The opening this fall of Nordstrom's first full-line women's flagship in Manhattan is the culmination of the Seattle-based luxury retailer's seven-year plan to revamp the iconic brand. The retail scene has changed significantly since the start of the plan and New York City has already become the retailer's biggest market for online shoppers.
Changes in Americans' breakfast habits have contributed to a yearslong decline in cold cereal sales, and food manufacturers are trying several strategies to regain market share. Kellogg is standardizing its box sizes, and it and General Mills are introducing new products and flavors.
Lilly Pulitzer's distinctive Florida style and sense of whimsy have kept the designer brand she created popular over six decades, President Michelle Kelly said in an episode of Retail Gets Real. "While the fashion has changed, the time has changed, the way we deliver product to customers has changed, some of those fundamental reasons for why Lilly makes someone smile are absolutely still relevant today."
Marketers of the future will need to be adept at outstanding storytelling and serve it in ways and places where consumers are, says David Fischer, Facebook's vice president of advertising, who pointed to short-form video as an example. Fischer says marketers will need to have a better understanding of augmented and virtual reality and new platforms, and for partners leery of change, he says, "if you think change is hard then try irrelevance."
Rob Whitten has made a success of his small-town store, Plain Hardware, in the era of Amazon by knowing what his customers need and always having it in stock, he says. The independent Washington state retailer and three others share their secrets for retail survival in an era of instant gratification.
Luxury conglomerates including Kering and LVMH are focusing more of their brands' efforts on sustainability, a challenge for an industry that's largely focused on indulgence. Companies are making changes in several areas, such as sourcing more eco-friendly and humane materials and reducing water use and carbon footprint in manufacturing.
Style bloggers Moti Ankari and Marcel Floruss turned their talents to footwear in 2016 to create the men's shoe brand Ankari Floruss, which they intended to run as a direct-to-consumer venture. That strategy changed when Nordstrom came calling, and a deal with the upscale department store is expected to eventually generate as much as 70% of the brand's sales.
Twenty-five semi-finalists for the Next Generation Scholarship program have been named. This scholarship provides financial support to college students pursuing careers or majors relevant to retail. The semi-finalists will now work on a case study created by Gap Inc.'s Hill City brand to determine five finalists. Learn more.
If you're an undergraduate college student pursuing a technology major (computer science, engineering, or data science) or a supply chain major, you may be eligible to receive FREE travel and hotel accommodations to attend the NRF Foundation Student Program, Jan. 8 thru Jan. 12, 2020 in New York City. Learn more.
Some consumer packaged goods manufacturers are targeting price toward well-perceived products and ensuring that marketing and innovation coincides with the price hike. "Part of the goal of the price increase is to generate more profit, not just to keep in your pocket, but to reinvest back in the business," said Ellen Kan, senior director at Simon-Kucher & Partners.
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