The Future of Fashion Retailing
Working in industry and in academia, one becomes familiar with the highs and lows of fashion retailing. The fashion industry is predictable as a pendulum swings one way, it is bound to return, and swing in the other direction. This applies to fashion, only when a fashion hits the extreme then it will return. For example, mini skirts in high contrast color values such as red and black were “in” for Fall 2006 with the return of the Mod Look or 60's influences from designers like Anne Klien, Burberry, MARC by Marc Jacobs and Laundry by Shelli Segal. As fashion moves ahead and prepares for the warmth of spring, pastels and sherbet colors will be blooming in every store.
Now the pendulum has swung away from department stores. Department stores are impersonal, big, and overwhelming. Retail boutiques are everywhere from Fifth Avenue to SoHo (West Village in New York City) where there are Chanel, Prada and other boutique-like retailers. Rodeo Drive is filled with boutique designers such as Ralph Lauren, Versace, and Ferragamo. Department stores like Nordstrom,
Specialization is the KEY. With internet shopping on the rise, where instant gratification can be obtained, mass customization is the future for retailers. Mass customization is personalization for each and every customer that walks through the retail doors…just as it applies on the internet. As soon as a return customer signs on, the e-Retailer immediately “knows” his/her account information, past history of shopping, and preferred choices. Retailers are keeping up (or trying to keep up) with personalization in order to retain the “walk-in” customer. Boutiques and specialty stores are able to personalize and know customers. Identifying and finding a niche, then understand that customer’s needs and staying committed to their needs will in turn keep the customer returning. This is true for bricks and mortar and for internet sales.
A good post and very informative. Agreed that department stores can be impersonal, big, and overwhelming. But at the same time, the internet still has a long way to go to appeal to all demographics, especially older generations.
Posted by: Bag Nutter | March 26, 2008 at 04:00 PM