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RECESSION – WHAT RECESSION?

RECESSION – WHAT RECESSION?. AGENDA What Retail Is About Today? Some Truths About Town Revival Two Brief Town Revival Case Studies 10 Quick Wins For Towns. AGENDA What Retail Is About Today?. THINGS HAPPENING. 1. RETAIL IS NOT ABOUT A PRODUCT ON A SHELF. 2. MIDWEEK CONVENIENCE

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RECESSION – WHAT RECESSION?

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  1. RECESSION – WHAT RECESSION?

  2. AGENDA • What Retail Is About Today? • Some Truths About Town Revival • Two Brief Town Revival Case Studies • 10 Quick Wins For Towns

  3. AGENDA • What Retail Is About Today?

  4. THINGS HAPPENING

  5. 1. RETAIL IS NOT ABOUT A PRODUCT ON A SHELF

  6. 2. MIDWEEK CONVENIENCE WEEKEND EXPERIENCE

  7. 3. RETAIL IS NOT ALL ABOUT PRICE

  8. WHY ARE THEY GROWING

  9. RETAIL MUST BE: • EXPERIENTIAL – PROVIDE AN EXPERIENCE THAT CAN BE SHARED • OPEN – COMMUNICATE YOUR HERITAGE & BELIEFS • CAPTIVATING – ENGAGE CONSUMERS THROUGH DIFFERENCE • CLEAR – PROVIDE A CLARITY OF OFFER • PERSONAL – ENGAGE CUSTOMERS THROUGH YOUR PEOPLE

  10. A STORE MUST OFFER AN EXPERIENCE

  11. Experiential– Provide an experience that can be shared

  12. A STORE MUST BE OPEN

  13. OPEN– Communicate your heritage and beliefs – have a personality

  14. OPEN– Communicate your heritage and beliefs – have a personality

  15. A STORE MUST BE CAPTIVATING

  16. CAPTIVATING– Engage customers through difference

  17. CAPTIVATING– Engage customers through difference

  18. CAPTIVATING– Engage customers through difference

  19. Place CAPTIVATING– Engage customers through difference

  20. A STORE MUST BE CLEAR

  21. CLEAR– Provide a clarity of offer

  22. CLEAR– Provide a clarity of offer

  23. CLEAR– Provide a clarity of offer

  24. CLEAR– Provide a clarity of offer Hardy – I survive the cold Evergreen – I keep my leaves on – all year round Locally Sourced – I am good for local jobs Good Colour – I retain my colour all year round Fragrance – I will smell great in your garden When I Grow Up – I will be 4 foot Tall LAVENDER €7.95

  25. CLEAR– Provide a clarity of offer

  26. A STORE MUST BE PERSONAL

  27. PERSONAL– Engage customers through your people Acknowledgement Closing Offer of Help Up-selling Qualifying Recommendation Knowledge

  28. PERSONAL– Engage customers through your people

  29. PERSONAL– Engage customers through your people High Service Expectation Footwear Pharmacy Pet Jewellery Fashion Telco Sports Home|Gift Electrical Furniture Entertainment Forecourt Grocery Low Service Expectation Discount High Customer Lifetime Value (ATV, Loyalty, Expectation) Low

  30. AGENDA • Some Truths About Town Revival

  31. Out of town retailer preference Over retailed The Problem Weak town centre mix Planning policy Greater consumer mobility E-Commerce competition Car parking charges & enforcement Changing consumer behaviour Mixed landlord base Accessibility

  32. Towns & Cities Review 2012Sample – 11,287 citizens 5,027 stakeholders Face to face interviews – Conducted September 2012 KINDLY SUPPORTED BY

  33. The Town & City Review investigated –1. What are the most important factors for a consumer in deciding to visit a town or city.2. How do citizens rate their town or city.3. How do stakeholders rate their town or city.

  34. TOP QUARTILE

  35. 2nd QUARTILE

  36. 3rd QUARTILE

  37. BOTTOM QUARTILE

  38. KEY DETERMINATES OF A TOWN OR CITY VISIT

  39. If the retail & hospitality mix is not right, they wont come • All parts of the day are important: • - Daytime Retail – More important to women • - Evening Economy – More important to men • Accessibility to parking is more important than price (women with kids) • Citizens want a streetscape which revives and does not drain • We must communicate better and provide citizens with a “Call to Action” • Stakeholders must be a central part of the solution Key Learnings -

  40. AGENDA • Two Town Case Studies

  41. LIMERICK

  42. Town Team with a Town Plan

  43. Outcomes – • Definition of the Limerick inner core • Database of all stakeholders in the inner core • Database of vacant premises • Publication of “Limerick Vision” • Quantification of local spend and opportunity to trade • Publication of Limerick Prospectus • Identification of “wanted brands” for the city • Planned redevelopment of anchor shopping sites • Investment briefings – Limerick and Dublin • Appointment of a Town Coordinator • Rates grant for “wanted” new entrants • 35 new stores with a 95% occupancy level in the inner core

  44. UPPER BAGGOT STREET

  45. SOME POTENTIAL OBJECTIVES? 1. Build a retail mix, a streetscape and create an ambience which will appeal to a wider geographic radius. In effect move from being a convenience based street to being a destination 2. Create an identity for Upper Baggot Street – the identity might be centred around being a cosmopolitan & chic urban village 3. Engage and communicate with local residents and workers in a more proactive manner 4. Ensure that standards are maintained in the street. Shop fronts, street cleaning, painting scheme, hanging baskets etc...

  46. OBJ 1: DESTINATION

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