Let’s face it, clothing sales have fallen because of the pandemic. In response, outlets are reducing fashion-committed departments. Even handbags, one of the main accessories of a fancy dress or dress, are only sold by appointment. A major replacement has outperformed shoppers of all ages: they take a sheet from millennials’ e-books and realize that they do not want or want to own much.
Recently, I met with Professor Mark Cohen, director of retail studies at Columbia Business School, and discussed existing retail trends. He brandished his iPhone and said it was the existing fashion in retail. He said many other people are now waiting for the Apple 12 iPhone because they need to have the newest fashion technology. Discretionary spending has gone from small black dress to the small black handheld computer, also known as a cell phone.
While classic retail branches have largely stopped promoting generation (Macy’s was once wonderful in this ranking), Apple has boosted retail stores at peak primary malls and Samsung has many establishments in the U.S. New versions of phones are desired, even if they are too much. large to be used. in the pocket of a blouse. Why are retail stores too conservative to settle for the fact of the wishes of the American consumer? My comment on Generation Y was not accidental: it is true that other young people prefer to communicate about the generation than what to wear.
On Sunday, the New York Times published an interview with Michael Dell and his comments on the long-term generation are valuable. He sees 2020 as a tragic year with all the economic shocks that have taken place. However, he believes the year is amazing at the same time, as many companies, industry and fitness care have continued to look for tactics to keep functioning even during the pandemic. He thinks that wouldn’t have been the case 15 or 20 years ago. Dell says we’re at the beginning of a generation that actually redefines the way we live and do business.
There have been many small steps in the progression of the retail generation. I don’t forget Levi’s traditional jeans, augmented truth and virtual truth for furniture placement, automatic payment generation and visual search generation, all of which generated brief interest from management. However, these technological advances have never been given the necessary aid to succeed, one exception is BOPIS (online purchase, in-store recall), which has been followed throughout the sector. However, I believe that Millennials and Consumers of Generation Z would have been pleased to check the validity of other technological progressions, which may have contributed to ease of purchase.
Branches have temporarily become the albatross of yesteryear. He’s no longer attractive and has to replace his mission. Fashion is no longer the news of the day, sales are tired and there is nothing exciting and new that attracts customers. In this environment, the stars of dollar retailers and reasonable retail stores are heroes. It’s time for retailers to break down their “long-term” relationships and choose new, connected, and cutting-edge suppliers.
For example, the cosmetics industry has generated many start-ups that have an appeal. Glossy reports that Glosslab plans to open seven sites in the next 18 months. While Ulta has 19 end sites, it plans to open 30 new retail outlets in 15 states. Ever/Body opened its first store in June in Soho and a momentary store in the Flatiron district in late July. This is an indication that new companies will push for success. Glosslab founder and CEO Rachel Glass says New York owners now offer more flexible leases, add income-sharing agreements, or lower base rents.
I see the expansion of marketers and more technological advances. The settings are for good. Retail is dead, but it is evolving to adapt to new visitor behavior and purchasing dynamics.
I was a senior retail analyst at Morgan Stanley for 16 years after a 20-year career with stores that added Macy’s, May Department Stores and Allied Stores.
I was a senior retail analyst at Morgan Stanley for 16 years after a 20-year career with stores that added Macy’s, May Department Stores and Allied Stores. Currently, I run Loeb Associates Inc., a strategic consulting and control consulting company for major domestic and foreign retail companies. I have been director of the National Retail Federation (NRF), as well as several major retailers, in addition to The Hudson Bay Co, Gymboree Corp. and the Federal Realty Investment Trust. In addition to publishing Loeb’s featured retail letter, the media has cited me for several decades about retail occasions and trends in primary ads and advertising posts.