Friday, September 25, 2009
The Flagship Store
If a retailer is going to have a flagship store in Manhattan, then it has to think carefully about the purpose of that location. All retailers in places like Times Square are paying enormous amounts of money per square foot for rent as well as build-out costs. Many do not operate these stores profitably; they run these retail locations in Manhattan for marketing and advertising purposes. However, too many retailers do not take full advantage of the flagship store concept. They are not creating a powerful brand-building experience. The flagship NYC store is a tremendously cost venture, yet it's also a unique opportunity to bring a brand to life and to emotionally connect with millions of consumers per year. Before putting a flagship store in NYC, companies need to think carefully about how that retail location could and should look differently than their other retail outlets. The purpose of the Manhattan store is different; thus, the experience, atmosphere, and even product selection should be tailored to the distinctive purpose(s) of a flagship store.