I include below an intelligent quote from Starbucks CEO Howard Schultz during yesterday’s conference call with investors. It is noteworthy because he references some data metrics that Fedex founder Fred Smith shared with him that points to the closure of many traditional retailers in the years ahead due to the Amazon effect.
Schultz believes, and I agree, that the best way to ensure the survival of your physical business location is to make it experience-based. If I were in commercial real estate and operated a mall, I’d bring in musical performers, circus/magic acts, integrated discounts (my brother frequents a campus bar that gives you a $5 coupon for a haircut when you buy a pitcher of beer), and even talk-show type discussion and motivational speaker type discussion to stimulate traffic.
I consider it a savvy business move for Schultz to focus on getting and keeping customers attracted to the socialization … Read the rest of this article!