Can Hudson Bay Save Fashion?
Anyone who is serious about fashion who reads WWD, Business of Fashion, or the Wall Street Journal knows about Hudson Bay.
Hudson Bay is the parent company of Saks Fifth Avenue, OFF Fifth, Lord and Taylor, and recently acquired GILT.
Hudson Bay, flagship store Lord and Taylor has been neglected for years, then the infusion of in store events and a internal line called Birdcage, which has attracted shoppers and increased foot traffic, but was that enough?
No, not at all. Lord and Taylor is located next to the most beautiful parks in NYC. Bryant Park and also the center of law firms, investment banks and HBO headquarters. Not to mention, the grand NYPL.
My recommendation is for Lord and Taylor to have date night styling work shops for their customers and the employees of the surrounding areas. And offer day of discounts this increases repeat customers.
Recommendation number two
If you offer discounts at events in Bryant Park this increases foot traffic to the store immediately.
Recommendation number three
Have your employees follow up with customers. Saks Fifth Avenue flagship will always have me as a loyal customer because they call me whenever there are special events, especially the Estee Lauder counter.
Saks Fifth Avenue Flagship
On an episode of The Secrets of NY , they showed the underground tunnel that was used to shuttle to go in between Rockfeller Center and Saks to deliver clothing to the performers. Restore that to only the top .5 percent of customers.
Any where retailers complain about people who make multiple returns on clothing and items.Limit the returns on all items to minimize loss on revenue.
Contests and purchasing power, because this year's Basketball Game is in Toronto, I was certain that Saks would have cross promoted the event. Just to increase foot traffic to the store and to promote tourism. After all it is a Canadian owned store.
GILT acquisition many loyal GILT customers still want access to great elite events that the other sites can't provide are hoping that you keep that aspect of GILT and reintroduce GILT taste, which would give customers a chance to recreate meals found in on restaurants at stores.
So can Hudson Bay save retail?
Yes, if they follow those ideas.
Cheers to the leader in fashion!