The Experience Strategy Podcast From Department Stores to Apartment Stores: Printemp Shows Up in Manhattan
This episode builds on Dave Norton's article on Substack about Kate King's report in the Wall Street Journal: Can the French Reinvent America's Broken Department Store Model.
Aransas Savas, Joe Pine, and Dave Norton discuss the evolving landscape of retail, particularly focusing on the experiential model as exemplified by the French department store Printemps. They explore the differences between traditional American department stores and European models, emphasizing the importance of creating engaging experiences that encourage customers to linger. The conversation also touches on metrics for measuring success in experiential retail and highlights case studies like La Varia Leo bookstore, while critiquing Macy's for missing opportunities to connect with consumers.
Takeaways
- The American department store model is in decline.
- Experiential retail focuses on creating reasons for customers to stay.
- Time spent in a retail space correlates with increased sales.
- European department stores are thriving by offering immersive experiences.
- Retailers need to shift from product staging to experience staging.
- Metrics for success should include time well spent and revenue increases.
- Charging for experiences can turn marketing into a profit center.
- La Varia Leo bookstore successfully monetized its experience.
- Macy's has not adapted to the experiential retail trend.
- Retailers must innovate to compete with online shopping.
Sound bites
"It's about time well spent." "You want to hang out there." "Macy's has done none of this."
Chapters
00:00 Introduction to the Experience Economy 02:46 The European Retail Experience 11:30 Transformative Retail Experiences 19:58 Metrics for Success in Retail 23:35 The Future of Retail Experiences
Read more
https://theexperiencestrategist.substack.com/p/america-looks-to-europe-to-reinvigorate
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