Real World Learning Through Concept Retailing

TAYLOR, Lesley A. (2018). Real World Learning Through Concept Retailing. Bloomsbury Fashion Business Cases, 26 October 2018, (In Press)

Microsoft Word (Real World Learning Through Concept Retailing) Abstract Submission LTaylor ReSo.docx - Draft Version Download (254kB)

Abstract

Primary subject(s) e.g. branding, social responsibility Innovative teaching in fashion retail through a unique store concept Company or business under discussion Re:So, The Retail Solent Initiative, part of Solent University (Southampton UK) Description of the scenario and the business problem / challenge / dilemma Scenario: Founded on 2012, Re:So is a unique student led retail store in a Southampton shopping centre. This concept store is award winning and unique in the UK. Being away from the main campus it trades standard retail hours (7 days a week) and is run by a regularly evolving team of the University’s students who are either working on an assignment centred placement or are in paid specialised roles. These roles can last from 100 hours in total (unpaid/assignment based) to hourly paid for up to three years. The store is stocked by creative students and alumni who design and make product ranges for sale. These range from fashion, accessories, art, homewares and publications and are promoted. The store also trades as a pop up at external events. Business problem: The main focus of the store is on learning, however the store is not currently 100% financially sustainable. With the store relying on the student and alumni products, stock cannot be called off nor delivered weekly and has no regular delivery pattern. At times stock can run low and it does not change as often as consumers may be used to. It is also located in a first floor unit, out of sight of many shoppers in the centre. Moving to a prime (high rent) location is not viable due to budgetary restraints. Those that know or find the store fully appreciate the concept and the choice of unusual product ranges, making it unique in Southampton. Can/should the business model change to enable it to become more sustainable. If so, how? The main learning objective for students To gain an understanding of what concept retail is To develop ideas to help to develop an existing, and unique, business model To assess where independent retail sits within the wider landscape To consider ways to increase footfall and sales for a unique store Any relevant details about the setting e.g. year, location, market: Customer profile is wide: students, local community, cruise ship custom (it is near the cruise port of Southampton), age ranges from 14-80. The Marlands Shopping Centre where the store is situated consists of two trading floors with a mix of approximately 60% high street multiples (lower/discount end of the market) and 40% independent retailers ranging from fashion to fruit and vegetables. Five minutes’ walk from this shopping centre is West Quay, a larger, newer mall with mid range well known multiples in situ.

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