Reference no: EM13856967
Each team has two trend articles from each person in the group. Get together and choose several of the consumer/societal trends in those articles; to develop THREE new retailing ideas based upon those trends for your retail sector (the one you will be doing a final project with; ie. health food retailers, sporting goods stores). This has to be your final sector- because there is a good chance your final project will develop from these ideas.
Develop THREE ideas, or New Formats, or Extensions or Service Extensions in this sector. These can be three ideas from three different trends, three ideas from ONE trend-or any combination thereof. But I do want three separate ideas based upon changing environmental factors (trends).
For instance, Wal-Mart creating optical centers in every store capitalizes on aging Americans; Target having lines of merchandise and areas of the store dedicated to decorating college dorm rooms capitalizes on more kids going to college. These are new retailing extensions or ideas that would capitalize and be successful because marketplace trends in the U.S.
Examples in past years: Publix developing a "Health Food" format (before Greenwise); Target developing an "IKEA-like" furniture and décor store for Gen Y shoppers (or, one group came up with an idea of a ‘store within a store' concept. Another group thought Victoria Secret could develop a store specifically targeted to ‘normal sized' or more ‘ample' women. Macy's having an entire ‘Eco-Friendly/Green' area of the store that only sells products and clothing that is focused upon sustainability was yet another idea.
Now. For EACH IDEA:
1) Explain the Idea in a paragraph- create a name, or brand that fits- how does it capitalize on trends in the marketplace (be specific)
2) Who is the Target market for this new retail option? How will you reach them? (marketing)
3) Describe the extension/format in detail- and How will it be unique?? (either in terms of merchandise, location, pricing, promotion, style or strategy)