It’s almost the end of the year; really it’s almost the end of another decade, the first of this new millennium. Taking a moment to look back and reflect…I’m trying to figure out what this decade will be known for? What was the fashion statement?
I can sum up this decade in one word….UGLY. Ugly is what sold!
Need proof….I’ll name you 3 of the best selling items of the decade: Uggs (even the name is ugly), Crocs, and my favorite, the Snuggie. You know it….the blanket with the arms. Need I say more?
Now we have to understand why these have been good sellers….I should really say great sellers. The one thing they all have in common is they give us comfort. This decade, if for nothing else will be known as a decade of crisis.
It started with Y2K (I still have ramen noodles I was hording at my country house), then came the attacks on 9/11 followed by the war in Iraq, SARS, Anthrax, (remember when you didn’t want to touch your mail?), the Tsunami in Indonesia, Hurricane Katrina, Immigration Issues, Global Recession, Mortgage collapse, Ed Hardy, Gas Crisis, Auto company failures, the earthquake in China, Swine Flu, the death of Michael Jackson (that one might be personal) and rounding out the year with record high unemployment rates.
Other decades have had their share of problems…in fact as far as I can remember every decade had its hiccups. The 1980’s had the junk bonds, 1990’s had the dotcoms and 2000’s it was the mortgage and housing bubble. But you know what; we have always pushed through and made it. The trick is to find opportunity in these moments.
The Chinese symbol/word for chaos also means opportunity. People that invested in car parts and automotive shops are making a killing since few people are buying new cars, and instead are fixing their old ones. Investors that bought apt buildings are making a killing on rent since people are losing their homes and moving into apts. Even storage places are making a huge profit during these times.
Let’s talk about retail…this was also a decade of BIG! Please see my blog Open letter to the Fashion Industry. We didn’t need so many of the same type of retailers all doing a bad job…..and certainly we didn’t need another high-end ego driven contemporary boutique that someone opened because her friends told her she was a good dresser….
Yikes remember the 7 month ego trip of the retailer Kira Plastinia…just ‘cause Paris Hilton is your friend and you have a rich daddy, this does not make you a retailer!
National chains and department stores have become the “Rip Van Winkle” of the industry; they fell asleep and have yet to wake up. “Fast Fashion”- “Wear Now” is here to stay! We are living in Darwinism times. If you don’t evolve and change/grow/adapt to the new consumer you will be extinct. Just think Barney’s was a men’s discount store back in the day, Gap sold Levi jeans and sweat shirts. Change is part of business.
It’s time to put on our big boy and girl pants and build on those niches. Be fearless, take on the opportunity and capitalize on it. The moment of the future retailer is here…imagination, technology, innovation, and design are the mantra of the future merchant.
I plan on opening at least 2 new stores of my own this year….the rents, locations and advertising (social media) are just too cheap and available to sit by and not take advantage of it.
And keep in mind if ugly sells ugly is what we will continue to buy. You can’t not change the way people think…you cannot “educate them” you are not “encouraging them”, you cannot “judge them”. Your personal taste and likes have nothing to do with what people will buy.
I remember a store owner in the Midwest that wanted to “teach” the young men in the area how to dress New York City style….his reasoning was that every one liked the way he dressed (he went to college in NYC) and since all the young men dressed like “slobs” he would open a shop to sell to them. That lasted 8 months… Personally I joke if I buy one more tattoo print tee I will commit “seppuku”, but guess what I just placed an order for 100 units.
It’s about capitalizing on trend. You are merchants; you should not care if you sell peanut butter and jelly sandwiches or high-end designer goods. …then you can then take your money and buy what you like for yourself…laughing all the way to the bank.