Friday 6 April 2012

Re-inventing The Market

Apple are acknowledged as the retail trend setters of this century which is why their retail strategy guru, Ron Johnson, has been snapped up by famed department store, J.C.Penney.
According to an article in Retail Trends - One of Johnson’s first observations was to recall his own youthful memories of department stores. Looking back on the golden age of America’s department stores, he observed that families came into the stores to do more than just shop. He recognised that they wanted to be entertained while being offered a range of useful services. Just how he is going to introduce these aspects into Penney's is not yet clear.

How does QVM rate on entertainment? The night market probably gets that right. Our quirky heritage setting probably adds some theatre but is it enough? And what about "useful services"? We are going to translate that to customers finding what they want and then being able to easily access them.

The above mentioned Retail Trends article referred to the universal retail aim of "Great Brands......Great Theatre". Do we have either? We certainly have great depth in some of our ranges. There is no better place in Melbourne, or Australia, to buy things like sheepskin footwear or silver jewellery. If "Great Brands" means famous brand names then we probably fall short of the mark. 

"Great Theatre" is certainly achievable with focus and finance. Perhaps some of that $6m surplus the QVM gives the MCC each year can be directed to creating "Theatre".