Many customers don’t like to go shopping because of stores’
clutter or terrible customer service. What if you were treated like royalty in
stores? FortyFiveTen, a luxury fashion company, has adopted an unorthodox
retail model. Rather than being simply a
retail store where you go in, browse and try on clothes, make a purchase and
leave, this store has turned into a place where you can have an experience.
This model aims to get customers to spend the whole day there. There are lounges, a restaurant, a book store, and even a bar. FortyFiveTen decided to do this bold change and turn into a destination rather than a simple retail shop after facing tough competition by online retailers. Aside from being a destination, it will also change their products and inventory completely from time to time. Straying away from a fixed inventory will allow for customers to be engaged and want to come in frequently to see what they can snag before it leaves forever.
To start, FortyFiveTen most likely conducted a SWOT Analysis and discovered that their prime competition are online retailers. Online shopping is the direction many shoppers go to in today’s age because of the convenience. However, by turning into a destination, FortyFiveTen attracts those customers who crave something different in their shopping experience, such as human interaction. Online shopping will not give you an experience, much less the one FortyFiveTen aims to deliver. Also by analyzing the company market, they aren’t focusing on just the product, as a product oriented approach tends to ignore customers. The company uses differentiation in its marketing mix to stand out from competition and position itself as a luxury shopping destination.
Rosa Sotelo
MKTG 3343
FortyFiveTen came up with such a great idea! It seems like they will make shopping less frustrating and more relaxing. I wonder if it will be successful and if so, will other retailers begin to do the same.
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