Lifestyle Retailing For Entrepreneurial Retailers

How's it that retailers like Urban Outfitters, Anthropology, The Buckle, Hot Topic along with Aeropostale seem to be in a position to defy gravity? During the last a number of quarters, each of these retailers have really good posted results in an environment where not many publicly traded retailers posted a comp retailer expansion of any sort. So how are these stores able to do what apparently nobody else should, especially in the specialty retailer segment?

Each of these stores is testament to the fact that a good, focused retailer is able to be successful spectacularly maybe even in the most difficult of economic times. Take Urban Outfitters Inc, which works Urban Outfitters and Anthropology. Richard Hayne, chairman and founder of the company, has been widely quoted for website ( related resource site - https://www.infoguideafrica.com/2022/04/how-to-stay-safe-and-enjoy-your-... ) the belief of his that "big is the enemy of cool", and many observers have pointed out the organization would rather start a new concept in verified marketplaces than saturate every last list nook with new stores. They continue to note that no two web-based shops are equally, that every single store is provided a great deal of autonomy, and that the organization puts a premium on execution.

Every one of these are valuable points to take away from the story, but there's another lesson to be drawn that's particularly applicable for any small, entrepreneurial retailer establishing a profitable, sustainable strategy into the world.

Walk into a metropolitan Outfitters or maybe an Anthropology store and also you immediately sense that there is something totally different taking place there. They are selling apparel and accessories, that is obvious as soon as you walk in the door, but there is also decor and home furnishings, as well as knick-knacks and books, even furniture here and there. You then notice the store layout, decor and fixturing, the salespeople as well as the customers... the customers. The customers are the giveaway to this particular story. This store isn't so much about stuff as it's in terms of a mindset, an attitude, a lifestyle.

Building a department store around a lifestyle or an attitude is not always brand new, but rarely has it been accomplished on the scale along with the effect that you come across if you walk into these stores. Here you are able to glimpse the future of retailing in a niche driven, Long Tail world, and in these stores you are able to quickly understand the enormous opportunity for little entrepreneurial retailers to extend these principles around their very own specific niche and strategy. It has been called lifestyle retailing. In truth, the very best little entrepreneurial retailers have been practicing lifestyle retailing for years.

Lifestyle retailing starts from a different premise than traditional retailing. It can seem like a bit of a cliche to say that lifestyle retailing is customer centric, but, as you notice if you enter a metropolitan Outfitters or perhaps an Anthropology store, that really is the differentiating characteristic.

Standard retailing begins with the products and services to be offered. This could be the consequence of an entrepreneur's specific item expertise, maybe an entrepreneur's track record in an extremely specific store. It's product or service driven, and asks the question, "This is the thing that we sell, who will we sell it to?" Growth is typically defined as broadening the client base, reaching a broader market, finding far more shoppers to sell to, and is assessed most directly - http://Www.Thetimes.Co.uk/tto/public/sitesearch.do?querystring=directly by transaction counts.

Lifestyle retailing begins with the attitude as well as lifestyle itself, and all it represents. It is, by definition, exclusive and narrow, focused on an incredibly clearly defined niche. It is customer driven, focused on a directly defined consumer who identifies with the attitude as well as lifestyle, and aspires to become a part of it. It starts with the issue, "These are our customers, so what can we provide them that completely represent the life they aspire to?" Growth is achieved by offering these buyers an extensive array of offerings, in a virtually infinite possible number of types, and is calculated most immediately by devices per transaction.