1: INDUSTRY OVERVIEW: DEPARTMENT STORES
Department stores are large retail outlets that contain numerous individual shops, providing a wide range of product lines. Department stores most oftentimes consist of the following product categories:
1) Food
2) Cosmetics
3) Shoes and Accessories
4) Clothing
5) Interior Décor
6) Restaurants
Depending on the type of department store, department stores can offer a much wider range of products, including furniture, toys, electronics, books, etc.
Department stores come in a wide range of qualities and prices. There are such things as “high-end department stores”, which would focus purely on offering high-profile brands and products, while there are more mass-market targeting department stores, which are more likely to include a wider range of products, including practical household products.
That said, department stores will oftentimes try to cater to specific types of market segments. Particularly in the case of department stores in large cities, each department store will try to position itself differently from its direct and nearby competitors: some will try to cater to younger generations, while some will try to cater to the older generations. Some will try to cater to those interested in mainstream brands, while others will focus more on boutique, independent brands.
In the US, the department store industry includes approximately 20 companies operating roughly 3,500 stores. Major department stores in the US include: Sears, JCPenney, Macy’s, and Dillard’s. The industry earns an annual revenue of around $60 billion USD, 95% of which is earned by the largest 8 companies in the industry.
Some links about the industry:
http://en.wikipedia.org/wiki/Department_store
http://vspages.com/mall-vs-department-store-5580/
http://en.wikipedia.org/wiki/Shopping_mall
http://www.hoovers.com/industry/department-stores/1529-1.html
SPACE
2a: Implicit or Explicit?
From the department store owner’s standpoint, I would say that space is often sold explicitly, as they would charge the tenants per the size of the lease space. On the other hand, for stalls or booths set up in more open areas of the department store, space may be considered more implicit, as these spaces may be sold with less correlation to the exact size of the space.
2b: Ways of Splitting Space
Department stores have different types of spaces within the building that cater to their customers. The most typical type is the space split by fixed walls into one unit, and can usually be shut off or closed by a door or a shutter. These spaces cannot easily be adjusted in terms of size and layout without investment of significant time and money. These fixed spaces are generally leased out to a specific brand or company, such as Zara, Coach, Burberry, etc.
Then there is the semi-fixed space, such as the department store areas dedicated to selling cosmetics or shoes. These are oftentimes open areas in which a specific brand or merchandising line take up certain spaces, but are not divided up by physical walls or entryways. These areas are much more flexible in terms of changing the products being handled, given that one area can easily be changed to carry one brand/line from another; however, certain fixtures used for the displays will be fixed, and hence less flexible to change from a layout perspective.
There is also open space, in which temporary booths or stalls are built to sell a smaller line of products or services.
Different from other uses of store space is the use of space to purely focus on selling experiential services. For department stores, the focus generally remains on selling physical products. However, there are rare instances when space is allocated to selling services—one case being when department stores are attached to movie theaters.
2c: Creating Additional Revenue
One of the most standard ways for department stores to create additional revenue is by holding major seasonal sales. Because the product life cycle of clothes tends to be fairly short, many stores have inventory left over by the time they have to replace old products with new products. Having a highly publicized sale allows for these leftover products to be sold, be it at a lower price than its retail value.
One key to making people spend more money is to convince people to stay out shopping longer. A way to do this is to provide adequate opportunity for people to take a break from shopping and rest. Many department stores provide these venues by creating food courts—or in high-end places by providing patisseries or coffee shops at which people can recharge before going back to shop some more.
I also think one of the more creative ways in which department stores have used their space to create additional revenue is through creative use of its open space. Another approach department stores can use to bring people to their stores is to provide an additional incentive to go to that location. A common approach used to achieve this in the U.S. has been to create playgrounds in the open areas of the department stores. This service often incentivizes families to go to a department store, simply because it allows an opportunity for their children to play.
One more approach commonly used in Japanese department stores to bring more people to the site is to host certain “festivals” or special events in their open space. For example, department stores would often host weekly “mini fairs” on either the ground floor or the top floor, in which one area of the department store would be devoted to hosting jewelry/clothes/food from brands and shops that usually were not represented at the department store. The content would be changed frequently, and the department store would often be able to bring new people into the store by publicizing new, limited-time genres of offerings at their store.
