STORES Magazine - August 2008 - (Page 15)

Bring Back Bonwit’s? Attempting to revive once-popular brands is a fairly common occurrence. Some will recall that Ford ended production of the Taurus in the fall of 2006, then announced less than a year later that it would resume producing a car with the Taurus nameplate. Coke recently re-launched Tab as Tab Energy, and Life has been reincarnated almost as often as Shirley MacLaine. Is it time to bring back Bonwit Teller? Executives at Chicago-based River West Brands and its subsidiary, Avenue Brands, think it is, and fashion industry entrepreneur and executive Andrei Najjar has been tagged to bring new life to the upscale lifestyle brand. Najjar, co-founder and CEO of Social Atelier Brands, is well-known in retail circles, having previously held top positions for Abercrombie & Fitch, Hollister, Target, Banana Republic and the Gap. Can he succeed in re-energizing the once-iconic brand? Sure, it still retains residual brand equity with fashion enthusiasts who recall the role Bonwit Teller played in launching the careers of notable designers like Henri Bendel and Calvin Klein. But most of the shoppers who remember Bonwit Teller are probably in the sunset of their shopping years. Walmart’s New Logo The No.1 retailer got a makeover. It wasn’t the store design that received an overhaul; nor was it the merchandise or the pricing strategy. The nation’s No. 1 retailer debuted a new logo last month. In the company’s nearly 50-year history, the logo has changed only a few times. In the ’60s and ’70s, it featured black lettering in an Old Weststyle font. In 1992, the logo shoppers are most accustomed to today — Wal and Mart in white block letters separated by a star — became omnipresent. ➔ WWW.STORES.ORG In the face of plummeting housing and stock prices and tighter credit, small indulgences can have a big impact for women. Though handbags can range in price from affordable to astronomical, it’s one of those accessories that can change an outfit – not to mention a woman’s outlook — in a heartbeat. The latest Consumer Intentions and Actions survey from BIGresearch finds that most women bought at least one handbag in the last 12 months. Among the most indulgent buyers were women ages 18 to 34: 18 percent bought two handbags in the last year, 10 percent bought three and 13 percent admit to adding anywhere from four to six new bags. While gloves, earrings and hosiery can be purchased from numerous shops, women have distinct favorites when it comes to buying handbags. Department stores top the list, picked by more than half of women across all age ranges. Discount stores rank second, followed by specialty retailers. Young women are most inclined to shop at department (58 percent) and specialty stores (24 percent). Not surprisingly, they’re also willing to spend more on a new handbag than other women. On average these 20- and 30-somethings spend $65.15 per bag; 29 percent of them say the most they’ve ever paid for a new handbag ranged from $101 to $400. (It’s no wonder; 13 percent cite Coach as the brand they purchased most recently.) Women in the 35-to-54 age bracket are more cautious spenders and are more likely to shop at discount stores (42 percent) than either younger or older women. On average, they typically spend $53.02 on a handbag and say the most they’ve ever plunked down for a new purse is around $117. The 55-and-older segment spends the least ($45.34 on average) but holds its own when it comes to shopping for handbags: 14 percent bought between three and six handbags over the last 12 months. Ever-practical in their thinking, 42 percent say they buy a new pocketbook when they need one, compared with 37 percent who make a path to the register when they see something they like during a good sale or promotion. Sale pricing is a motivator regardless of age: more than one- third of all women say that a good sale can prompt a purchase. Buying a new handbag to replace an old one or because they’ve grown tired of their current purse are other reasons shoppers cite as purchase motivators. Still, the power of the impulse purchase cannot be overlooked, especially for retailers catering to the 18to 34-year-old segment: 43 percent of these women say if they see something they like, they’ll buy it. STORES / AUGUST 2008 15 http://WWW.STORES.ORG

Table of Contents Feed for the Digital Edition of STORES Magazine - August 2008

STORES Magazine - August 2008 Contents Executive Editor's Page President's Page The Lure of Free Shipping Walmart’s New Look What Shoppers Think Will Widgets Work for Wheat Bread and Wasabi? 10 Things You May Have Missed Numbers Worth Counting Full Price/Markdown Retail People Store Design Industry Economics Hot 100 Retailers Concept2Watch Mobile Technology Small Store Technology Website Optimization Site Selection Mobile Payments Recycling Merchandising: Cool Sells Merchandising: Merchandising in Mexico Store Construction & Development Human Resources Loyalty Programs Mobile Marketing Loeb Retail Letter Arts Update Point of View NRF News Retail Crossword Retail Industry Calendar Last Laugh

STORES Magazine - August 2008

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