A bigger challenge for New Look may be to secure the right locations, especially as rivals also seek to add hundreds of stores in the coming years.
"To find 500 stores of real estate and roll that out in the right way ... I think it is virtually impossible," said Franklin Yao, managing partner at strategy consultants Smith Street.
This week we are introducing you to Parkson Core Mall. This mall used to be a traditional Parkson Mall (carrying premium and luxury), but is now mixing it up and experimenting with a new strategy to reach today's Chinese consumers (middle class and millennials). After the mall's transformation Parkson claims their daily traffic is up 800% and daily sales revenue tripled. In their first two days after opening, the mall generated record sales revenue of 23 million RMB.
Earlier today we saw Bloomberg News post an article, Brexit Sends Tourists Flocking to London to ‘Buy, Buy, Buy’ stating, “Searches by Chinese for U.K. holidays 'sky rocketed' on Ctrip.com International Ltd.’s travel booking app, the company said, while Chinese news site Phoenix implored visitors to London to ‘Buy, Buy, Buy.’”
During our SmithStreet annual offsite trip we conducted a workshop to identify the needs of brands and consumers. We thought we would share our findings with you and hope these findings will help to bring you the clarity they brought us.
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