small and independent retailers have a greater ability to create a bond with shoppers than larger competitors. Don’t think about your customer as someone who’s going to buy something.”
“It’s not time to jump ship.”
“[Syama] cited a recent flurry of inquiries from American brands asking when they might be able to open up shop in Cuba. She predicted most retail development in the country will be attached to hotels and resorts, as is the case in places like Chennai, India, with luxury travelers the first wave of arrivals. Cuban Americans — of which there are an estimated two million — are also likely to be key players in establishing retail businesses on the island nation.”
“’I think it’s an expensive idea. At the end of the day, the inventory they have in these stores is a liability. They know that there are these co-retailing spaces and they know that it costs money to be a part of them. It doesn’t necessarily mean that another retail store has actually endorsed you and spent money to buy your product.”
“Pay attention to fabric mixes online. Denim that is 100 percent cotton is very different than 80 percent, so take a look at your favorite pair of jeans first.”
“Retailers are no longer worried about customers becoming brand loyalists and leaving them. They’re working with more brands, and they’re looking to innovate. They know today’s customers want storytelling, so they’re letting brands in. And brands know better than to rely too heavily on associates.”
“With J. Crew in New York, they need to diversify, so I’m not surprised to see them jumping on a collaboration with WeWork. But if I were at WeWork, I would actually think about more lateral businesses. Why not host an Apple pop-up shop? Or maybe a Google pop-up? Give members a discount on those products, and give people access to tools and products they might actively use. Is this adding value or is this just marketing?”
“The big brands are dying because they try to be everything to everyone. Be and think like a small company, even if you are a big company. Warby Parker launched online and had a very clear and specific value proposition. They had a bus that traveled around the country and created an experiential engagement. It was tied directly to their social media.”
“There’s a lot of uncertainty. It leaves a lot of brands in the dark. Small to medium-sized companies have to push harder to get visibility in general. This will make it harder.”
“[In fashion you can’t] be everything to everybody. With a high-low mixing of brands and the high-low price points, it’s hard to give consumers a focus. You see some brands staying for a couple of seasons, but they are not necessarily generating the revenue because Amazon is not attuned to higher price-point brands.”
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