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.
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.
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.
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.
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.
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.
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