Show Notes | S2 Ep11 | Resale Retail Boom

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INTRODUCTION

Two of the current trends in our post-pandemic world that are driving the resale/reclaim/recycle retail boom are inflation and sustainability. These two trends warrant a deep dive individually, but how they are impacting and helping to drive the resale retail boom is worthy of inquiry.

Martin Peers briefing for The Information highlighted Rent the Runway’s recent performance – and I quote, “The company reported 91% growth in revenue for its fiscal fourth-quarter ending in January, and projected a similar rate of growth for the first quarter. The main reason is that people are partying again—and finally returning to the office.”

I’d add that their customers are on the front line of sustainability.

Cristene shared very relevant data points from her recently published report, “Balancing Sustainability and Profitability’ for IBM Institute for Business Value.

RESEARCH AND LINKS

The Information

Balancing Sustainability and Profitability, IBM Institute for Business Value

Lululemon Like New

·        https://shop.lululemon.com/story/like-new

2nd Hand Clothing Boom

·        https://www.harpersbazaar.com/uk/fashion/fashion-news/a36810362/secondhand-clothing-boom/

Shoppers are Buying from Resale Retailers More Than Ever – Here’s Why

The Rise of Thrift Stores

·        https://www.axios.com/rise-of-thrift-stores-secondhand-fashion-gen-z-519dd44a-1ff7-402e-9025-8eb3551be703.html

Ellen MacAuthur Foundation – systems diagram of the Circular Economy

Inflation Is About to Come Down — but Don’t Get Too Excited (paywall)

Great Places to Work (Forbes)

CONCLUSION

The resale market is alive and well, which is such a great barometer for the Circular Economy.

Thank you for listening. Please share your comments. And let’s go thrift shopping!

Jeff Fisher & Cristene Gonzalez-Wertz

https://retaildoneright.net/

#RetailDoneRight

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RETAIL DONE RIGHT is produced and hosted by Jeff Fisher & Cristene Gonzalez-Wertz

Show Notes | S2 Ep10 | The Opportunity Pop-Up Presents

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INTRODUCTION

There is real value in physical retail. But it can be expensive, slow to develop and risky.  There’s a solution out there… Pop-Ups.  You aren’t locked into a long-term lease. The CapEx can be minimal. You can get open quickly. You can test and learn new ideas, assortments, experiences. You can be seasonally relevant.

Why aren’t we seeing more Pop-Up shops? There’s still a fair number of empty storefronts out there. Still. What’s holding brands and developers back?

George Bird, Director of Customer Experience at MERGE guides us through the opportunity Pop-Up presents.

THE FIRST POP-UP

We didn’t research this definitively, but we sure had fun talking about what we should consider to be the first Pop-Up.

TYPES OF POP-UPS

Our discussion then led to defining Pop-Up (George’s definition: Temporary retail location that can be anything from a tent to a temporary tenant in an empty store front.) and talking about different types or classifications, including:

  • Mobile, or portable, retail (i.e., food trucks)
  • Opportunistic (i.e., SXSW, US Open, Coachella, etc.)
  • Testing a concept, or proof of concept (i.e., Nordstrom Local, Nike Live, etc.)
  • Store in Store or Shop in Shop (i.e., collaborations at Target, etc.)
  • Putting your big toe in the proverbial brick and mortar water (i.e., Warby Parker, Superga, Mercari, etc.)

PRACTICAL ADVICE

We spent time discussing benefits of Pop-Ups, enablers and barriers.

