When an off-price retailer needs a better brand health feedback loop to compete

THE SITUATION:
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The retail world is changing at a rapid pace. While traditional department stores face challenging hurdles, off-price retailers are seeing more opportunity.

To maintain this momentum, off-price retailers will need to deliver a unique and compelling experience, while maintaining an attractive price point.

MAGID APPROACH:
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Outpacing the competition by way of insights

Assessing a brand’s health includes a deep dive into retail spend, current perceptions, macro and micro trends, life stage, barriers to shopping and more. We used this holistic approach to identify key strengths and opportunities for an off-price retailer brand, including a full competitive analysis.

Then we went deeper. We established a multi-year insider panel of fashion enthusiasts from across the country and created a custom set of activities from in-person sessions and secret shopper missions to collaborative ideation sessions, which were key for informing store design, fashion and shopping strategies, and identifying shifts in trends and expectations – keeping our client ten steps ahead of the competition.

The depth of this engagement and this method of continuous feedback, discovery, and ideation meant that our client was able to implement ideas with much less lag time and approval time.

The research was ongoing, the insights creation happened in real time, and stakeholders from all areas of business were engaged in the process and hearing feedback directly from consumers – allowing for immediate validation and refining of new ideas.

PROJECT DELIVERABLES:
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» Macro trends assessment
» Retail spend analysis
» Consumer attitudes and usage
» Competitive market assessment
» Fashion panel ideation sessions
» Secret shopper experience reports
» Product and store experience enhancement planning