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January 5, 2003
PRESS RELEASE
- FOR IMMEDIATE RELEASE
Editorial inquiries,
contact:
George Anderson
908-709-1690
geoanderson@retailwire.com
Expert
Panel Splits on Best Ways to Court Senior Shoppers
RetailWire.com's
"BrainTrust" agree on the basics of attracting seniors,
but debate the merits of targeting specific demographic
segments.
Maturing
Baby Boomers, now entering their golden years, are broadly
coveted by retailers for their higher-than-average level
of disposable income and steadfast store loyalty. A
recent RetailWire.com online discussion addressed the
challenge retailers face in attracting senior shoppers.
Based, in part, on a New York Times profile of
Adeg Aktiv Markt, an Austrian supermarket designed specifically
for those 50 years of age and older, the website's resident
panel of retailing experts warned of dangers inherent
in making major changes in order to cater to a specific
demographic group. Yet, most commentators agreed that
there are basic things retailers can do to appeal to
older shoppers, which will also enhance an operator's
overall reputation.
BrainTrust
panelist Ryan Mathews, founder and ceo of Black Monk
Consulting, didn't seem overly impressed with the Adeg
strategy. "At present, about half the store's shoppers
are under 50. Here's another dazzling concept -- make
a store easy to shop, keep prices easy to read, demonstrate
that you care -- even just a little -- about consumers,
and people will reward you!", said Mr. Mathews.
However,
panelist Joanne Fritz, whose Second50Years Marketing
company specializes in the mature market, declared that
she is delighted to see a store targeting this group,
and predicted that seniors "will love it, simply because
they are so invisible to most of the marketing world.
To see their needs actually reflected in the way a store
is designed and executed will bring in the 'mature'
set in droves."
RetailWire
Commentator Warren Thayer elaborated on Ms. Fritz's
comments: "I'm with Joanne; so long as the store doesn't
say 'old and feeble!' it's okay. Magnifying glasses
here and there? Sure! In the HBC aisle, I wouldn't mind
a bit. Who can read the fine print on medicine bottles
anymore? The government mandates putting all this info
on the label, but it's in such fine print nobody can
read it, so what good is that for the consumer? And
who could quibble with wider aisles and no-slip floors?"
However,
panelist Michael Banks, Ph.D., Co-Founder of The MAP
Agency, took the age definition personally. "I'm 51
and I'm elderly? Shopping in a store like Adeg Aktiv
is like giving up. Forget it. I'm going for a run."
Another
panelist, Herb Sorensen, Ph.D., President and CEO, Sorensen
Associates, takes umbrage with the very principle of
segmenting shoppers by age. "A client commented to me
that if a 60 year-old drives up in a new BMW and a teeny
bopper arrives in a beat up VW, but both shop the same
way, they should be treated the same. Unfortunately,
we CAN segment by age, so we tend to think that is important,
simply because it is measurable". Dr. Sorensen expects
that RFID (radio frequency ID) and other tracking technologies
will allow retailers to study shopper behavior on an
individual basis, thereby making age segmentation a
moot point.
Perhaps
the most cogent remarks were posted by a regular RetailWire
contributor, going by the nom de plume of 'Scanner',
who warned that catering to an aging demographic may
turn off other shoppers. "Why retailers want to pigeon
hole their consumers concerns me", Scanner said. "It
seems to me that when few retailers are even coming
close to mastering the basics for their customers at
any age, launching specific marketing seems out of line.
Sure, there may be 'special' needs for an aging demographic,
but do you want to alienate the others in the process?
It seems to me that you can serve the basic needs of
the widest majority of your market without such an initiative
by executing the basics consistently every time. Then,
if you want to look to the peripheral needs of smaller
segments, you can address them on an individual basis".
One
suggested takeaway from this recent discussion is: Retailers
should cater to all shoppers by making specific changes
that will be considered improvements by at least some
demographic groups, and viewed as no worse than neutral
by everyone else.
---
The
complete RetailWire.com discussion forum entitled "The
Seniors' Market" can be viewed at: http://www.retailwire.com/email/discussion.cfm?doc_ID=9517
###
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Editorial inquiries,
contact:
George Anderson
908-709-1690
geoanderson@retailwire.com
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