Page 14 - CIMA SCS Workbook February 2019 - Day 2 Tasks

CIMA FEBRUARY 2019 – STRATEGIC CASE STUDY

Reference material - newspaper article

Retailers have the opportunity to seize the experience economy

In Newland, and around the world, the high street is struggling and retailers are closing more and
more stores. There are a few organisations which are going against that trend and opening more
stores, we’ve been looking into what they are doing differently.

First and foremost, it’s about making the store into a destination, not just a place to buy
something. The successful stores are always inviting, spacious and visually pleasing, often using an
atrium set-up to maximise the light and space. Some even have tree-lined sections encouraging
people to relax and socialise while they wait to be assisted.

Once you’re in the store, the aim is to encourage the customer to experiment, to increase their
curiosity. Some stores have events designed around helping people understand the products and
technology on sale, also encouraging people to interact and develop, not just a “look at me” pitch,
but more a look at how you and this device could develop.

Another aspect of the successful stores is not the fixtures and fittings, or the location – although
these undoubtedly help – they have generally taken time and care over the service they provide.
The aim with everything they do, from product to service, is to make the customer happy. They
train their customer service staff more often than other stores, and the result is people value the
experience more.

With the ease and convenience of online shopping, the retail store has to offer something
different, something the customer can’t get elsewhere. If it’s working for some companies, why
can’t others replicate these successes; the opportunity is there to exploit, someone just needs to
take the chance.

30 KAPLAN PUBLISHING