January 13th, 2010Retailers see innovation, speed as keys to growth
New York – Retailers are using a host of strategies in adapting to the downturn — from improving their products to expanding their e-commerce businesses — which they hope will better position themselves for a rebound in the economy.
J Crew Group Inc (JCG.N) Chief Executive Millard Drexler said on a panel on Monday that even though technology is changing the retail environment more rapidly than ever, creativity and good products remain the key to success.
“At the end of the day, I think the franchise lasts as long as the creative product gets flown through. You can talk all day long about anything we do … but last year told us to be better than we are, to be more creative. I don’t think that’s ever changed.”
James Fielding, president of the Disney Store retail chain (DIS.N), said that during the most recent holiday shopping season, consumers across the globe responded to newness, quality and then value, when it came to shopping at its stores.
“We were smart in our pricing, but we led with quality and newness,” Fielding said.
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