Pier 1 plans store closings and negotiations with landlords to lower rent. Through negotiations, so far the retailer has secured $5 million in savings for the fiscal year ending in 2010, the company said.
The fragmentation of the audience for mass media presents retailers with an opportunity to start using in-store digital media. Digital Signage Today recommends that the chief marketing officer take charge of the digital media and that it be tested for 90 days in a few distinct markets.
Lane Bryant executive Jay Dunn, who will be a speaker at Shop.org's Online Marketing Workshop, talks on the group's blog about whether the economy has a silver lining, being a musician and a graphic designer, and his company's history. On where he finds inspiration, Dunn says: "I'd love to have the command of language of Barack Obama. The humanity of ex-Buccaneers and Colts head coach Tony Dungy. The cultural-analysis skill of Malcolm Gladwell."
Retailers are likely to follow the lead of companies such as Wal-Mart, which is revamping its private-label brand, and Macy's, which is targeting local markets and customer segments. They also will probably reduce store sizes, packaging and expansion plans, consultants say.
When Odin New York opened in New York's East Village five years ago, the owners were filling a need for higher-end men's clothing in the neighborhood. They've since expanded with a larger store that sells more footwear, as well as a women's store and a store that constantly changes the designers and brands it features.