July 4, 2017 /Industry
SUMMER & SPORT IN RETAIL
As we welcome July, we are greeted by the promise of a month full of fitness with Wimbledon, The British Open and Tour De France. As exciting as that sounds, this month we are also celebrating nutrition and fitness brand; Kin’s 1stbirthday. Sheridan&Co worked with Kin on a rebranding project. With sport on the mind, we review recent launches and retail tactics trading on fitness.
On a less cheery note, the news has been documenting the decline of Macys, arguing that retail is dying. Yet, as Sak’s launched Wellery last month and across the pond, Harrod’s opened their wellness clinic, these department stores are demonstrating the shift in retail.
Wellness is not new. For example, Selfridges opened their body studio last summer. The well-documented rise of the wellness industry over the last few years demonstrates a key opportunity for brands and retailers to court consumers.
The tactics employed by both Sak’s and Harrods portray how the retail industry is not dying. It is transforming. It is open for disruption and innovation. Sak’s Wellery studio is partnering with some of New York’s most loved studios. The store is hosting rotating pop-up events and classes and fostering an experiential store space.
Again, pop-ups are not new. However, Digiday quotes that they do have merits. They allow for consumers to experiment, experience newness and for retailers to trial products on short-term leases.
What Sak’s proves is that the point of retail is no longer to sell products. This argument was concurred by Fortune.Instead, retail must become experience gymnasiums.
Interesting, Harrod’s has promoted a 360 approach to fitness, with a key focus on recovery within the clinic offering. The store offers customers the opportunity to experience a cryotherapy chamder that speeds up post-workout muscle fatigue by being exposed to temperatures as low as minus 90. The space is designed to promote self-improvement, reflecting a wider consumer trend for wellness reflecting status.
To truly revolutionise in retail, stores must redefine their environments to foster experimentation and experiences. Innovative retailers will trade on the merit of pop ups to spark newness and trial out concepts. Finally, retailers must court the consumer desire for self-improvement beyond the physical. The future belongs to those who tap into a 360 mindset.
