2013: The Year of Deal-Seeking

Google released its top-searched items of 2013, and Kohl’s, JCPenny and Nordstrom graced the top spots on the apparel brands and retailers list.  Following the top three included Forever 21, Old Navy and Macy’s.

What do these retailers have in common?  All were searched along with terms that indicated shoppers were looking for a deal or price reduction.  For example, Nordstrom shoppers were most likely looking for Nordstrom Rack in their searches.

But this trend of looking for good deals is not exclusive to online retailers.  Shoppers are also more likely to negotiate prices in-store, thanks to multiple resources.

Brick and mortar shoppers now have an arsenal of never-ending resources in the form of smartphones.  Price-checking in-store, or showrooming, has quickly become the norm, and retailers have had no choice but to find creative ways to fight back and ensure in-store sales remain strong.

Best Buy is one of those retailers and is offering a price-match guarantee this year.  What does this mean?  Customers can bargain.  Prices are no longer set in stone.  If a shopper finds a cheaper price online, Best Buy will work with them to keep that sale in-store.

The future of retail is changing rapidly and with each new technological advancement, shoppers get smarter about what they are willing to pay for products and services.  Brands and retailers will also have to continue to get smarter, adopting new technologies and policies that will ensure both in-store and online channels thrive.

Macy’s Gets Active to Draw Millennials to Stores

In an effort to attract a younger audience, Macy’s will introduce a wider array of athletic apparel to its stores this month.  Brands will include Nike, Under Armour and the North Face, among others.

“We are working with the best brands in the category to bring our customers exciting merchandise that will serve their athletic interests in all endeavors — from the yoga studio to the weight room, to hiking and rock climbing,” said Jeff Gennette, Macy’s chief merchandising officer.

It’s no surprise that the department store saw an opportunity for growth in the category, as athletic apparel is key among Millennials, who are already purchasing two to three times more clothing than previous generations.

Further, athletic apparel is no longer just for working out.  These days, Millennials want to look good in their athletic gear while at the gym or running errands, making it “lifestyle” apparel, more than anything else.  This category shift has been also a driving force behind the success of Lululemon Athletica, the third most successful U.S. retail store in 2012.

Macy’s introduction of additional athletic brands will also include kiosk technology to further create a bridge between in-store and online shopping, allowing shoppers to find any brand in any store.

Feature Photo Credit: spafinder.com