Recently, I have been finding myself getting into discussions about corporate images. It seems that some retailers are "playing it safe" in terms of their image. They are carrying lines that have been consistent sellers. The "Gap" that I remember, was the best place to get basics and to fill the "holes" in my wardrobe...guess what? They are again! Even Abercrombie & Fitch doesn't seem so "scandalous" as they now carry an extensive offering of polos, plaids, and oxford button-downs.
According to the NY Times, Eddie Bauer has filed chapter 11, and the investor group that is poised to make the buyout, is the same group that passed on Eddie Bauer in 2003 when they were also in bankruptcy trouble. Eddie Bauer executives at the time had a future vision of Eddie Bauer as a conservative womens retailer. The investment firm felt that was not a smart move considering the foundation and reputation Eddie Bauer had established for over 80 years. Now, Eddie Bauer has committed to returning to the "roots" of the company, and offer product that is suitable to an outdoor lifestyle. Again, that same firm that passed in 2003 is now ready to help Eddie Bauer move into the future.
Fashion retail has evolved into a completely different animal than it was just ten years ago. Unfortunately, most retailers weren't ready to hit their "brakes" this fast. Leaving many companies dizzied and unsure of the direction they are going. I walk into many stores and feel that the product offering seems confused, and the staff sometimes mirror the same thing. I think it is these companies that need to go back to the "drawing board" and rediscover themselves.
The other half of image is the customer experience aspect. Now that they are in your store, what are they thinking? Macy's is actually asking them!! (Wow...I wish I thought of that!!) Engage your customers like never before. It is not that easy anymore to separate people from their money. The customer experience is no longer about product availability and store efficiency, it is about value. People are still willing to spend money, but they need to perceive value. A non-attentive sales person is already wasting the customers time and taking value out of their experience. This is true for top-end retailers, all the way to discount retailers.
I personally believe that the retail sector as a whole should take this time to look for the opportunities that can rise from this "recession". As history has shown, some of the greatest innovations have come from recession. Who will lead the way this time? The companies that are surviving are doing it on their image and reputation. Then they are adding in small innovations here and there that are cost conscious and customer focused. It is sad to think that we have been so spoiled to not be forced to think about cost and customers. We were so caught up in growth and keeping up, that we started to forget the basics. But as we hit the brakes, and the things around us start to come back into focus, we are left with a very basic, very simple thought "It is now just us and the customer." Is my customer happy right now with who I am and what I am representing?
According to the NY Times, Eddie Bauer has filed chapter 11, and the investor group that is poised to make the buyout, is the same group that passed on Eddie Bauer in 2003 when they were also in bankruptcy trouble. Eddie Bauer executives at the time had a future vision of Eddie Bauer as a conservative womens retailer. The investment firm felt that was not a smart move considering the foundation and reputation Eddie Bauer had established for over 80 years. Now, Eddie Bauer has committed to returning to the "roots" of the company, and offer product that is suitable to an outdoor lifestyle. Again, that same firm that passed in 2003 is now ready to help Eddie Bauer move into the future.
Fashion retail has evolved into a completely different animal than it was just ten years ago. Unfortunately, most retailers weren't ready to hit their "brakes" this fast. Leaving many companies dizzied and unsure of the direction they are going. I walk into many stores and feel that the product offering seems confused, and the staff sometimes mirror the same thing. I think it is these companies that need to go back to the "drawing board" and rediscover themselves.
The other half of image is the customer experience aspect. Now that they are in your store, what are they thinking? Macy's is actually asking them!! (Wow...I wish I thought of that!!) Engage your customers like never before. It is not that easy anymore to separate people from their money. The customer experience is no longer about product availability and store efficiency, it is about value. People are still willing to spend money, but they need to perceive value. A non-attentive sales person is already wasting the customers time and taking value out of their experience. This is true for top-end retailers, all the way to discount retailers.
I personally believe that the retail sector as a whole should take this time to look for the opportunities that can rise from this "recession". As history has shown, some of the greatest innovations have come from recession. Who will lead the way this time? The companies that are surviving are doing it on their image and reputation. Then they are adding in small innovations here and there that are cost conscious and customer focused. It is sad to think that we have been so spoiled to not be forced to think about cost and customers. We were so caught up in growth and keeping up, that we started to forget the basics. But as we hit the brakes, and the things around us start to come back into focus, we are left with a very basic, very simple thought "It is now just us and the customer." Is my customer happy right now with who I am and what I am representing?
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