Reinventing Retail x 5
By George Anderson
What’s Selling in America (Fast Company January 2003) contends, “There are two kinds of companies these days: companies whose sales are limping along (that’s the vast majority) and those whose sales are going through the roof.”
The author of the article, Bill Breen writes, “If you want to convince customers to open their wallets, you’ve got to open your mind to new ways of connecting with them.”
Mr. Breen profiles five companies: Wal-Mart, The Container Store, ESPN, Amoeba Music and Take Good Care that he says are “reinventing retail”.
Wal-Mart is venturing into areas such as financial services and used car sales to expand its retailing scope.
The Container Store sells customer service and boasts that it pays vendors on time within thirty days.
ESPN has taken its media brand directly to consumers with its X Games skate park.
Amoeba Music is helping consumers find recordings that the chain stores don’t (see won’t) carry.
Take Good Care is focused on taking good care of seniors and others faced with medical/physical/aging issues.
Moderator’s Comment: Do you have any thoughts on the
five retailers profiled in Fast Company? What retailers do you believe do the
best job of finding new ways to connect with customers?
Anderson – Moderator]