RESEARCH AND LINKS

Olivia’s Flower Truck

Lancaster Cupcake

·        https://www.lancastercupcake.com/cupcake-truck

Nordstrom Local

·        https://press.nordstrom.com/gallery/16766/grid/#:~:text=The%20first%20Nordstrom%20Local%20opened%20on%20Melrose%20in%20October%2C%202017

Warby Parker

·        https://blog.warbyparker.com/pop-in-nordstrom/

Mercari

·        https://chainstoreage.com/online-resale-retailer-debuting-pop-shop

Superga

·        https://altterrain.com/footwear-pop-up-shop-experiential-marketing-activation/

Consumers want it all: Hybrid shopping, sustainability, and purpose-driven brands

Box Pop

Why stores – like one permanent pop-up – should be designed more like Lego sets

Clemens en August

CONCLUSION

George summarized our conversation brilliantly, “Go out on a limb and create more fun engaging spaces. Make them pop-ups to test the concept! We have been stuck in our homes for the past 2 years due to the pandemic and to have some fun destinations to go to would be a welcome treat.”

Thank you for listening. Please share your comments. And let’s go shopping!

Jeff Fisher & Cristene Gonzalez-Wertz

https://retaildoneright.net/

#RetailDoneRight

Connect with Jeff on LinkedIn

Connect with Cristene on LinkedIn

RETAIL DONE RIGHT is produced and hosted by Jeff Fisher & Cristene Gonzalez-Wertz

Show Notes | S2 Ep9: Ukraine

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INTRODUCTION

A human tragedy is happening before our eyes. Today, we discuss Ukraine. It’s a human tragedy that’s occurring in front of our eyes via our screens.  Our hearts go out to all those who are living through this – the brutal reality is on the ground.

We focus our attention on how retailers and brands are responding.  And what a response!  This is something I don’t think we have ever witnessed at such a scale – and at remarkable speed.  It’s the decision to stop operations in Russia.

THE RESPONSE BY BRANDS & RETAILERS

Well over 300 (almost 400 as of today) companies to date have withdrawn from Russia or suspended business in Russia.  It’s a remarkable list.

We have Jeffrey Sonnenfeld, Founder of the Chief Executive Leadership Institute at Yale School of Management to thank. This isn’t new to Mr. Sonnenfeld. He has spent many years pushing CEOs to act to not only benefit shareholders, but society overall.  His list is what matters…

I quote Mr. Sonnenfeld, “So many CEOs wanted to be seen as doing the right thing.  It was a rare unity of patriotic mission, personal values, genuine concern for world peace, and corporate self-interest.”

What these lists do is give courageous CEOs the confidence to keep going, and the wannabe courageous ones the reinforcements to deal with their boards so they come off as responsible business leaders when they can see a stampede of their peers leaving Russia.”

 We also discuss the backlash some brands are experiencing by maintaining their operations in Russia.

 But it’s also not just about halting operations. It’s also about offering help, assistance, support – and many retailers have stepped up.

RESEARCH AND LINKS

·        Almost 400 Companies Have Withdrawn from Russia – But Some Remain

·        Uniqlo owner slammed for decision to stay in Russia as #BoycottUNIQLO movement gains steam

o   https://fortune.com/2022/03/09/uniqlo-owner-fast-retailing-slammed-decision-stay-russia-boycottuniqlo-movement/

·        He’s American, He Oversees Papa John’s in Russia and He’s Staying (paywall)

·        McDonald’s, Starbucks and Coca-Cola suspend business in Russia amid mounting public pressure (paywall)

·        How retailers are supporting Ukraine

·        Kurt Geiger donates profits to support the Ukraine Crisis Appeal

·       A Show of Solidarity with Ukraine, Balenciaga’s Latest Set Harnessed the Power of Physical Space

CONCLUSION

We conclude with a discussion about action, about doing something, about leadership. This is especially relevant because of the senseless violence, senseless destruction and senseless death.

Thank you for listening. Please share your comments.

Jeff Fisher & Cristene Gonzalez-Wertz

https://retaildoneright.net/

#RetailDoneRight

Connect with Jeff on LinkedIn

Connect with Cristene on LinkedIn

 RETAIL DONE RIGHT is produced and hosted by Jeff Fisher & Cristene Gonzalez-Wertz

 

Show Notes | S2 Ep8 Retail 2022: Hybrid Shopping & Purpose Driven Shoppers

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INTRODUCTION

We dive into a great new study on retail and consumer brands, “2022’s New Normal for Retail,” from IBM’s Institute for Business Value. This rich report clearly states that retailers and brands need to be present on all fronts and show consumers they share their values.

