It’s possible you have heard rumblings of a “retail collapse,” or some imminent, devastating new trend that’s supposed to bring about the demise of retail. Now more than ever, we’re happy to say that those are nothing more than rumors.
The Rise of the Clothing Franchise Industry
With every technological advancement or study that shows the rise of a new potentially disruptive technology, there are always those predicting the “end of the retail industry.” There is no data to support this point of view, and as is usually the case, what’s happening to the clothing franchise industry isn’t a decline, but simply an evolution.
Last year alone total retail sales grew 4.2%, adding $231.5 billion to the American economy. Although there’s no doubt that digital transformation is becoming an important element of the retail industry and necessitating some changes, the industry itself — particularly when it comes to clothing and fashion — is as strong as ever.
Data to Help Stay Ahead of the Digital Curve
It’s important to understand that as the world becomes more connected and dependent on the internet and mobile commerce, brick-and-mortar stores certainly do need an update. Learning how to use data to a retailer’s advantage will go a long way toward staying ahead of the digital curve, and toward an education on customers’ interests, behaviors, and patterns. Retailers who trail in technological trends may indeed find themselves floundering, but those who stay abreast of these trends will be well-positioned for continued success.
The rise of digital technology in stores unsurprisingly coincides with one of the most important trends for the retail industry going forward — the rapid increase of Millenials. Between 1980 and 2000, 92 million millennials were born, making them the most populous generation in American history. And in 2018, for the first time ever, the scales of spending power have tipped in their favor from Baby Boomers, meaning millennials have the greatest spending power of any generation before them (over $3 trillion).
Right now, millennials are entering their peak spending years, so it’s a truly exciting time to own a franchise that appeals to this demographic. And it’s now easier than ever to authentically connect with this core group of consumers by taking advantage of social media and its many marketing and customer service options. You can communicate with them quickly, cost-effectively, and in a voice they trust. 89% of millenials value personalization when they visit retail stores, yet only 18% of them feel their needs are being met by other retailers. Apricot Lane is capitalizing on this tremendous void, giving you the freedom to control the fashion buys for your store, while enjoying all the benefits and resources of a big company. Each Apricot Lane store is not only tailored to the owner’s vision, but a personalized shopping experience as well — a quality millennials truly value.
Apricot Lane prides itself on offering a truly unique, cutting-edge boutique clothing franchise. Reach out to us today to learn more about our opportunity and how we’re taking the industry and this generation of shoppers by storm.