Thursday, October 6, 2016
45 Rockefeller Plaza
Our Host: Dennis Cohen
It is not news that the retail business is being roiled by disruption, largely due to a shift in shopping and buying habits on the Internet.
Even Walmart bought Jet.com. Macy’s recently closed 125 of its stores.
So, it is curtains for retailers? Is the luxury market facing the same dynamics?
Research shows that consumers are increasing shopping in stores and buying online where it is often cheaper, more convenient and faster. However, higher end brands find that their customers are shopping online and buying in store. For these prices, they want service and a sensory experience that relates to the products they are about to buy.
The issues facing retailers are:
- Do they have the foresight to see and embrace omni-channel market trends?
- Can they adapt by identifying options within those trends?
- Have they developed strategies and executions to implement those options?
Consumers always desire to be included in a brand. However, managers must re-think how they can create value for shoppers and buyers, who are now not necessarily the same person.
Pana Diamantopoulos, a prominent consultant to luxury marketers, is an expert in retail operations. She has a deep understanding of the customer journey and how to generate sales through store and product design, merchandising, customer-oriented “ceremonies,” staffing requirements and training programs.
Soon to open her own firm, Pana has worked for Chanel, Hermes and other high end brands and is often quoted in major consumer and trade fashion media, as she is known as the ‘go-to” resource for leading edge retail solutions.
We look forward to seeing you at our venue.
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