Local businesses warned to think outside square
Speaking at the recent L'Oreal Melbourne Fashion Festival business seminar, former Topshop brand director Jane Shepherdson said that local businesses in this sector were at a risk of becoming too generic and undistinguishable.
"A lot of middle market businesses fail because they haven't identified a house style...there must be something recognisable about the product in your stores."
Shepherdson, who transformed Topshop from a $20 million a year operation in 1998 into a $250 million a year powerhouse in 2006, said that along with unique product categories, retailers need to better interact with consumers by offering them additional privileges and services.
During her reign at the now booming UK fashion chain, Shepherdson said she introduced exclusive "retail consumer events" such as in-store fashion parades and parties, a style advisor service and after-hours VIP shopping parties.
Along with these schemes - which she credits for bolstering the company's relationship with its consumers - the entrepreneur also launched Topshop Express, a free scooter delivery service in London and even staged shopping nights which offered shopping discounts and free beer to students only.
"[It] keeps their interest in your business and people will always be thinking, 'oooh, what are they going to do next?' You have to move outside of your comfort zone. Only then will you achieve something a little bit more."
Although Shepherdson conceded some businesses could not afford to take extreme risks, she said it was imperative they at least created a strong point of difference. This meant not falling into the temptation of imitating "bigger, trendier" fashion companies.
"There's a huge amount of competition out there and certainly the market here seems to be quite similar to the UK.
"There's a lot of competition in the middle market - you have to find out what your own differential is."
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