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.
Latest news and updates on cricket, IPL, football, WWE, basketball, tennis, and more at our comprehensive news website. We bring you all the trending stories, match analyses, player interviews, and event highlights from the world of sports. From thrilling matches to transfer rumors, injury updates to championship triumphs, we’ve got you covered. India Blog Today
Parental controls on Snapchat are features and settings designed to help parents monitor and restrict their child’s activity on the social media platform. These controls enable parents to effectively manage their child’s Snapchat usage and protect them from potential online risks.
snapchat parental controls
https://parental-control.flashget.com/snapchat-parental-controls-guide
Betvisa tặng 100k là một sàn cá cược trực tuyến với một loạt các dịch vụ và sản phẩm đa dạng: cá cược thể thao, sòng bạc trực tuyến.
#betvisatang100k #betvisa #taiappbetvisa #linktaibetvisa
GG Site: https://sites.google.com/view/betvisa100k/
Thank you for sharing this helpful post. The information you’ve provided is truly valuable and well-presented. I appreciate the effort you’ve put into making this content informative and engaging. I’m genuinely looking forward to visiting this blog regularly to stay in touch with the upcoming information you’ll be sharing. Your dedication to providing quality content is commendable, and it’s evident that you’re making a positive impact on your readers. Keep up the fantastic work, and I’m excited to learn more from your future posts!
Nice
https://bitstampcom.net/
Nice
https://bitstampcom.net/
yalla shoot
This is the proper blog for anybody who hopes to learn about this topic. You know a whole lot its almost tough to argue along (not that I actually would want…HaHa). You certainly put a whole new spin for a topic thats been written about for years. Great stuff, just fantastic! The web site is lovingly serviced and saved as much as date. So it should be, thanks for sharing this with us. This web page is known as a stroll-by for all the information you wished about this and didn’t know who to ask. Glimpse right here, and you’ll positively discover it.
스포츠토토
Football betting is a form of gambling where individuals place bets on the outcome of football matches or events. It involves predicting the winner, final score, goal scorers, or other specific outcomes within the game.
เทคนิคแทงบอลสเต็ป
https://www.ufa239.com/แทงบอลสเต็ป/
Most of the agencies have their own websites where you can find the profiles of the Lahore Call Girls they have on their books. You can also find the contact details of the agency on their website. The agencies usually have a wide range of escorts to choose from. You can select an escort based on your budget and preferences.If you are looking for an independent escort in Lahore, then you can search for them on the internet. There are many websites that list independent escorts in Lahore. You can contact the escorts directly through their websites.
Palladium4d
The Symmetry Solution: A Complete Guide to Correcting muscle imbalances
Discover the secrets to achieving a balanced physique with our comprehensive guide on fixing muscle imbalances. Learn targeted exercises, stretches, and techniques to bring harmony to your muscular structure.
Discover the pure sweetness of Tupelo Honey – nature’s golden nectar that’s as unique as it is delicious.
Elevate your health with optimized protein intake – discover its vital role in supporting muscles, energy, and overall well-being.
Hi there I am so excited I found your blog page, I really found you by acciden
비아그라파는곳
This is the new website address. I hope it will be a lot of energy and lucky site
시알리스구매
I’m really glad I have found this information. Today bloggers publish only about gossips and internet and this is actually frustrating. A good web site with exciting content, this is what I need. Thanks for keeping this web site, I’ll be visiting it.
비아그라파는곳
hyy guys this side Inderjeet and I am going to discuss about best cryptocurrency platform in india Cryptocurrency refers to a digital or virtual form of currency that uses encryption techniques for secure transactions and control of new unit creation. Decentralized nature of cryptocurrencies eliminates the need for intermediaries like banks and enables peer-to-peer transactions. It also provides transparency, as all transactions can be verified by anyone on the blockchain. The most popular cryptocurrency is Bitcoin, which was created in 2009 .Bitcoin paved the way for a new era of digital currencies and served as the foundation for thousands of other cryptocurrencies that followed. Overall, cryptocurrencies provide an alternative form of currency that enables secure, transparent, and decentralized transactions, with the potential to revolutionize the way we use and think ..
thanks for sharing.
Thanks for a wonderful share. Your article has proved your hard work and experience you have got in this field. Brilliant .i love it reading. IVG Vapes
Get the best treatment from the doctors of the best heart care hospital. Even check more facilities from the given link to get information about the best heart care in Kurukshetra
Shri Balaji Aarogyam Hospital
Travel Plan Changed? You may easily reschedule your flights at your convenience. According to the new Volaris Change Flight Policy passengers can now make changes either to their itineraries or general details on the tickets. For quick assistance and more details please contact the Volaris 24/7 Passenger Help Desk and speak to a live human without a hitch.
Sometimes travellers want to change their already-booked Alaska flights, but they are not aware of the policies and processes for doing so. You must adhere to Alaska Airlines Cancellation Policy at all times if you also want to cancel your flight reservation.
Excellent article. Very interesting to read. I really love to read such a nice article. Thanks! keep rocking. شركة تنظيف في دبي
Most of the agencies have their own websites where you can find the profiles of the Call Girls in Lahore they have on their books. You can also find the contact details of the agency on their website. The agencies usually have a wide range of escorts to choose from. You can select an escort based on your budget and preferences.If you are looking for an independent escort in Lahore, then you can search for them on the internet. There are many websites that list independent escorts in Lahore. You can contact the escorts directly through their websites.