2d: Potential New Ways of Splitting Space
There are several different directions department stores could potentially go in terms of splitting space differently. One direction would be to use space to create more personalized services to customers. Many of the spaces in department stores are “public”, but allocating a portion of space at high-end stores to allow for “private” space may allow for varying experiences for customers. Customers would be charged a premium for making use of these private spaces.
Another potential use may be to make the spaces more flexible. Instead of sticking with a model that leans heavily toward having “fixed” spaces, changing to a model in which it would be much simpler, cheaper, and quicker to change tenants may be an attractive approach for department stores that are pursuing a more trendy, up-to-date feel.
3: TIME
3a: Implicit or Explicit?
Department stores generally sell time implicitly: this is because the product being sold generally isn’t associated with a particular time limit. For example, it is not like a massage, where you are buying 60 minutes worth of service. The transaction is associated with a physical product unattached to time.
3c: Selling Time Explicitly
Time is currently being sold explicitly at certain department stores, although these cases are generally not a reflection of its overall business model. For example, some department stores may include shops that offer time-explicit services. Some department stores have massage shops, which are time-based service sales.
As another example, some department stores in Japan have small football fields on their rooftops, which people can rent out on an hourly basis.
(http://www.futaba-sp.com/omiya/2010/03/post-23.html)
Some department stores also include game centers for children—some of these entertainment options include machines that run for a set period of time per game.
Department stores will often have restaurants on one of their floors. These restaurants can often choose to set time limits to each group of customers (ex. 2hr limit) to be able to take in more customers during peak times.
(http://www.mitokeisei.co.jp/shop/10_skygarden/11keizan.html)
3d: Creative Things to do with Time
There are a couple things that could be done creatively with time—some of which may already be being done to varying lengths at department stores. One might be to offer some sort of benefit if a certain amount of time is spent within the department store. For example, if a customer was to receive certain benefits if they stayed for 5 hours at a department store on an off-peak day, this could incentivize customers to spend more money during their wait time, and this could also help to improve the image of the department store by maintaining more customers.
Another thing they might potentially consider doing is to include shops that provide rental services. Some shops may already do tuxedo/dress rentals, which would be time-based; they could potentially take this further by doing time-based rentals of other high-end luxury clothes and accessories.
4a/b: Physical and Non-Physical Rate Fences
Below are several examples of physical rate fences (owner-tenant relationships are more likely to be involved with physical rate fences than the tenant-customer relationships)
- (Owner-tenant POV) Depending on the size of the space being rented, owners can choose to increase or decrease the rates
- (Owner-tenant POV) Certain areas of a department store are likely to be more popular/convenient; hence an owner can charge more depending on the location of the space within the store (http://www.ehow.com/facts_6313023_average-retail-lease_.html)
- (Tenant-customer POV) For services such as restaurants within the department store, tenants can set rates by charging differently between open areas and private rooms
In terms of non-physical rate fences, I would say that there are many opportunities to create rate fences, depending on the type of service/product the store sells. There are also several opportunities within the owner-tenant relationship:
- (Owner-tenant POV) Depending on the lease period, the owner can set different rates to charge the tenant
- (Owner-tenant POV) Depending on the credibility/attractiveness of the tenant, the owner can set different rates
- (Tenant-customer POV) Depending on the quality of the product, functionality of the product, or time/length of the service, rates can be set differently. There is an enormously wide range of examples of this in department stores. A Gap outlet, for example, may sell a tank top for $10, while a Burberry outlet would sell a similar styled tank top for $150. Similarly, a cell phone with 3G functionality may sell at a cell phone provider outlet at a certain price, while a phone with 4G functionality would sell at a much higher price.
4c: Creative Ways to Set Rate Fences
Some ways I can think of setting rate fences creatively is to perhaps offer more intangible services—rather than just the physical products. For example, an I Love Bangkok t-shirt may only cost $5 at the actual retail shop, but if the customer already knows what he/she wants, but doesn’t want to make the trip up 7 floors and 5 minutes of walking to get there, the store could potentially charge an extra $1 to have the t-shirt brought down to the concierge desk of the department store for a quick pick-up.
