Retail Group Co-Leader Ronald Friedman wrote about changes in the online retail sector for the March issue of Fashion Mannuscript.
By Ronald Friedman, Co-Leader, Retail & Consumer Products
[S]tay ahead of the curve and change as your customer changes. Today’s product will not be tomorrow’s. I like to tell the story of a client that my firm had that manufactured a lady’s pant, which was the hottest item in the market at the time. The company grew steadily on just this one pair of pants, and customers kept buying it. The problem was that the customer got older, and eventually that generation passed away. The company also passed away because it never adapted to a new audience. Change is necessary – today even more so than in generations past.