I’m honoured assisting them in growing international partner retail and own retail since eight wonderful years.
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The sentiment we encountered in the industry dialogues was generally positive and energising, even though many still find themselves in lockdowns. It seems as though the Covid-19 pandemic not only gave a boost to digital transformation but also liberated some of the brand industry’s best creative thinking.
Regularly media reports that companies take a zero-based budget (ZBB) approach, and cite respective studies. In light of Covid19 pandemic, many brands applied cost-cutting exercises to adjust their strategy and planning.
So how do you adjust store operations in Post Covid Retail without losing more sales and compromising customer service?
There is no way around acknowledging that the situation is grim wherever you look and listen across the brand and retail industry, in parts even online. But if we pay close attention, we can also observe new brand industry best practice emerging.
Some companies like Zara, Kennel & Schmenger or s.Oliver excel at managing bestsellers. While Zara works with sophisticated analytics to alter bestselling styles by fabric, color or detailing, s.Oliver masters bestseller management to a degree that endangers its potential to innovate.
How many of your global leases are about to expire this year and you missed the date to opt for an automatic extension or substantial renegotiation last year? How many leases would you have loved to leave last year, but overlooked the date for early contract termination? (more…)
As the beach boy six packs are no longer in action, what is the brand’s competitive edge? Can you remember any new store opening hype lately for Abercrombie? In 2011, at the height of Abercrombie & Fitch’s international expansion, we looked for the first time at the brand’s P&L and its retail KPIs (see retail intrapreneur). In 2011 alone, US$230m in capital expenditure was spent on expansion in Asia and Europe. The US management was counting on the success of the brand’s international expansion. We questioned whether the business model was ready for European growth.
If you believe Apple may have had the most convincing brand turn around of all time, then you should broaden your perspective by reading about LEGO’s recovery. The story is not as prominent, but has at least the same number of interesting brand strategy learnings. LEGO’s strategy mistakes and turnaround are a must-know for every brand executive. (more…)
