- May 9, 2013
- Reaction score
Indeed, we opened a physical store and if it weren't a situation where we lucked into the space I would not have done itt.Agree with all of this. I also think that UM could have really built out a private label of basics that would have provided higher margin at lower prices similar to what Mr.P is for mr.porter. I feel like this brand extension model is pretty much essential for any multi-brand store now. Need is doing it as well with the NEED brand. I think point #3 is critical, evolve but not too fast nor too slow. You need to take some risks, offer some new things, but don't lose sight of stuff that works. It is easy to say and hard to do. as a brand owner myself i struggle with it, but getting it more right than wrong is the key.
however nothing gives me more joy than having people come in, engaging them in person and having them experience stuff firsthand.
I don't know about the cheap basics model, there are so many stores doing cheap basics and so many brands at a certain point I wonder if its a losing proposition
I like what @Epaulet is doing where they engage the customer, give good deals and often times do pre orders or things that give a good sell through on a product so there isn't so much stock that doesn't move.
I don't now man, from designer to retail this business is no cake walk and sometimes the thing you think will bring you success can be your demise...……….
A could see a store thinking that introducing and carrying overseas brands that are not heavily distributed state wide can give them a leg up, but sometimes that doesn't work...….
See even the great Barneys is in Big trouble and you'd think they'd be able to figure it out.
Its a jungle out there man...…...