On the eve of his induction to the World Retail Hall of Fame, Michael Gould, chairman and CEO, Bloomingdale’s, commented on a “lack of newness and excitement” in the contemporary US retail market, referencing the company’s move to look at European fashion brands as an example of how it is delivering freshness and excitement to its contemporary wear.
“The customer is very smart, and a lot smarter than sometimes we think they are. The need to continually deliver newness was demonstrated by the company’s research that showed, of those customers that left without making a purchase, the reason given in fifty per cent of cases was that they hadn’t seen anything new,” he said.
Expressing his focus on one core thing, “how do I get more customers to come to Bloomingdales”, Gould noted that he wanted them in the brand, regardless of whether it was in-store, online or in an outlet, and that the one thing that differentiated a retailer to attract consumers were its people. “The energy is the people,” he said, adding he looked for “intellectual curiosity” when interviewing prospective employees.
Talking about the future of the company, and its new store in Dubai, he emphasised that Bloomingdale’s would continue to focus on its US business. “Our future is in the US. There are opportunities outside the states, but that’s not going to be our focus,” he said.
– IndiaRetailing Bureau
