Experiential Marketing: What Retail Needs to Stay Alive
The article I found deals with how experiential marketing may be the key to helping retail stay alive. It starts out by giving an example of a dying retail chain that used to be incredibly popular, but floundered due to the rise of online shopping, Toys-R-Us. The author, Jason Yormark, however, states that he disagrees with the idea that retail is dead and believes that experiential marketing is the best way to revive it. This goes back to Toys-R-Us going bankrupt, as Jason believes that because all they did was try to sell product and not provide a memorable experience in the process. His suggestion was to go away from the traditional shelved merchandise format and go towards stations, events, and experiences that promote the toys and games in a fun, energetic, and memorable manner. He sees this time as evolve or die; that if you want to compete with digital sales, provide an experience that makes people want to leave the house and go to the store, but that doesn’t mean kill technological retail. He believes that they can co-exist together.
This is a brief article, but I agree with what Jason has to say. I personally prefer traditional retail experiences but having online retail to go to is convenient in a pinch - especially if stores do not have what you need in-stock, and I think it would be nice if more stores tried using experiential marketing. I can see what a toy store could do with it, heck, I could even see H & M doing a runway model station or Finish Line having a station where you test several different shoes. Experiential Marketing can be a great path to follow, not only for retail because of the opportunities it brings.