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Retail has become the most effective means of
advertising.
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Many of today's largest corporations have figured out a way to maximize their advertising
dollars, promote their brands and bring in millions of dollars of revenue all at
the same time. It's called retail.
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When one conjures up an image of a retail shop, it usually brings back a memory
of the grocery store, pharmacy, or candy store in your neighborhood growing up.
I'll bet you could even remember the name of the proprietor and the color apron
or cardigan sweater he wore. |
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Recently, a new phenomenon has begun to take shape and that is retail as branding.
Companies that never have had stores or connected with their customers on a day-to-day
basis, have found that a ground floor showroom can give more bang for their buck
than a full page ad in a magazine or a 30-second commercial, plus enable people
to get to know the company better and interact with all of their products and services.
Simply put, a retail location in Times Square or any other high profile avenue has
become the most successful way for a company to brand themselves. |
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A great example would be the Hershey's store at 48th and Broadway. This store was
not opened to sell candy. Their spectacular store front and sign package has the
ability to be seen and visited by the 40 million people that Times Square sees annually.
And it is probably in more than its fair share of the 100 million snapshots that
Kodak estimates are taken in Times Square each year. |
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Want to get noticed? Open a flagship retail store in New York City. Richard Branson,
the Chairman of Virgin, hot air ballooned into the middle of Broadway, while Toys
R Us installed a 60-foot high ferries wheel in the middle of Times Square and Stella
McCartney's opening drew rock 'n roll and Hollywood royalty. |
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Prada spent over $45 million on its 23,000 square foot store creating a buzz, the
likes of which New York hadn't seen for quite some time. The press, the parties--everyone
was talking. Now, 5 years later, Prada is still a magnet, showcasing the latest
in technological innovations, and prompting The New York Times to describe the store
as a museum show on display. The flagship store succeeded wildly in delivering on
Prada's strategy to showcase the store as a worldwide attention-getting device. |
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Giant companies and
manufacturers such as SONY, Samsung, Cadillac and Apple, to
name a few, all have realized that for approximately the cost of a billboard, a
retail showroom will send out the same message, yet add so much more value. Recently
companies like Song Airlines, Target, JVC, Unilever and Meow Mix have even taken
it a step
further. They have introduced the concept of short term retail or pop
up retail, understanding the bang for their buck is far greater than any other advertising
medium. Meow Mix got so much exposure that they reconsidered leaving when their
lease was up, but unfortunately for them, we had already signed a long term tenant. |
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In conclusion, a retailer, manufacturer, or Fortune 500 company who wants to announce
a new product, a new line, their comeback, etc., etc., may want to think out the
box ... and into the store! |
