Retail Trends |
A great video presented by chic.tv. Here is a wrap up of the interview:
Interviewees:
- Robin Lewis, CEO & Managing Editor, The Robin Report
- Neil Cole, CEO & President, Iconix Brand Group
- Alexis Maybank, CMO & Founder, Gilt Group
- Joe Gromek, CEO, Warnaco Group
- John Long, Partner and Retail Strategist, Kurt Salmon Associates
- Andrew Tilton, Senior Economist, Goldman Saks
Retail Trends 2012:
- Burst of spending (consumers say they won’t spend but then spend more money than anticipated)
- Tale of two consumers (The employed and unemployed)
- Everyone is looking for value
- Consumers have traded down
- Young working professionals are connected and as a result:
- Shop online (good use of their time)
- Make fast decisions (quick in and out shopping style)
- Don’t go to the brick and mortar store (don’t have too because they are connected)
Keys to success:
- Use multi-channel / more channels
- Expand geographically
- Create powerful brands (lots of marketing $$)
- Drive forward / take advantage of technology
- Innovate
- Be everywhere
- Stay current
- Provide new experiences to get them in the store
Online Trends:
- Selling online has doubled
- Does not cannibalize brick and mortar channel
- In face, helps to increase sales.
Personal Note on Success:
- Stay focus
- Be great at one thing
- Listen to the customer
This post was originally published on The Marketing Boutique Blogger on January 24, 2012. This is a sample of our yearly Retail Trend Report.
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