This week was the annual ICSC RECon in Las Vegas, or “the Super Bowl of Retail,” as it has been nicknamed. This is an annual favorite trip for me, a chance to see old friends and make a few new ones. It’s also an opportunity to see what’s on the horizon for the industry, and plan ahead for the year to come.
This year’s keynote speaker was Kendra Scott, chairperson of Kendra Scott jewelry. Her insight into what makes a retail company primed for growth is worth sharing. Here were my main takeaways.
Don’t be afraid to pivot. Kendra started out in the hat business, only making jewelry as a side hustle. When she realized hats weren’t selling, she found her real niche, but only because she was able to lean into the change.
Control your brand. Kendra Scott jewelry was once wholesale only, but this gave her no control over customer experience. When she realized customer service was the differentiating factor, she started her own boutiques. She now has 150 stores and full control of the shopping experience.
Define what matters to you, and make it top priority. For Kendra, her children come first, and she includes being mom in her business life. Beyond family, this “people first” philosophy extends to employees and customers.
Find ways to meet new customers. This year, Kendra Scott started a new line available in Target. The offerings are different and the price point lower, but 90% of the customers are new. This “embedded retail” concept has introduced her style to a whole new market, and opened the business up for new growth.