Ascena Retail recently announced that it has sold the intellectual property assets of Dressbarn to a subsidiary of Retail Ecommerce Ventures LLC. In other words, Tai Lopez, an E-Commerce magnate has purchased Dressbarn. Tai is closing down the physical brick and mortars. He is one step ahead of most “retail brands” when it comes to his ability to “sell” online. Dressbarn and this $740 million dollar deal is poised to set new benchmarks in industry standards. With that said, even this magnate is nearsighted. Many of Tai Lopez’s early stage strategies when it comes to the acquisition of Dressbarn can be boiled down to a “slash and burn” mentality; focused on maximizing profit and perceived value.
The failing and fledgling retail businesses of today, for the past 15 years, before the advent and popularity of social networking platforms and streaming video providers ALL had the opportunity to create professional broadcasting channels and content. For over 15 years Nike could have Nike TV with sophisticated programming that by now would have rivaled if not eclipsed the likes of an ESPN.
Ann Taylor for example, during the past 15 years could have been utilizing “Ann Taylor TV” broadcasting empowering video of successful women from every walk of life. Video that inspired women, informed, entertained, and engaged women. Showcasing their beautiful collections and offerings; fully integrated into their e-commerce website and whatever social networking platforms they wanted to dapple in as peripheral agents driving sales... BUT THEY DID NOT ACT.
Ann Taylor’s Corporate offices, as well as hundreds of other corporate entities were “gifted” the blueprints as to how they could begin utilizing a Dot TV Broadcasting Channel between 2006 and 2012, but they did not act. As a result, amongst this pandemic riddled world, most of the retailers today are on the brink of bankruptcy running around like chickens without heads.
Retail Brands are currently and going to continue to be sold off for pennies on the dollar. The brick and mortars are going to be closing by the tens of thousands. And online sales, which are already massive, but in reality comprise only 8% of ALL business transactions globally is going to explode.
That’s right. The traditional retailers have never developed Internet Broadcasting Channels; which in and of themselves could generate new found forms of revenue. Nor have traditional retailers utilized the power of e-commerce effectively. E-commerce with all the billions of dollars it generates is “yet to begin” with only 8% of all transactions globally.
But what is even more disheartening is: it does not have to be ONE or the OTHER. The fledgling and failing retailers can still SAVE the brick and mortar establishments. These businesses provide jobs, opportunities, and are fixtures within local communities.
One EASY way to reconnect with existing customers and find new customers would be to utilize the “Google My Business” platform. Google my business prioritizes, ranks, and validate what people see when they search for products, services, websites, and physical brick and mortar locations. It is the corner stone by which all other Google services stem from and the dashboard where you can manage your company information. The Google my business platform allows you to set up a true and accurate extension of your physical company and physical location. Companies could be showcasing the new procedures or business models they have implemented, and that “yes” we are open for business under these restrictions and capacities at this time.
Today, corporations like Crocs; they have no idea the Google My Business platform even exists. Over 50% of the brick and mortar Croc locations listed within Google Maps are un-curated nightmares. Even worse, many of the Croc locations listed within Google maps are no longer open. They are closed for business. Imagine driving to the closest Croc store, only to get there and it is out of business.
Are there ways to BUY distressed retail brands and make obscene profits by providing familiarity, convenience, safety, exceptional customer service, and known products? While completely re-inventing them as e-commerce powerhouses? YES.
Is it possible for retail brands to generate new found forms of revenue? Keep physical brick and mortar locations not only “open,” but thriving? YES.
What is the easiest way to achieve this? Implementing the practices of Business Anthropology and consumer ethnography. Building a professional broadcasting channel. Utilizing social networks only as peripheral agents. Taking advantage of the Google My Business and Google Maps offerings. And create a “new normal” rather than trying to fix dead revenue and business models.
Who is one of the father’s of Business Anthropology? One of this century’s greatest minds? Who for 20 years has been assisting individuals and corporations in building to their dreams, and not their limitations?
Anthony Galima, the Director of Business Anthropology. Dot TV and Internet Television Pioneer. Expert in human behavior, culture, and all things “technological.” A true genius who has proven to know today, what will be commonplace tomorrow. An altruist wishing to be of service to others.