Clothesource Report Shows Retail Sales Aren’t Falling or Moving Online: Management’s Let Itself Get Misguided
According to a new Clothesource report, “The Emperors’ Clothes” retail sales aren’t falling, and they’re not leaving physical stores. Both the UK’s Office of National Statistics and the US Bureau of the Census report higher retail sales than ever – with sales in physical stores still growing every year. Retailers just need to rely on their own customer understanding, recapture their self-confidence, and rediscover their traditional frugality.
Among recent front-page stories have been Sears in the US hinting it’s about to go under and profits at Britain’s John Lewis falling 99%. But the well run clothing retailers are prospering. Primark goes from strength to strength: the biggest clothing specialists on either side of the Atlantic (Inditex and TJX) have just upped their sales and profit forecasts.
So it’s not about consumer purchasing:
The main problem lies with management, says Clothesource CEO Mike Flanagan in a new report “The Emperors’ Clothes”. They’ve lost touch with their customers: “Clothes stores keep aiming at millennials – broke, indebted and in precarious jobs – when most clothes spending comes from the middle-aged” he adds. “They’re selling fashion when their customers just want stylish clothes that fit properly.”
“Retail used to be synonymous with frugality. But they’ve spent huge sums on an orgy of new store openings.They’re returning too much to shareholders or over-paying senior managers. They’re hiring consultants for IT projects that’ll never work but inevitably cost twice what they expected – and accountants expert at everything but reliable audits. They try to save money in the wrong places: cutting store staff has slashed selling skills and the squeeze on suppliers means clothes shops aren’t getting the new ideas they need.”
But what about the internet? Online is perfect (and sometimes cheaper) for selling some goods. But for selling clothing, broker Credit Suisse’s Simon Irwin agrees with Flanagan: “not being online is an advantage.” Online share is tiny at the most successful clothing retailers: zero at Primark, just 1% at TJX and 10% at Inditex.
However they use the internet, retailers need to rely on their own customer understanding, recapture their self-confidence, and rediscover their traditional frugality to avoid being the next front page story.
Mike Flanagan (CEO)
Liz Leffman (Chair)
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Sestek Speech Analytics Scores the Highest Overall Vendor Satisfaction Mark from Customers in DMG Consulting Survey18.12.2018 19:00 | Pressemelding
Sestek today announced that it was recognized for getting the highest overall vendor satisfaction rating from customers in DMG Consulting’s 2018 – 2019 Speech Analytics Product and Market Report. Compared to the featured competitors, Sestek Speech Analytics achieved the highest customer ratings in 8 major vendor categories out of 10. Here are the 7 categories in which Sestek Speech Analytics received a perfect score of 5.0 by the customer satisfaction ratings: • Training and workshops • Ongoing service and support • Professional services • Innovation • Responsiveness to product enhancement requests • Vendor communication • Overall vendor satisfaction Donna Fluss, the President of DMG Consulting -providing comprehensive coverage and authoritative analysis for the market- stated the importance of speech analytics: “Speech analytics has always been interesting because of its unique contributions to the understanding of voice interactions in the contact center. Companies that invest in the
Brand Marketing and Social Purpose Veteran Larry Koffler Joins BCW18.12.2018 18:31 | Pressemelding
BCW (Burson Cohn & Wolfe), a leading global communications agency, today announced that Larry Koffler has joined as Executive Vice President, Managing Director in the agency’s Brand Solutions Practice in New York. He will join BCW on January 14, 2019. “Larry has had an extraordinary career leading integrated communications programs that bridge brand, corporate and purpose for some of the world’s most iconic brands and organizations,” said Chris Foster, President, North America, BCW. “His award-winning experience across a wide variety of industries will be invaluable to clients – and in particular purpose-driven clients – that need powerful programs that exceed expectations and drive meaningful results. I am excited for what he will add to BCW’s celebrated brand solutions business.” Koffler will report to Thomas Bunn, Executive Vice President, Managing Director, Brand Solutions. Koffler joins BCW from Edelman, where he spent the entirety of his career and most recently served as Executi
