According to Bain & Company, physical stores will still account for 75% of purchases over the next decade.
collections in the world. In short, it is exceptional service, master craftsmen and women and a vast experience that set us apart in the long run. Ultimately, these values have been leading to exceptionally high customer loyalty and continue to add remarkable value to our company.”
New Formats Pop Up
Another advantage of retail is its ability to reinvent and come up with new physical ideas. Watch brand Sevenfriday, for example, has recently been exploring different concepts of collaborations for its pop- up stores in Jakarta, Hong Kong, Zurich and Singapore. In Zurich, it turned out to be a mix between a bar, lifestyle shop and venue for concerts. In March 2018, Oris opened a pop-up store on Mayfair’s fashionable South Molton Street, representing the brand’s temporary “new stand-alone concept” in London. Even more temporary is the “vintage Airstream trailer pop-up experience,” which just hit the road in early August. “The Airstream will allow us to have a unique presence at a variety of different lifestyle and community-based events consistent with our brand values,” said VJ Geronimo, CEO North America for Oris. He hopes that the trailer will become a new touchpoint for customers to step into the Oris brand and its watchmaking heritage. Among the highlights will be a bar and seating area and an “open concept watch display that will allow consumers to easily try on different watches at their leisure.”
In other words, the brand managed to get face-to-face with new target audiences, created an unexpected experience, and has avoided high rental costs in pedestrian areas simply by going with a less expensive option – which basically is the same approach of an e-commerce website.
It also seems history is coming full circle: On Aug. 15, 1925, Swiss entrepreneur Gottlieb Duttweiler bought five Ford Model T trucks with approximately $100,000, which enabled him to sell heavily discounted coffee, rice, sugar, pasta, coconut fat and soap by directly driving to consumers. These “rolling shops” laid the corner stone for what later became Switzerland’s largest retailer and also one of the 500 largest companies in the world: Migros. —