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69 Slam Launches in Grand Cayman

| Retail Stategy | | Leave a comment |

Since the release of the first collection in 2004, 69SLAM has spread its seed, harnessing worldwide fans in over 50 countries around the globe. Over the years, 69SLAM has built a reputation with its colorful, alternative and suggestive prints, continuing to outdo itself with each bold step.

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Their newest venture is in beautiful Caribbean nation of the Cayman Islands, known for crystal clear blue waters and miles of white sandy beaches. 69SLAM intends to illustrate its motto ‘PLAYLOUD!’ in the best possible way by opening a new store in the Caribbean Plaza with the help of retail consultants, Savage Consulting, bringing with it the same confident, whimsical and playful designs that make is such a popular brand.

Showing off a selection of retail goodies to be expected at the new location, Savage Consulting hosted the initial 69 Slam brand launch last weekend at the Norceca Volleyball Tournament held on the world famous Seven Mile Beach, Grand Cayman. The event attracts teams from North, Central America and Caribbean for a week of competition and fun in the sun.

69SLAM Cayman will offer an array of loud and colourful underwear, swimwear, apparel and other related products available to both local residents of the Cayman Islands and visiting tourists at their retail location with new shipments hitting the shelves on a regular basis.

Follow us on Facebook at @69 Slam Cayman.

The Grand Cayman Airport Transformation Begins

| Airport & Travel Retail, Retail Stategy | Leave a comment |

On April 13, 2017, the Cayman Islands Airport Authority (CIAA) released its Request for Proposal (RFP) for retail concession space at the Owen Roberts International Airport. I spent a few days reading the RFP with great detail and found the document to be well done and clearly developed in order to bring a great opportunity to select the highest quality shopping and dining concepts to meet the passenger’s needs. In light of this news, I would like to share with you my most recent blog post regarding this opportunity.

Travel retail is set to be worth a staggering $125 billion by 2025. With its diverse culture of over 200 nationalities, fast growth in passenger numbers, a captive consumer base and with digital yet to be fully developed, it seems that things are destined to get better and better for the travel retail industry. Airports across the world are home to impressive retail and brand success stories. A channel with exclusive product ranges, incredible retail activations and a generous investment in high-profile promotions.

Of the travelers that do enter the travel retail stores:

  • 70% of buyers plan to make a purchase >> 30% buy on impulse.
  • 50% buy to treat themselves >> make the retail offer enticing.
  • 30% buy a brand for the first time >> give shoppers confidence.
  • 30% spend more than intended >> encouraging trade up.

It’s no wonder that many brand owners view airport retail as an opportunity to expose their products to the masses, drive domestic market loyalty and capitalise on the uniqueness of the channel. Be it for one reason or a mix of all, it’s clear therefore that the retail experience needs to be prioritised above all else to fulfill shopper, brand and the retailer requirements. In simple terms, travel retail must put the shopper at the heart of all it does.

In the last 25 years, the economics of travel retail has vastly evolved from a traditional operation under a fixed rental cost agreement to a more dynamic business model where airports operators charge rent as a percentage of sales in addition to a minimum guaranteed. In other words, the relationship between airport operators and retailers radically changed from a simple Real Estate agreement to a Commercial Partnership approach. Under this new innovative model, both retailers and airport authorities need to raise their level of expertise and performance to maximise revenues.

The travel conditions have changed dramatically as well, air passengers must go through long security controls, stress linked to air-traveling (delays, connections, long-flights, etc.). The main focus of travel retailers should be on delivering an exceptional retail experience that can stand up to any other shopping environment – aiming to improve the overall passenger experience. For passengers, shopping in a travel retail environment can and should an enjoyable experience; but to provide an inclusive experience, both retailers and airports managers must consider all travelers.

The opportunity is now! If you are thinking to bid for the chance to be one of the merchants under the new CIAA plan, now is the time to put your best foot forward and consider the following:

  • Build efficient operation that combines exceptional service with a positive customer experience
  • Make incremental improvements on the retail basics as it delivers lasting base line growth
  • Embrace the latest digital advances to make meaningful connections
  • Create retail environments that are relevant for everyone, not just the privileged few
  • Build business plans that take into account 7/18 business and complex logistics
  • Put together an application that will meet the Airport Authority management’s expectations
  • Maximise marketing revenues to balance the concession fee costs
  • Hire/train/organize staff to run their operations based on the passenger shopping behaviour

To receive alerts on airport industry news, follow us on social media and sign up for our newsletter!

Savage Consulting is the only consulting company in the Cayman Islands with this specific area of expertise in Airport/Travel Retail, helping retailers and restaurant owners to create a winning concept adapted to the specific demands of air travelers. If you want to learn more, please contact us at carlo@savage.consulting or call at +1 (345) 326-3333.

