By: Erin Uchaz & Mikaela O’Halloran. About StoryAbout Story Located in the Chelsea neighborhood...
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Transcript of By: Erin Uchaz & Mikaela O’Halloran. About StoryAbout Story Located in the Chelsea neighborhood...
By: Erin Uchaz & Mikaela O’Halloran
About Story
Located in the Chelsea neighborhood of New York City
Boutique that changes its store concept every four to eight weeks
Each concept tells a different “story”
“explore themes that are universal in concept but niche in execution”
Goal is to be ever changing like our mobile life is – even within a story products can change weekly
http://www.inc.com/nicole-carter/a-brick-and-mortar-start-up-store-rachel-shechtman.html
Founder of Story 36-year old Rachel Shechtman
consulted for brands like Kraft, TOMS shoes and Lincoln
One of Fast Company's “100 Most Creative People in Business 2012”
Fortune’s 2013 40 under 40
Believes “the future of retail will be less about consumption and more about community” and “collaboration is the new competition”
How It Profits Advertisements and sponsorships are crucial for the
store’s profit and sustainability can cost anywhere from $50,000 to $175,000
Perfect place for conversations between consumers and brands
Appeals to all age groups and all levels of spending as long as they relate to the story “People always say, "who’s your market?" And I
always say I only have two rules. Every story needs to appeal to someone between the ages of 5 and 80, and there has to be something for sale that’s $5, and it can go as high as $5,000.”
In store events like classes, book signings, music and talk events
Hopes to expand with at least 5 stores in the next 3 years (as of 2013)
Past Stories Launched in Beta as a “Start-Up Store,” spotlighting emerging
digital retail concepts
Home for the Holidays Story – turned the weekend between black Friday and cyber Monday into a block party and doubled sales from the previous year “an editorial gift guide that comes to life in someone’s home” -
The living room is Something for Everyone, the playroom is for the Kids and so on
New York Story – custom Milk Made ice cream flavors sold by the pint or cup for the first time and exclusively at Story, skill-share classes with New York Mouth
STRENGTHS New spin on Brick-and Mortar
Different Concept
Every 2 months there is a new reason to come back Appeals to the ‘fickle
customer’
Target men, women, and children between the ages of 6-90
Interactive not just shopping Events, activities, food and
drink “Interaction in a retail space
often leads to interaction with wallets and purses”
WEAKNESSES
Not well known
Limited Advertising
Turnover time
People may assume that it is an expensive store because they have expensive products
Only in New York
No online store
OPPORTUNITIES Expanding to different
locations LA? London? Tokyo?
Marketing and Advertising Grow its social media
presence
Smaller Businesses
THREATS Copycats
Stores with the same products but cheaper
References http://www.huffingtonpost.com/2012/11/09/concept-shop-
story_n_2103800.html
http://money.cnn.com/gallery/magazines/fortune/2013/09/19/40-under-40.fortune/36.html?iid=40Under13_fl_list
http://www.thenextwomen.com/2013/04/24/inside-scoop-story-revolutionary-nyc-retail-concept
http://nypost.com/2013/12/03/small-businesses-see-increase-in-holiday-sales/
http://www.elle.com/fashion/spotlight/holiday-picks-from-story-chelsea#slide-1
http://www.coolhunting.com/design/story-new-york.php
http://www.bloomberg.com/video/story-shopping-in-a-living-magazine-BvaSP9b8QuWlVt_BZd5tng.html
http://www.inc.com/john-brandon/this-start-up-is-shape-shifting-the-retail-store.html
http://www.inc.com/nicole-carter/a-brick-and-mortar-start-up-store-rachel-shechtman.html