Best Truck, Truck Driving News and Tips – truckblog-1
i found this site has been totally great cant wait to see many good things Bigslot777
look here
Exclusive collection of Oceanfront private pool residences surrounded by an oasis of palm. High Rise Waterfront Unfurnished & Fully Furnished 1-4 BED Residential Apartment. Ain Dubai View.
Viewz Residence is a beautiful community with views of Jumeirah Lake Towers, Downtown Dubai, and the Arabian Gulf. With its unique design and spacious floors.
Click Here
Click Here
Super Fildena is a PDE-5 inhibitor that works by relaxing the blood vessels in the penis and increasing the flow of blood. It helps you get a strong, firm erection.
Sildenafil Citrate is the active ingredient in this medicine and is only effective when you’re sexually aroused.
very well for the post, I liked it a lot as you expressed it and the good way you are carrying, regards. ติดต่อคาสิโนคลิปโต
Are you facing Quickbooks company file error? So no worry about it Just downloads the Quickbooks tool hub to resolve various types of Qb errors. If you don’t know how to download and install, I am here to assist you, I am Zoey working as a Quickbooks Technician for many years. Here I will assist you with the qb tool hub. our technical team is available 24/7 for your support.
Engineering students require laptops with sufficient processing power, memory, and storage to handle demanding tasks such as 3D modeling, simulations, and programming. Additionally, portability, battery life, and display quality are also essential factors to consider when selecting a laptop. Here are some of the best laptops for engineering students:
Dell XPS 15: This laptop features a 9th Gen Intel Core processor, dedicated graphics card, and up to 64GB of RAM. It also has a 15.6-inch InfinityEdge display with 4K resolution, making it suitable for graphics-intensive tasks.
Apple MacBook Pro: The MacBook Pro is a popular choice for engineering students due to its powerful performance, long battery life, and excellent display quality. It features an 8-core Intel Core i9 processor, dedicated graphics card, and up to 64GB of RAM.
Lenovo ThinkPad P1: This laptop is designed for professionals and offers a powerful combination of performance and portability. It features a 9th Gen Intel Core processor, dedicated graphics card, and up to 64GB of RAM. The laptop also has a 15.6-inch 4K display and a durable build.
https://www.lenovo.com/us/en/faqs/workstations/best-laptop-for-engineering-students/
this is great many thanks to you sire a compliment from Taskar Novels
https://parismodels.biz/
escort agency Paris
Parking system software is a type of application that is designed to manage and automate parking operations.
Parking partner
ufabetstar365 UFABET เว็บพนันออนไลน์ สมัครUFABET บริการตลอด 24 ชั่วโมง ฝาก-ถอน ภายใน 3 นาที ทางเว็บไซต์เปิดรับเดิมพันต่างๆ UFABET แทงบอลออนไลน์ แทงบอลUFABETเว็บตรง
Office lighting is an important aspect of workplace design, as it can affect the health, productivity, and well-being of employees.
Office Lighting
Contact our customer service for Apple support number and get efficient solutions from our experienced technicians.
Cupcakes, biscuits, pies, and other baked goods deserve special packaging to match their exceptional nature. Classic Custom Boxes offers a “baker’s dozen” of bakery boxes to enrich your bakery. Our wholesale packaging for baked products can fit your company’s brand and message with various colors, whimsical styles, designs, and sizes. Custom Bakery Boxes
Hi
I hope this email finds you well. I came across your blog [Ashampoo UnInstaller] and I was impressed with the quality of the content you publish. I am reaching out to you today to request a guest post opportunity on your blog. I am confident that the content I would like to share will add value to your readers. Let me know if you would be interested in this.
You can check my content quality by visiting my website https://softcrackpro.com/
Thanks in your advance
Wow. Just one word for them Splendid!! I have seen many sites in my whole life but have never seen anything like this! It is amazingly beautiful! You should also consider them. bandar bola
Nice Blog, Thanks For Good Shearing plantronics headset
For those of you who want to play online slots, you can join 526bet immediately by using a bank and credit ewallet
Join now erek erek 2d online gambling site using Cambodia servers and make the site fun for selected players. come here komenrn ???????? /????????? ???? ??? .
