“Retailers who are on-trend, online, localized, promote and personalize will succeed... ”
-Charisse Jacques, A.T. Kearney Principal on how Focused general merchandise strategy is the key to success.
In order to grow sales and compete, retailers must stop thinking about general merchandise as a monolithic category and instead focus on the potential of individual segments. While seemingly simple, some retailers are struggling to focus their categories.
“I don’t think we’re going to call them influencer brands in the future — it’s just going to be brand. The way brands are growing, all brands have a huge social element whether it’s Glossier or Kylie Cosmetics.”
-CEO of Digital Brands Product, Daniel Landver on the question; Are Influencer Brands key to bringing millennial to department stores?
Department store retailers, who find themselves in a volatile financial situation are starting to think beyond influencer marketing by collaborating with these entrepreneurs on exclusive products and/or stocking their brands — and it's proven to be successful.
“Dover Street Market is meeting brands in the middle in terms of the setup of the store...it’s supported a more nimble, self-expressive format for brands by giving them the creative space to control, not fitting them into a space. The regular drops and delivery are a way to support brands in a way that other retailers are not set up to do.”
-Brady Donnelly, founder and managing director of the creative agency Hungry on How Dover Street Market’s streetwear-inspired merchandising strategy works.
Dover Street Market is giving brands control over their merchandising, allow localized, streetwear-driven brands with a corporate mindset the power to reach customers on a whole new level.