I was asked by Shopping Centre News of the Netherlands to contribute on article on what the Experience Economy means for the retail industry today. In “Your Competition? The World” I relate how retailers really do compete against the world for the three currencies of the Experience Economy: time, attention, and money.
Read it to learn what retailers should do to forestall the rampant commoditization in the industry, and to see how a number of companies are bucking the trend to stage retail experiences worth having.
That includes what has become one of my favorite experience stagers since I first learned of it last year: Wingtip, a men’s store in San Francisco. Its founder, Ami Arad calls it “Solutions for the Modern Gentleman” (and after visiting with him, I can attest that he exemplifies that ethos). When he read The Experience Economy Ami told me he came to the point in Chapter 3 where we tell readers to ask themselves, “What would we do differently if we charged admission?” and took the question very seriously. So he decided to create a members Club on several floors above the store, charging $200 per month for an amazing membership experience. So the men’s store creates demand for the club while the club creates demand for the men’s store!
Let me also take the time here to thank Paul Rodenburg of B@S Consultants for arranging for the article in concert with an event we did together in the Netherlands, and especially to Kevin Dulle, one of our Certified Experience Economy Experts with experience designer NewGround, and, personally, the IdeaFreak of The Thinking Canvas. Kevin drew the two retail illustrations for this article, and for the past year has hand-drawn all of the slides I use in my speeches, workshops, and consulting. I have come to rely on Kevin greatly for the work he does in visually translating my ideas and frameworks into images that engage my audiences the world over.