Easily view all sports
information ☞메이저사이트링크
토토벡화점
Join with us to get full-stack career guidance and choose the right course and institution to Start Your Journey to Study Abroad smoothly. Signup Now for a better future
Study abroad,coursementor
We offer best call girls and escort services in Jaipur https://www.jaipurhotescorts.com/jaipur-escorts-service/
Book Call Girls in Jaipur – https://sokafun.com/uncover-the-most-desirable-jaipur-call-girls/
Best Call girls in Jaipur – https://locantoz.xyz/
VIP Call Girls in Jaipur Book Now – http://callgirljaipur.org/
Raja Park Escorts Service Book Now – https://sokafun.com/raja-park-escorts-service.html
Sindhi Camp Escorts Service Book Now – https://sokafun.com/sindhi-camp-escorts-service.html
Mussoorie Escorts Service Book Now – https://sokafun.com/mussoorie-call-girls.html
Rishikesh escorts service book now – https://sokafun.com/rishikesh-call-girls.html
Haridwar escorts service book now- https://sokafun.com/haridwar-call-girls.html
Mumbai Escort Service Book Now – https://sokafun.com/mumbai-call-girls.html
Mysore Escort Service Book Now – https://sokafun.com/mysore-call-girls.html
Nagpur Escort Service Book Now – https://sokafun.com/nagpur-call-girls.html
Fildena Double 200 is used to help men who can’t get or keep an erection. It helps you get and keep an erection that is harder and lasts longer. In combination with sexual stimulation, sildenafil citrate helps a man get and keep an erection by sending more blood to the penis.
Looking for luxury ready to move 3 BHK, 4 BHK Luxury apartments in mohali near Chandigarh? Buy 2 BHK, 3 BHK or 4 BHK flat/apartment in Beverly Golf Avenue. Contact us for more details on luxury apartments.
Kinza Escorts is a reputable agency in Karachi, Pakistan, that provides high-quality call girls available in karachi. They specialize in providing College and University Young Girls to cater to your sexual desires. Their girls are available 24 hours a day and can be booked in 4 or 5-star hotel rooms.
Maskad offer best anti-aging serum and Best Anti Wrinkle Serum are formulated with high-quality, clinically-proven ingredients and are free from harmful chemicals that can damage the skin. These serums are typically lightweight and fast-absorbing, making them easy to incorporate into your daily skincare routine. To use, simply apply a few drops to your face and neck after cleansing and toning, and follow up with your favorite moisturizer.
Your post so nice and very informative post thanks for sharing this post! Let us commence the troubleshooting process to fix the firmware failure issue with your Amped wireless extender . Begin it by power cycling your extender. This should always be the first step every time your extender troubles you
Live Broadcast/Event/Community/Recommended
Pick/Movie/Drama/Sports Analysis Toto General Department Store
MetaMask with each other means how to sync the MetaMask mobile app with the MetaMask login.
metamask
we will discuss the basics to access the Coinbase login account when there is an issue or error in the process.
coinbase.com
Recently, I found lots of useful advice on your website, notably this blog page. There are a lot of reviews on your works. vdcasinoslot
amazing content thanks for sharing with us.Victony range extenders have gained quite popularity because of their tendency to amplify the signals emitted by an existing networking device; mainly a router or modem. However, even after complementing their devices by doing the Victony WiFi extender setup
You are giving such a wonderful resource here, and you’re providing it without charge. I adore reading these articles that understand the significance of offering a good tool for nothing. ttrcasino.org
Real Jobs, I admire your work plus your drive to it. Keep up the excellent work with your webpage material. dlxcasino
Such a knowledgeable Blog. With a lot of creative ideas .We are grateful for your wonderful blog. Your blog always exceeds my expectations. Your writing skills are amazing. It’s full of details.Visit this Website !
There is definitely plenty to learn about this. I think have made some good comments on features as well. I wanted to give thanks for this fantastic read! I really liked every aspect of it. betseyf.com