2012 Retail Trends and the Economy

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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