Walter Loeb is a New York-based consultant, long-time retail expert, and member of the NRF Board of Directors that authors a regular installment in STORES magazine (www.stores.org). Despite his apparent age (from his pic in the May 2009 edition) he offered some expert insight into reaching today's teens (tomorrow's freshmen). No judging a book by its cover....
Summarizing his thoughts:
1. Gen Y is not Gen X
Gen X was well defined, but Gen Y is more ellusive. They are intensely dedicated to their peer-group and circle of friends--even beyond their parents. And once something is approved by their posse (likely via sharing pics by txt msg or Facebook walls), it's 'in'.
2. In's and Out's change quickly
Yesterday's Juicy Couture and Abercrombie & Fitch is today's Forever 21 and Aeropostale. To some extent, these are the usual top picks trading the highest positions on the list. But in a tight economy, it's important to note that these teens move like a flock of birds and quickly take their much-sought-after spending power with them.
3. Everthing has to Pop!
You have to be up on your pop culture to be a part of their scene. So be vigilent and fast!
4. Keep it real
This crowd is, like some of its predecessors, appreciative of openness and honesty from its retailers and socially conscious. Do the right thing and tell them about it. If you gain their approval rating, it will pay off for you in the end.
~The Retail Muse
Friday, June 19, 2009
Friday, June 12, 2009
Keeping Up on the Chatter
Looking for another way to scan your environment and listen to what people are saying about your store, your campus, or topics of interest to your operation (like textbook prices)?
A college store colleague recently turned me on to Yack Track. It is a consolidated search engine for Twitter, Technorati, Google searchs, and more.
Try it out at http:///www.yacktrack.com and see what folks are saying.
The Retail Muse
A college store colleague recently turned me on to Yack Track. It is a consolidated search engine for Twitter, Technorati, Google searchs, and more.
Try it out at http:///www.yacktrack.com and see what folks are saying.
The Retail Muse
Thursday, June 11, 2009
Focus and Determination Cuts Through Turbulent Times
We are all serching for answers to the challenges of these turbulent times. The economy is struggling, expectations are increasing, consumer confidence is weak, and we're all worried.
So what is a business to do? Focus, keep your eyes wide open, and spend time on strategy.
At a recent NACS (the other--convenience store--one) leadership forum, an exec from a major player in their business offered his thoughts on understanding your business and being true to who/what you are in order to remain successful. Here are the four tenets, his company's take on each, and a few thoughts from me on each:
1. Know your core purpose. For his company it is "simplify customer's lives". For campus stores it could be quite similar...perhaps adding "...in the pursuit of education."
2. Understand and live by your corporate values. In the case of this exec's organization: Delight customers, value people, passion for winning, do things right, do the right thing, and embrace change. Pretty darn good list if you ask me!
3. Know what you can be best in the world at. Do you know what this is for your organization? If not, it's time to invest some time in a good ol' fashioned SWOT analysis. Or at least the Strengths and Weaknesses of that traditional Strengths, Weaknesses, Opportunities, Threats (SWOT) model.
4. Know what drives the economic engine. In the case of the mainstream convenience store industry this is customer transactions and increasing profit. Wait a minute?! That sounds like the same as campus retail! Could be that we're worrying too much on digital content and leasing and too little on the core issues of how to increase customer transactions (and basket or spend per transaction) and increasing profit (e.g., new products and categories, inventory management, turns, GMROI, and so on)?
These four items are simple and complex all at the same time. The bottom line is that in tough times we need to take the time necessary to understand who we are, what we're about, how we're going to do business, and the business we should be doing.
If you need a crash course in SWOT analysis, try out this great 5+ minute how-to video on You Tube: http://www.youtube.com/watch?v=GNXYI10Po6A.
The Retail Muse
So what is a business to do? Focus, keep your eyes wide open, and spend time on strategy.
At a recent NACS (the other--convenience store--one) leadership forum, an exec from a major player in their business offered his thoughts on understanding your business and being true to who/what you are in order to remain successful. Here are the four tenets, his company's take on each, and a few thoughts from me on each:
1. Know your core purpose. For his company it is "simplify customer's lives". For campus stores it could be quite similar...perhaps adding "...in the pursuit of education."
2. Understand and live by your corporate values. In the case of this exec's organization: Delight customers, value people, passion for winning, do things right, do the right thing, and embrace change. Pretty darn good list if you ask me!
3. Know what you can be best in the world at. Do you know what this is for your organization? If not, it's time to invest some time in a good ol' fashioned SWOT analysis. Or at least the Strengths and Weaknesses of that traditional Strengths, Weaknesses, Opportunities, Threats (SWOT) model.
4. Know what drives the economic engine. In the case of the mainstream convenience store industry this is customer transactions and increasing profit. Wait a minute?! That sounds like the same as campus retail! Could be that we're worrying too much on digital content and leasing and too little on the core issues of how to increase customer transactions (and basket or spend per transaction) and increasing profit (e.g., new products and categories, inventory management, turns, GMROI, and so on)?
These four items are simple and complex all at the same time. The bottom line is that in tough times we need to take the time necessary to understand who we are, what we're about, how we're going to do business, and the business we should be doing.
If you need a crash course in SWOT analysis, try out this great 5+ minute how-to video on You Tube: http://www.youtube.com/watch?v=GNXYI10Po6A.
The Retail Muse
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