Win79 mặc dù là một nhà cái ra đời sau nhưng nó lại mang đến tầm ảnh hưởng rất lớn. Win79 chính thức đi vào hoạt động vào năm 2022 nhưng đã có nhiều thành tích ấn tượnng và dần trở thành một nhà cái lớn nổi tiếng trên thị trường Châu Á.
इन बुक्स को पढ़ने से पाठक अपने अंदर की गहराईयों को समझते हैं और दूसरों को समझने में सक्षम होते हैं, जो उदारता और सहानुभूति को बढ़ावा देता है। सारांश के रूप में, Psychology Books मनुष्य के व्यवहार की पेशेवर गहराईयों की समझ को समृद्ध करती हैं और व्यक्तिगत विकास, स्वयं-जागरण और समाजवादीता में एक महत्वपूर्ण भूमिका निभाती हैं। आइये जानते है 10 Best Psychology Books In Hindi के बारे में
Literalmente, no hay descuento para estudiantes de Netflix para estudiantes universitarios. Pero no te decepciones todavía. Hay algunos métodos que puede usar para obtener Netflix para una prueba gratuita.Aunque descuento netflix estudiantes si el acceso ilimitado a Netflix cuesta $ 7.99 por mes, es posible que los estudiantes con un presupuesto limitado no puedan pagar dicho paquete de membresía Netflix no ofrece descuento para estudiantes. Lamentablemente, Netflix ofrece con frecuencia ofertas especiales y descuentos a clientes nuevos y actuales, por lo que es concebible un descuento para estudiantes en el futuro.
Really impressed! Everything is very open and very clear clarification of issues. It contains truly facts. Your website is very valuable .토토사이트
Awesome! This is the way of helping people I like it, keep going on and thanks for sharing such an informative stuff with us. I like to visit this valuable site again for further useful information. Check out our tech blog and give your precious suggestions;
Univold
Excellent .. Amazing .. I’ll bookmark your blog and take the feeds also…I’m happy to find so many useful info here in the post, we need work out more techniques in this regard, thanks for sharing. You Can Also Visit Here: write for us Fashion
AI can automate tasks that typically require human intelligence and decision-making. This can lead to increased efficiency, accuracy, and productivity. top 5 undress AI programs
Thanks for sharing! very Informative : Sarkari result
Nice post
regards
Here is my blog where you can get the Best smartwatches under 5000
Ma Dong-seok Movies criminality City 4th Story Preview Lead actor interview
Chatbots can handle a high volume of interactions simultaneously, ensuring efficient and scalable customer service or information dissemination. Clothing Removal
Buruan gabung di slot online Gampang menang, seru permainannya dan bonusnya pun melimpah
Perdana138 Agen slot gacor terpercaya gampang menang seperti kami akan selalu menjaga reputasi nama baik serta selalu meningkat kwalitas pelayanan kepada para member.
situs slot online yang menyediakan permainan judi slot terlengkap dan Gampang menang saat ini serta jackpot terbesar bisa kamu dapatkan. Mengikuti taruhan judi online slot memang bisa dilakukan melalui pilihan situs slot online gacor mana saja.
Perdana138 adalah Slot Gacor situs slot online paling gacor gampang menang terpilih dan terbaru 2023 yang sediakan permainan judi online terlengkap seperti slot online, sportsbook, sabung ayam dan tembak ikan.
Selamat tiba di situs resmi pendaftaran Akun Pro Gacor slot online, kami adalah situs resmi untuk beberapa pencinta judi slot online yang ingin lakukan registrasi Akun Pro Gacor slot online server luar negeri.
Perdana138 merupakan Situs Judi Online Resmi pilihan paling menguntungkan dalam situs judi slot terbaik dan terpercaya no 1 paling gacor. Hadir dengan banyak sekali pilihan permainan slot online terbaru tentu saja tidak akan membuat kalian merasa bosan untuk bermain judi slot online setiap hari. Situs slot resmi menyediakan berbagai fasilitas terbaik dalam melakukan deposit, customer service, pelayanan, dan withdraw. Semua akan diproses dengan sangat cepat dan aman. Slot online resmi sebagai salah satu situs slot terbaik di Indonesia tentu akan membayar berapapun kemenangan yang diperoleh oleh pemain slot resmi 2023.
Transportation refers to the movement of people, goods, and services from one place to another. It is an essential aspect of modern society, enabling the exchange of resources, promoting economic growth, and connecting people to different regions.
TCI Co., Ltd.
https://osaki.blog/
Gemwin hiện là cổng game giải trí được pháp luật và các tổ chức cá cược thế giới công nhận, đánh giá cao. Nên khi gia nhập, các thành viên hoàn toàn yên tâm về vấn đề bảo mật và tiền bạc.
#gemwin #taigemwin #linktaigemwin
Дуже цікавий огляд, мені сподобалося. Чекатиму на ще подібні новини aandreyL.
Palladium4d
Gemwin là cổng game mới trong thị game cá cược online. Nhưng đã nhanh chóng thu hút sự quan tâm và tham gia của cộng đồng cược thủ. Sân chơi luôn đảm bảo mọi thao tác chơi game hoàn toàn hợp pháp và an toàn.
#gemwin #taigemwin #linktaigemwin
Online gambling game center, the number 1 service that Thai people are most popular. online gambling games online slots
123vip ดาวน์โหลด
Thank you for this article! B.Ed counselling 2023 for the year 2023 are now open, apply now to a career in teaching
Emaar Properties In Dubai