BY AURELIA MITCHELL DURANT Globalization has become a reality for the planet. The very loose and fluid definition of globalization is summed in an often-quoted quote by former Secretary-General of...
Originally posted 2014-07-31 11:00:47.
By Breanna Pendilton | amdlawgroup.com
With back to school shopping just around the corner, I can’t help but wonder what happened to some of my own favorite back to school stores. Stores like JC Penney’s and Abercrombie and Fitch were all the rage growing up when it was time to do school shopping and now, these two stores are basically non-existent. “What happened to them?” you ask: Change. With the times changing, stores like these found themselves plummeting in sales and holding on by a thread, literally.
JC Penney’s stores were known largely for their affordable, yet up-to-date clothing. Now, all of what stood out about the store is practically gone. As sources put it, “They lost sight of their target demographic.” They began to raise their prices, which made it hard for their normal consumers to continue to shop there. In an effort to change themselves, they lost what was ideally their “IT” factor.
Contrast that with Abercrombie and Fitch. Their clothes, which were always over-priced, resonated with the “cool kid” demographic. Even their models and employees had to have a particular look, in order to represent the Abercrombie brand. The Abercrombie brand, however, did not attempt to change itself, like JC Penney’s did. Instead, its customers changed themselves. Teenagers no longer wanted to be like the popular kids and the “cool kid” trend was replaced with being original and unique.
So, what can we learn from brands like JC Penney’s and Abercrombie and Fitch: Change must be balanced. Staying true to you and your brand is the best way to keep loyal customers, and not keeping up with what’s current is the quickest way to lose your customers. Don’t compromise the brand, but don’t lose the sales.
AMD LAW’s Tip of the Day: Does your change make sense? Does your change make cents?