As stores and brands are finally wrapping themselves around the idea of change in order to attract new consumer interest, (especially Millennials) we are starting to see new store formats. Vera Bradley (NASDAQ: VRA) recently announced what sounds like a revamp to their business to attract more of the millennial customer.
They recently opened a new store in Soho, New York City, which features their new leather collections and new marketing approach. Their new leather goods are trend driven and are resonating with consumers as some of the items are noted to be best sellers. A key change for them is also stepping away from labeling, which continues to be a trend consumers are paying close attention to.
Digital interaction is brought into the store with the showcase of their new campaign, #itsgoodtobeagirl. The campaign is meant to empower women and the digital screen in store allows you to search women doing similar activities. Customers can also leave their image and help build the hashtag.
And while the new store also has a modern approach and creates a more engaging experience, it still had an overwhelming amount of printed product across their categories. (However, we feel they are younger looking prints.)
We are concerned about their multi-pronged initiatives including, increased exposure in Macy’s (NYSE:M), which continues face headwinds, expansion into home, fragrance, stationery and publishing? Will there be too many distractions to keep their eye on the product and their new target audience? We feel a steady measured approach might be the answer.
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