INSIGHT
Is it time to think small?
It feels as if the mantra of bigger being better is finally fading. Thinking small, intimate and local is a prevailing trend, where even some of the biggest global brands now see that smaller, localised shops and limited-edition collections as the best way to win over customers.
Robert Burke of retail consultancy Robert Burke & Associates says.
“People are looking for more intimate stores, they’re looking for environments that are more personalised.”
NIKE BY KINGS ROAD This new store is marketed as a neighbourhood home. Informed through insights which local Nike members have shared through the digital ecosystem; shop products and design details that have been tailored to customers – whether they live, work or shop in the neighbourhood.
Creating richer moments in physical retail experiences is being led by a boutique ethos; sensorial and memorable. This is evidenced by how many retail and hospitality businesses are shrinking their estates to focus on fewer sites, but richer, more memorable experiences.
Nike are looking at their retail estate, not as a macro, but as a more intimate, ‘boutique’ personalised and local way, editing their physical points of sale dramatically to allow them to make these physical interactions with the brand more personalised, intimate, individual, resonant, and memorable.
We can see how ‘small is beautiful’ is being borne out in markets such as beauty, wellness, hospitality and retail. Innovation, change and disruption is being led by the niche, focused brands that have highly unique propositions and a distinctive point of view.
For example, indie brand Drunk Elephant. A curiously idiosyncratic name, and ethos. With its focused proposition, it has the agility to respond quickly to consumers needs that few larger brands can emulate.
Casual dining space is suffering with too many cookie cutter concepts, but since millennial diners want more diverse fast-food dishes (Technomic, 2019), astute restaurants are experimenting with previously overlooked authentic experiences, while street food inspired brands are energising the sector by expanding into new markets such as Lebanese Kebabji in London and Egyptian Zooba in NYC.
Collaborations with unusual cross sector partners can be another useful way to keep brands fresh, local and relevant. Soul Cycle and cult New York bakery Milk, worked together to offer Soulfuel, a post work out cookie, which joined together opposed customer bases of cake lovers and sports fanatics.
People have almost unlimited choice, so the battle for their attention and loyalty means re-engaging their senses in ways that are meaningful.
The beauty of thinking small is that it places your brand at the level of intimate engagement with customers: don’t forget the small picture as you’re strategising around the big picture.