Creating a Unique Shopping Experience at STORY: The Success of Event Programming and Community Integration in Retail
Rachel Shechtman shares her journey of creating a unique shopping experience at STORY, a store that reinvents itself every one to two months based on a magazine concept. She discusses the success of event programming and community integration in retail, and the importance of providing a unique offline experience.
00:00:04 Rachel Shechtman shares her journey of creating STORY, a store that reinvents itself every one to two months based on a magazine concept. By curating merchandise and hosting events, STORY combines retail and media to create a unique shopping experience.
Rachel Shechtman shares her journey of creating STORY, a retail concept that reinvents itself every one to two months.
STORY operates on a business model called retail media, where they curate merchandise around a subject matter and bring it to life through events.
By including brand sponsorships, STORY not only adds authenticity to the subject matter but also generates a helpful revenue stream.
00:05:38 Rachel Shechtman, STORY at Macy's - New rules of retail | #BBDSummit 2020.
ποΈ Rachel Shechtman discusses new retail strategies and partnerships to enhance customer experience.
π’ Story at Macy's, a brand experience activation, successfully tested virtual reality meditation in a physical setting.
π‘ Merchandising and partnerships are explored, such as creating a chandelier with a mobile-controlled lightbulb.
00:12:36 Rachel Shechtman shares her approach to adapting STORY at Macy's, focusing on analog machine learning and hiring based on mindset. Collaboration and creating new processes were key to success.
π Adapting the concept of analog machine learning to the physical retail world.
π€ Emphasizing the importance of mindset over skillset when hiring.
π Creating collaborative processes and partnerships within Macy's.
00:18:05 Rachel Shechtman, STORY at Macy's, shares the success of event programming and community integration in retail. She discusses the challenges of opening a smaller format Macy's store and the development of a future-proof model based on cultural commerce.
π₯ Community and events are important in the future of retail.
π‘ Opening a smaller format Macy's store with a different approach.
π° Challenges in pricing and redesigning digital price tags.
π Creating a future-proof model of cultural commerce.
00:23:39 Rachel Shechtman, STORY at Macy's - New rules of retail | #BBDSummit 2020.
π’ The approach taken for the Macy's stores in different locations is community-centric and unique.
π The team stayed in an Airbnb to experience the local culture and build authentic relationships.
π° The Market by Macy's store is a social shopping space that celebrates discovery, community, convenience, and the past.
00:29:09 Rachel Shechtman discusses the new rules of retail and how businesses can make an impact while still making money. She emphasizes the importance of providing a unique experience that customers can't get online.
ποΈ Retail experiences should offer something unique that customers can't get online.
π Telling a story about a product or offering a different perspective can make it stand out.
π Understanding your brand's DNA and finding innovative ways to engage customers is key.
00:34:48 Rachel Shechtman discusses the changing retail landscape and the importance of adjusting category mix and store design. She emphasizes the need to consider customer behavior and focus on lifestyle centers and urban environments for growth.
π Adjusting category mix based on demand and supply
ποΈ Importance of smaller format stores and retail spaces
π’ Choosing locations based on consumer behavior and lifestyle centers
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