CIAA seeks out new concepts for Airport Retail, Food & Beverage

| Airport & Travel Retail, Retail Stategy | 3 Comments |

A new and improved airport experience is coming to the Cayman Islands and with that comes a transformation of the customer experience – including the retail and food and beverage area. The Cayman Islands Airports Authority (CIAA) is close to release the Request for Proposal (RFP) for retail concession space at the Owen Roberts International Airport. This brings a great opportunity to select the highest quality shopping and dining concepts to meet the passenger’s needs.

Travel retail is set to be worth a staggering $125 billion by 2025. With its diverse culture of over 200 nationalities, fast growth in passenger numbers, a captive consumer base and with digital yet to be fully developed, it seems that things are destined to get better and better for the travel retail industry. Airports across the world are home to impressive retail and brand success stories. A channel with exclusive product ranges, incredible retail activations and a generous investment in high-profile promotions.

Of the travelers that do enter the travel retail stores:

  • 70% of buyers plan to make a purchase >> 30% buy on impulse.
  • 50% buy to treat themselves >> make the retail offer enticing.
  • 30% buy a brand for the first time >> give shoppers confidence.
  • 30% spend more than intended >> encouraging trade up.

It’s no wonder that many brand owners view airport retail as an opportunity to expose their products to the masses, drive domestic market loyalty and capitalise on the uniqueness of the channel. Be it for one reason or a mix of all, it’s clear therefore that the retail experience needs to be prioritised above all else to fulfill shopper, brand and the retailer requirements. In simple terms, travel retail must put the shopper at the heart of all it does.

In the last 25 years, the economics of travel retail has vastly evolved from a traditional operation under a fixed rental cost agreement to a more dynamic business model where airports operators charge rent as a percentage of sales in addition to a minimum guaranteed. In other words, the relationship between airport operators and retailers radically changed from a simple Real Estate agreement to a Commercial Partnership approach. Under this new innovative model, both retailers and airport authorities need to raise their level of expertise and performance to maximise revenues.

The travel conditions have changed dramatically as well, air passengers must go through long security controls, stress linked to air-traveling (delays, connections, long-flights, etc.). The main focus of travel retailers should be on delivering an exceptional retail experience that can stand up to any other shopping environment – aiming to improve the overall passenger experience. For passengers, shopping in a travel retail environment can and should an enjoyable experience; but to provide an inclusive experience, both retailers and airports managers must consider all travelers.

The opportunity is now! If you are thinking to bid for the chance to be one of the merchants under the new CIAA plan, now is the time to put your best foot forward and consider the following:

  • Build efficient operation that combines exceptional service with a positive customer experience
  • Make incremental improvements on the retail basics as it delivers lasting base line growth
  • Embrace the latest digital advances to make meaningful connections
  • Create retail environments that are relevant for everyone, not just the privileged few
  • Build business plans that take into account 7/18 business and complex logistics
  • Put together an application that will meet the Airport Authority management’s expectations
  • Maximise marketing revenues to balance the concession fee costs
  • Hire/train/organize staff to run their operations based on the passenger shopping behaviour

To receive alerts on airport industry news, follow us on social media and sign up for our newsletter!

Savage Consulting is the only consulting company in the Cayman Islands with this specific area of expertise in Airport/Travel Retail, helping retailers and restaurant owners to create a winning concept adapted to the specific demands of air travelers. If you want to learn more, please contact us at carlo@savage.consulting.

The Savage Team Deliver Workshop in Bologna, Italy

| Retail Stategy | | Leave a comment |

‘Expanding Your Business Internationally’ – Workshop held for Italian Retailers and Restaurateurs
Business leaders in Italy learn ways to increase their exposure and profitability. For many of those, the goal is to explore the possibility of expansion to international markets.On June 22, 2016 in Bologna (Italy), Galgano Legal Firm together with Studio Servidio Dottori Commercialisti and Savage Consulting teamed up together to host an engaging business workshop. Taking place in the Galgano Legal Firm Bologna office with the aim to explain how to open one or more retail spaces or restaurants in the USA and the Caribbean. The workshop was attended by a variety of business owners who have the desire to better understand the opportunities and process involved in the international expansion of their business or product.Federico Galgano and Andrea Alberghini explained the legal and fiscal considerations and their role in supporting both Italian and European companies in the USA. Carlo Artana and Alexandre Tabacoff presented some key considerations for the business strategy. Both have a proven track record in supporting businesses in their processes of development and expansion and shared a few case studies from small and medium businesses whom they’ve helped to penetrate the North American and Caribbean markets. Get in touch to learn more…

24 Giugno 2016 – Bologna (Italia)
Molte imprese italiane cercano nuove opportunità di crescita. Per molte di queste l’obiettivo consiste nell’esplorare la possibilità di espandersi sui mercati internazionali.
Lo Studio Legale Galgano, unitamente allo Studio Servidio Dottori Commercialisti ed al team d’oltreoceano della Savage Consulting, hanno organizzato un workshop che si è tenuto presso la sede bolognese dello Studio Legale Galgano avente ad oggetto l’apertura di uno o più spazi retail o di ristorazione in USA e/o nei Caraibi. Il workshop è risultato di particolare interesse per le piccole e medie imprese operanti nei più diversi settori commerciali e industriali che stanno valutando l’opportunità di internazionalizzare il loro business.

