Retail is changing! In her blog post on June 6, 2016 Jennifer Marks with Home &Textiles Today quotes the last WSL Strategic Retail Survey (”How America Shops Mega Trends”), that 55% of women said their top spending priority is paying off dept, followed by saving (48%) and vacations (35%). Jennifer Marks concludes consumers are losing their interest in accumulating “stuff”.
On the bright side Deloitte found out (Retail Volatility Index 2016), that small and mid-sized retailers are taking market share away from traditional retailers (also see Disruption in Retail). That’s mainly because small retailers can offer niche products and experiences that big retailers can’t offer. These small companies are well informed, prepared and adaptable, so they stick out from the competition.
I was blessed to be able to attend the opening session of the High Point Market in spring 2016 with Polly LaBarre (The Mavericks at Work) discussing “Reinventing Retail and Design”. Polly described in her sweeping half hour talk what it takes to make a difference. The following are her key points of her presentation:
Stand for something
Successful companies differ from the competition in their core values. Some may be specialized on a certain product group others may serve a certain customer group but every company has a mission and values which it stands for.
Do they work of art
Successful companies develop their strategies together in a bottom-up atmosphere. It is an open and honest discussion where all team members participate equal.
Successful companies not only have an open working atmosphere (internal), they are also opening up to the world outside. They are very interested in the opinion of their customers and also take criticism serious.
Lead without authority
Because of the open internal and external atmosphere, hierarchic structures or military style management forms are missing. Everything is in a steady flow. The loss of control is accepted.
Learn as fast as the world is changing
Successful companies know that the world today is changing faster than ever before. Being on top of the development is crucial to maintain the lead long-term.
Certainly this sounds easier than done. But young organisations like Jazzy Jobber don’t have a past to which they are connected too. They are also not connected to expensive inventory or other assets like buildings and machinery. There are also no management structures that could block future development. These are only a few advantages that give organizations like mine a little head-start. Time and effort will show how to benefit from it.
The next big idea; Jennifer Marks; Home&Textiles Today; 2016