CONSUMERS HAVE BEEN THROUGH THE WRINGER

But they’ve been resilient. They’ve found creative ways to adapt to extreme circumstances, using technology to navigate uncertainty in new ways. And they expect brands to do the same.  While shopping may have recovered to pre-pandemic levels, inflation and other market factors are causing not only dissatisfaction in the marketplace, they are also making consumers more attuned to these sorts of shifts.

We’ve always said that consumers were getting smarter, and I am not sure retailers thought that was true but now – as consumers understand supply chain concepts, and challenges of products driven by the lack of availability of semiconductors – they are very well informed indeed.

We discuss:

  • Consumers control the shopping experience
  • Brick-and-mortar stores are still central to the shopping experience
  • Purpose-driven consumers is now the largest segment
  • Sustainability is top of mind for consumers but there is still an intention-action gap

Please give the episode a listen…

RESEARCH AND LINKS

  • Consumers want it all: Hybrid shopping, sustainability, and purpose-driven brands

o   https://www.ibm.com/thought-leadership/institute-business-value/report/2022-consumer-study

·        Allbirds launches resale program for used footwear

 

CONCLUSION

Consumers no longer see online and offline shopping as distinct experiences—they expect everything to be connected all the time.

 Shopping must be fast and efficient some of the time, rich and experiential other times, and always easy and intuitive. What’s more, consumers expect companies to cater to their needs and live up to their social and environmental responsibility claims.

Let’s go shopping!

Jeff Fisher & Cristene Gonzalez-Wertz

https://retaildoneright.net/

#RetailDoneRight

Connect with Jeff on LinkedIn

Connect with Cristene on LinkedIn

 RETAIL DONE RIGHT is produced and hosted by Jeff Fisher & Cristene Gonzalez-Wertz

 

Show Notes | S2 Ep7 The Value of Owned Brands

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Special Guest:  Juli Lassow, Owner & Principal, jhl solutions

INTRODUCTION

Private label, white label, owned brands. What are the differences? Why do they exist? What value to they bring to the customer as well as to the retailer?  We explore all these questions and just how a retailer should approach creating their own owned brands with our special guest, Juli Lassow, Owner and Principal of jhl solutions.

PRIVATE LABEL, WHITE LABEL & OWNED BRANDS

According to our guest, in their simplest definition, private label brands are brands retailers sell that can’t be found anywhere else. They get their origins in the grocery space. The one-for-one compare-to SKUs packaged in a retailer’s packaging which can be compared to a national brand equivalent. Or they are the opening price point offering with no national brand equivalent. Regardless, you can’t find that specific product sold anywhere else.

Owned Brands are a particular subset of private-label brands in that there is no ‘compare-to’ option. That retailer designs these items to meet a very specific need of their target customer. You can’t find these items anywhere else – and they are a very specific assortment, which draws in the customer this retail knows well.

The discussion continued from here. Please give the episode a listen…

RESEARCH AND LINKS

 

CONCLUSION

We concluded our conversation with Juli answering our question regarding what change she would like to see retailers make in the next 6-12 months. Here’s her answer, “The core value for my business has always been around how to build the strongest partnerships between retailers and their supplier partners.  In the coming months, I’d love to see continued progress with these partners having dialogue about what is possible – not just being directive about what has to happen. 

“I launched my business to help retailers and suppliers get on the same page, to speak the same language.  The COVID-response era has forced many of these partners to work to resolve immediate issues – as these issues are addressed, I’d love to see the discussions shift to being more strategic and visionary.  Building even strong products and partnerships, going forward.”

Let’s go shopping!

Jeff Fisher & Cristene Gonzalez-Wertz

https://retaildoneright.net/

#RetailDoneRight

Connect with Jeff on LinkedIn

Connect with Cristene on LinkedIn

RETAIL DONE RIGHT is produced and hosted by Jeff Fisher & Cristene Gonzalez-Wertz