Reinventing an iconic retail brand is a bit like making a new movie about a beloved superhero. There are positive associations with a well-established brand that give you immediate name recognition, but these associations carry with them a sense of tradition that can hamstring efforts to try new things. Movie audiences and retail consumers also demand reinvention and new thinking, qualities that are essential in today’s fast-moving retail environment. So how can these retailers stay true to their brand without missing out on opportunities to innovate?
This topic was the focus of a recent Q&A featuring Debbie Hauss, Executive Director, Content at Retail TouchPoints and Parinda Muley, VP, Innovation & Business Development at Macy’s. During the Q&A, Muley shed light on how Macy’s is working to stay competitive, survive and thrive in today’s challenging retail environment.
In 2018, Macy’s refocused its strategies on these important pillars:
- Redefining Retail: creating disruptive models that change the way they do business;
- Whitespace Opportunities: finding areas that are currently untouched and determining ways to break into them; and
- Distribution Channels: leveraging modern channels to drive new economic/revenue models.
Muley also discussed The Market @ Macy’s initiative, which gives digitally native brands the opportunity to participate in a pop-up marketplace where they can showcase their products. Macy’s also broke into the micro–influencer space, giving employees tools to create their own content to promote the brands.
Muley will talk in greater detail about these topics and will address different ways retailers should be re-inventing their brands in order to remain relevant during her session at the 2019 Retail Innovation Conference. The event is less than 30 days away, so be sure to register ASAP to catch this session!
