RETAIL’S NEWEST MEMBERS:
Non-Traditional Retailers Creating Retail Experience
RETAIL’S NEWEST MEMBERS:
Non-Traditional Retailers Creating Retail Experience From controlling traffic flow to optimizing signage placement and lighting, from overall brand messaging to the precision of merchandising, traditional retail professionals have made a science of maximizing the retail experience for customers and, in turn, maximizing profits for themselves. Today, non-traditional retailers, such as banks, medical offices, hotels, universities, and day spas are taking note and incorporating the lessons learned by their more conventional retail forefathers into their own increasingly retail environments.
BECAUSE RETAIL IS RETAIL IS RETAIL Just because Target, The Gap, Safeway, McDonald’s, and Circle K may jump immediately to mind when the word “retail” is mentioned does not mean these types of vendors define the category.
Fact: The goal of a retailer, any retailer, is the sale of their goods. If you have goods to sell, then you are a retailer.
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RETAIL’S NEWEST MEMBERS:
Non-Traditional Retailers Creating Retail Experience Non-traditional retailers, be they service providers or government agencies, are getting savvy to the fact that while they may not define themselves first and foremost as retail operations, their end goal is one and the same: sales. Having recognized a kindred objective, these non-traditional retailers are engaging the same strategies as their more traditional counterparts in order to drive sales within their retail spaces.
BANKING ON THE RETAIL EXPERIENCE CITIBANK IS CURRENTLY IN THE PROCESS OF ROLLING OUT ITS “BRANCH OF THE FUTURE” IN FLAGSHIP LOCATIONS GLOBALLY.
THE DESIGN IS UNABASHEDLY MODELED AFTER APPLE STORES.
“We’re huge believers in [Apple’s] capabilities, approach and philosophy, which is about really strong design backed by extraordinary systems.” -Debby Hopkins, chief innovation officer, Citibank
In the wake of the current economic slump, banks (maybe more than any other industry) are looking for valuable ways to appeal to existing and new customers alike. Competition is fierce and public opinion is tenuous at best. Emerging, Phoenix-like, from the ashes of the recession with a new, customer-friendly image is more necessity than nicety for these financial institutions.
So… What tactics are banks and other non-traditional retailers borrowing from traditional retailers?
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RETAIL’S NEWEST MEMBERS:
Non-Traditional Retailers Creating Retail Experience
Try… What tactics AREN’T they borrowing? CONSUMER RESEARCH BRANDING MARKETING SPACE PLANNING FIXTURE DESIGN OPTIMIZED LIGHTING MERCHANDISING PACKAGING ONLINE STOREFRONTS SOCIAL MEDIA THE LIST GOES ON…
THINK BAILEY SAVINGS AND LOAN For banks, the biggest shift in strategy has been from a sterile, transaction management approach to a warm, relationship building approach. In these unsure economic times, who doesn’t want a personally vested friend and neighbor looking out for their finances (à la Jimmy Stewart’s George Bailey character in It’s a Wonderful Life)? The appeal to today’s banking “shopper” is clear, but that’s a huge shift in focus and banks have quickly realized that their existing brick-and-mortar branch environments do not connote the atmosphere they’re seeking to put forth (i.e., intimate, cozy, secure). Taking the retail approach, banks have analyzed their target customers’ needs and habits in order to develop the appropriate strategies to sell the Bailey Savings and Loan message to their desired audience. Part of the process has meant revamping layouts, directing traffic flow, and optimizing merchandising solutions to connect at a core level with their clientele.
12% of KRS’ retail design clientele in 2011 came from non-traditional retail industries including financial services, universities, and medical offices.
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RETAIL’S NEWEST MEMBERS:
Non-Traditional Retailers Creating Retail Experience
MEANWHILE, TRADITIONAL RETAIL REDEFINED In the midst of this retail awakening, both traditional and non-traditional retailers are faced with the singularly modern challenge of evolving their service offering for a customer who is more and more plugged into the grid of modern technology. And with modern technology evolving daily, keeping up is becoming a significant challenge. Some retailers are being forced by technological advances and changing demand to evolve or die (Borders and Barnes and Noble come to mind). Others are seizing on technological innovations as an opportunity to differentiate their value proposition from that of their competitors. Asking themselves:
Do we need to change the experience of shopping for our products in order to survive? How can we bring a distinct experience?
SURVIVAL OF THE MOST WELL-ROUNDED Non-traditional retailers adopting retail strategies are now taxed with keeping up on both fronts. Maximizing the retail experience in a traditional sense and tapping into additional selling opportunities afforded by the internet, mobile apps, and social media. Again, this is more necessity than nicety as a strong e-presence is now necessary in order to draw new customers to a place of business in the first place, with a strong in-store experience cementing the bond that will bring those customers back again and again. Those who aren’t competing on both fronts (in-store and online) may well be left in the dust by their more proactive competitors.
KING RETAIL SOLUTIONS KRS (www.kingrs.com) has been providing award-winning retail store design, manufacturing, distribution and installation services to local, national and global retail clients for over 45 years. In each of these service areas, we are recognized as industry leaders. For more information on how KRS can help you connect with your customer, make a lasting impression, boost brand image and drive sales, contact us today:
BUSINESS.RELATIONSHIPS@KINGRS.COM
800.533.2796
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