Skitude Premium Launches, Offering Personalised 3D Mapping, 3D Tracks, Advanced Statistics, Speed Heat Maps and Apple Watch Compatibility18.12.2018 15:58 | Pressemelding
Skitude, the world’s largest apps community of digitally-connected snow sport lovers, with over a million users, has launched a premium version of its popular profile. Skitude apps are available for Android and Apple devices, and the premium upgrade offers the option to see your day’s skiing/boarding as an interactive 3D map, a speed ‘heat map’ or by statistical analysis of descents, slopes and distances covered. There is also Apple Watch compatibility, so your smartphone battery won’t be dead by lunchtime, as can often be the case with tracking apps. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181218005591/en/ (Photo: Skitude) Premium also offers 3D maps and advanced statistics for over 2,500 resorts worldwide, with real time information on slope conditions and whether runs are open. There are ‘points of interest’, webcams and a wealth of other useful information to help you make the most of your time on the slopes. Skit
PSB Names Mike Chuter Chief Executive Officer18.12.2018 14:15 | Pressemelding
PSB, a global research-based consultancy within BCW, announced today that Mike Chuter has joined the firm as Chief Executive Officer, effective immediately. Chuter is based in New York and reports to Donna Imperato, Global CEO of BCW. He is responsible for the global growth and development of the organization across its Corporate, Political, Media and Entertainment practices. “Mike is exceptionally well-suited to lead PSB given his deep experience interpreting data through both analytical and creative lenses and in driving integrated communications programs rooted in analytics,” said Imperato. “Mike is the right person to help PSB advise on holistic creative communications solutions that leverage the firm’s industry-leading expertise in primary research and behavioral, social and other third-party data analysis.” Chuter is a 25-year agency veteran who joins PSB from global social impact organization Thankful, which he co-founded in 2013, a one-half commercial enterprise, one-half socia
The Keio Plaza Hotel Tama Creates New “Hello Kitty” Photographic Spot and Sanrio Characters Themed Rooms －“My Melody” and “Little Twin Stars”18.12.2018 14:05 | Pressemelding
The Keio Plaza Hotel Co., Ltd., one of Japan’s most prestigious hotel companies operating hotels located in the Shinjuku district of Tokyo and other locations, is proud to announce that it is fortifying its collaborative relationship with the Sanrio Co., Ltd. (Headquarters: Shinagawa, Tokyo, President and CEO: Shintaro Tsuji) to expand our facilities and services featuring “Hello Kitty” and other Sanrio characters at our Keio Plaza Hotel Tama facility. We will create a new photographic spot within our hotel lobby where guests can take pictures with “Princess Kitty” in March 2019, and renovate another four rooms to become Sanrio characters themed rooms, two rooms each in the themes of “My Melody” and “Little Twin Stars” (Kiki and Lala), in June 2019 in addition to the four existing “Hello Kitty” themed rooms. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181218005251/en/ In Keio Plaza Hotel Tama, a new photo spot based upon
Chartbeat Announces the Most Engaging Stories of 201818.12.2018 12:00 | Pressemelding
Chartbeat, the leading content intelligence platform for publishers, today announces the Most Engaging Stories of 2018, the articles that were read most this year based on highest Engaged Time. Selected from over 60 million pieces of content published on thousands of media sites around the world, the top stories serve as a snapshot of the year’s major events and highlight the themes that resonated most with readers. 2018 saw familiar political and social themes rise to the top, including Brexit, the Trump administration, the #MeToo movement, and climate change, but it was the deeply investigated and deeply personal stories of human struggle from publications like CNN, The New York Times, New York Magazine, and Rolling Stone that topped the list again this year. “Each year, the Most Engaging Stories list proves the power of storytelling. We learn more about the world, of course, but we also learn more about how to make sense of it and each other,” said John Saroff, CEO of Chartbeat. “Th