3 Retail Stories Worth Reading from the Last Week (or so)
Welcome to your weekly mélange of retail news! This is where we look at the previous week (ish) of retail news, events, and activities to hopefully enlighten your day with a story that may have fallen through the cracks.
via Fast Company — Sephora, a division of LVMH, has been doing well despite the current retail business environment. They recently opened their first experimental boutique – Sephora Studio - in our backyard on Newbury Street in Boston. There are 80 of these stores planned. Sephora Studio is smaller and more intimate than the existing Sephora stores and is meant to complement the existing store fleet. As you would imagine, it has a smaller product assortment and there are no cash registers here. In order to stay relevant retailers will probably take a page out of Sephora’s book and experiment with new store formats.
JC Penney Free from Amazon's Grasp?
via Dallas News — This article is about JC Penney, a 115-year-old retailer, which is in the process of digitizing its retail operations. Last year it had retail sales of $12.5B, whereas its rival Sears had retail sales of $19.2B. According to industry analysts, Sears will go bankrupt soon. At the end of this month, Penney will have 737 retail stores. According to comScore research, JC Penny, ‘…has one of the lowest customer overlaps with Amazon Prime members of any mass retailer and department store.’ In June, Penney added ship from store capabilities, which made $1B of store inventory available to online customers. Is Penney’s doing enough to stay relevant to its customers?
Lucky Brand is Listening to You
via Retail Dive —
This is article gives an overview of how Lucky Brands is leveraging data-focused technology in order to gauge customer demand when considering new product categories. They use emails and social media to engage customers and ask for input on a set of products. A whopping 80% of customer feedback is driven through smartphones. This whole process takes less than 60 seconds. The benefits of this process are: design of relevant products, an easy-to-use interface and a low implementation cost.
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