Federico Galgano e Andrea Alberghini hanno illustrato gli aspetti legali e fiscali nonché le loro competenze per supportare le società italiane ed europee negli USA. Carlo Artana alexandre Tabacoff di Savage Consulting – che godono di una comprovata esperienza nel supportare realtà italiane nei loro processi di espansione internazionale – hanno condiviso, con i tanti partecipanti intervenuti, business case reali di piccole e medie imprese da loro assistite in passato nel lancio di attività in Nord America e nei Caraibi.

2 Key Aspects To Master In A Turnaround Process

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Executing a turnaround process is always a delicate exercise and there are some rules to follow to avoid making it more complex than it should be.Two of these are often underestimated: involvement of the team in the process and embodiment of the change by the leaders.
The Incredible Value Of Involvement
John Lewis staff celebrating their 14% bonus.Even if you have decades of experience in your industry don’t even think that you will execute your strategic plan successfully without involving 100% of your employees in the process. Some of you may remember how Atari,pioneer of the video game in the 80’s, screwed up its strategic plan and lost the battle against its competitors just because the CEO didn’t involve the programmers in his strategic plan and never asked them for their opinion on how to create a great game. The Company’s culture changed overnight and working conditions got worse and worse. As a result games were brought to market in record time and had no success. The most talented programmers left the company and founded Activision who took the leadership in this newly born market. Atari’s CEO repeated the same error a few years later and lost millions of dollars in his battle against Nintendo. The example of the UK retail company John Lewis is interesting:91,000 Employees have a say in how the business is run. At JL giving a voice is central to the company’s principles, they engage their employee’s views and opinions in a number of ways, including the annual Partner Survey. All in all you will learn more and faster engaging the dialogue with the shop floor and visiting your vendors than staying in your office.
A good first step consists in asking all the employees to fill-in a SWOT analysis,then communicating to everybody in the company what precious information you learned and will take into consideration while preparing your strategic plan. This will reinforce your credibility and set a climate of trust with the team. Later you will refer to your employees’ suggestions to explain some of the actions included in your plan During a turnaround process a bad leader will “know what to do” and tell the team to do it. A great leader will provide an efficient methodology of work, involve people, take decisions and frequently communicate the status of the plan.
Key learnings:
Ask the employees to do their SWOT analysis and make suggestions about how to improve the business;Extract the most interesting and constructive points;Communicate it to the entire team;Every time you can, connect some of your actions to your employees’ suggestions and comments.Do not: Let people think about the strategy all the time; they have a job to do.
Be The #1 Ambassador of Your Plans
I have never seen a Turnaround Plan making 100% of the employees happy.Turnaround Process Planning is about changing the way you do business,adapting the way you work to new technologies, new products and services,new trends and to customers’ expectations. You will obtain a huge return if you take the time to explain to your employees and business partners,what the plan is and what benefits they will get from it. If you do not want to lose 70% of your people you’d better give them time to metabolize the changes. As the CEO, you and your Executive Team will often visit your employees at their work place, educate and convince them about the changes.. Then will come the time to know who will be part of your project and who will take another road, which will require to take some tough decisions. That is why it is paramount for CEOs to embody the changes —I believe in the power of leading by example — and do not let other people communicate their own agenda instead of yours.I have seen during a complex turnaround process an Exec dropping the communication ball to a group of people who didn’t want to change their way of working, and wasting precious time.A bad leader will only work with his executive team on the process and communicate decisions using the email; a good leader will frequently communicate the status of the strategic plan to everybody and frequently
meet with people to explain the plan, share examples of initiatives that were completed and give positive feedbacks.
Key Learnings:
Use company meetings, break-up meetings, lunch & learn meetings to frequently update the team about the status of the Strategic Plan In a retail environment go frequently on the shop floor to embody the new culture, listen and inform the team;Make sure you are the #1 ambassador of the strategic plan Do not Spend all the time at the head-office.Communication Is 90% About Listening One of the most valuable lessons I learned in all these years is that good communication is 90% about listening. Once you get that you have made a big step towards constructive dialogues and efficient working environments. This is worth for every moment of the life of a leader,especially during a complex turnaround process.

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