Hot Topic: Retail Industries and Their Tried-and-True Products
by Christina Lee on September 9th, 2009
With today’s economic instability, retail industries have managed to stay afloat by recovering best-selling products of their past and catering them to present customers. Such a strategy is all part of a retail mantra becoming more prevalent in modern marketplaces: stick with what works, the tried and true. Take note from a few industries who are adapting this for themselves:
Video Games
Though experts deemed the video game industry recession-proof in 2008, it finally began to show some weakness in 2009, as profits fell 14 percent in July from the same month last year. In efforts to counter this fall, publishers are shifting their priorities to promoting upcoming video game sequels. Call of Duty, Need for Speed and Assassin’s Creed are all games whose second or third chapter comes out this fall, though perhaps the most anticipated of them all, for gamers and analysts alike, is The Beatles: Rock Band. (Find out why at Newsday.)
Apparel
As their industry quickly became susceptible to economic decline, apparel retailers have begged designers since last year to create lines catering to today’s thrifty consumer. Designers have finally answered those prayers in their upcoming spring collections, offering high-quality casual contemporary separates with a timeless feel.
“It’s creating a product that is buy-now, wear now,” said designer Peter Som to WWD. “At the end of the day, it’s a partnership with a retailer, and understanding what the customer is looking for, then taking that information and giving them that and something they didn’t know they were looking for. It’s the ultimate dance of commerce and creativity.” (Find out more at WWD.)
Movies
Re-releasing Disney’s cinematic classics is a selling strategy that Walt Disney created himself. But the upcoming theatrical showings of Toy Story and Toy Story 2 are taking this marketing strategy to a level beyond even 3-D, as they lay the groundwork for next year’s Toy Story 3.
A new line of consumer products, featuring Halloween costumes, DVD rereleases and toys, are set to follow the theatrical releases. As a result, the company hopes that Toy Story 3 will become one of Disney’s most profitable movies in years, with a level of success echoing that of its predecessors. (Find more information at the Wall Street Journal.)
Retailers, which of your tried-and-true products have carried you through the current economy? What do your customers like about them?
can i get free stuf for my eleven year old daughter
devon douglas
September 10th, 2009
at 12:30 pm
and what kind of products do they carry
devon douglas
September 10th, 2009
at 12:33 pm
Devon – we would all love some free products from these retailers. I think the goWholesale team’s productivity would crash if we were given The Beatles: Rock Band.
What kind of products does who carry?
Jonathan Staley
September 10th, 2009
at 3:26 pm