Introduction
Visited the GAP store in New York and filled this market and consumer analysis pertaining to how the retail store carries out its activities. The walls of the store are made of glass with various attires being displayed and hence this gives one the chance to be able to window shop. The store was well lit with varying colors on the walls depending on the aisle that the individual was at. Once I entered the store I was received by an attendant how was all smiles and willing to help me out to effectively be able to look for whatever I was looking for. There was soft music which seemed to cool and better the shopping experience due to the fact that it made me feel at ease as I toured the shop. Lastly, the store was has a secluded changing room which enhanced the issue of privacy for their esteemed customers.
Market Analysis
The store is a retail store that deals exclusively in the clothing for all the genders and ages. The store was set up in order to be able to cater for various issues pertaining to the clothing industry in the nation. In the analysis of how it carries out its activities pertaining to its marketing strategy. It has to take the following into consideration in order to effectively meet its set goals and set market targets. These factors are:
Product
The store was established with the aim of providing the younger generation with a place they were able to shop for their clothes. This is mainly attributed to the fact that the store was mainly started due to the fact that their founders were unable to get clothes, specifically jeans which would fit them. The store over the years ventured into the retail of all kinds of clothing. This entails clothes for all genders and that of all genders and all ages and conditions. This may be seen from their various departments such as Babygap, maternity gap and many other departments that stock clothes and accessories. Due to this, anybody who is looking for clothes can visit the shop and be assured that they will be able to get whatever they were looking for.
The GAP NYC Store has in its shelves and aisles all kinds of brands, from theBanana Republic to old navy products. The store, however, deals mainly with denim products from the jackets to the trousers and this is mainly due to the fact that these clothes are more appealing to the generation due to their comfort and stylish nature hence it being very popular towards the market. However, the store will always have in stock the trendiest outfits in order to be able to adequately face its competitors.
Price
The store boasts to be among the major high-end stores in the nation and hence the prices are always appealing to the affluent in the society. When it was founded, the general price of the products in its stores was always averaged at around 7$ but over the years has gradually been rising. Even though the store may be deemed to be too expensive for the lower middle and the lower class in the society, the store has various offers that will in most times subsidize the amount of money that the shoppers pay for whatever they purchase. For example, the 4th of July 2016, the store has offers to the general public discounts of up to 40% on the products at its stores. These kinds of offers make the products more affordable to the general public.
In addition to this, the store may have various clearance sales a number of times which makes them more affordable to everybody who visits them and further those who order from its online platforms.
Place
The store is located at the 34th Broadway-New York, which is a very accessible location and busy location which in turn makes it easier for the individuals who plan to access the store whatever time they plan to go shop. In addition to this, the store has an online shop which in turn ensures that the individuals who are unable to physically visit the store to be able to order the products for some small shipping charge.
Promotion
The store has various promotions which enable it to be able to attract a larger number of individuals. These promotions include sales and the use of the gift cards which tend to help the members of the public to pay lesser than the stipulated price.
At times, the store goes an extra mile to physically promote its products by handing out fliers to the pedestrians who normally walk by its entrance (Tabuchi and Stout). All these measures are meant to promote the store and its products, which will always reciprocate in the increase in its finances.
How the Store is Different from its Competitors
GAP Nyc is different from its competitors due to various reasons. These are;
Firstly, the store has in store various brands, from the old Navy to the much hyped Athleta and Banana republic brands. These products enable it to be able to meet all the needs of its customers or the various individuals who visit the shop in order to enhance or even change their wardrobes and at the store it will be able to ultimately offer these customers various tastes. For example, the Banana republic, are products which are made from vintage and have an African and Caribbean touch. This is different from its various competitors, for example, the Victoria Secrets stores or the H&M shops which will in most instances only have their own products hence individuals who visit the store may have a limitation in terms of meeting their tastes.
Secondly, the store has various departments, which will adequately enable them to be able to reach each and every individual who walks into the shop with the aim of shopping. This fact of it having all kinds of products which are appealing to each and every gender and age group to further products which are able to meet all the weather conditions helps the members of the public who visit the stores to be able to always count on the shop in order to get whatever they were looking for.
Lastly, the store is one which always sticks to its culture, for example, it used to sell khaki and button up shots which one would have considered to be outdated but the irony of the matter’s that at the moment, these are the trends that are most appealing to the younger generation in the society.
Target group
Although the store seems to be able to meet each and every individual in the society, it may be categorized to be targeting the affluent in the society and the further the younger generation in the society. This may seem from the fact that the store has in stock the summer shirts and eh denim jackets and pants which are always more appealing to the younger members of the society. In addition to this, the store will be said to be targeting the affluent in the society due to the fact that its price range is not favorable to the lower middle and the lower class in the society.
Distinct Feature of the store
The store has a distinctive characteristic of it maintaining its culture and this is a strength of the store due to the fact that their loyal customers who are able to maintain their style over the years. For example, over the years, khaki trousers and the denim clothes were considered to be the trend but as time passed they deemed to be outdated but the store continued to keep them in store. This characteristic can be considered to be the store’s strength.
Consumer Analysis
The visit to the store was able to bring to my realization various issues which may be of great importance to understanding the society. Some of these findings may be as follows;
Firstly, the consumers may always require that their tastes and preferences are considered whenever they visit the store. At the GAP store, this has been addressed by the fact that the store provides for a variety, which will allow the customers to be allowed to be able to choose what they deem will fit their taste and preferences. The store will always stock the latest trends in the market and hence this will enable it to help its customers to be up to date with the trends in the market at that specific moment.
Secondly, the store is very accessible due to the fact that it has been located at the Broadway and hence ensures that the customers do not face a difficulty as they try to shop. In addition to this, its accessibility has been improved by the fact that they have an online store which one can be able to order a product and with this, they will be able to get their product from wherever location they are. This is due to the fact that the store can deliver its products to over 90 countries globally.
Thirdly, the store is very efficient due to the times it opens and closes. The store opens daily from 9:00 am and closes at 10:00 pm from Monday to Saturday but closes an hour earlier of Sundays. This characteristic of the store makes it more appealing and efficient for its customers. This efficiency is further, seen from the fact that when one orders products online, they will be delivered within a period of 5 days. In addition to this, the customers are allowed to return their products in instances that they are unhappy with whatever has been delivered to them. However, they are required to meet the threshold that has been stipulated in the policy.
Lastly, the store has a very jovial and hospitable workforce who will always be willing and able to help and customer in times of need and in instances that they need clarification. The store further has a platform where the members of the public who have complaints will be allowed to pass them to the manager and the individuals concerned. These include the suggestion boxes and further directly talk to the manager.
The consumers will desire to buy the products will always be considered to be one who may be considered to be of utilitarian and hedonic in nature (Khan, Dhar and Wertenbroch 3). This is due to the fact that the store is high-end in nature and hence they the products they buy will always be considered to be luxuries rather than necessities. In addition to this, the customers will in some instances buy products for the mere fact that it is trending. This means that they have been pushed to buy the items in order to be able to fit in the society(Khan, Dhar and Wertenbroch6)..
Conclusion
The GAP NYC store is a store that takes into consideration the various wants and desires of the individuals in the society. Being a high-end store, it takes keen attention to the quality of the products it sells to its customers. The items at the store vary in terms of quality but in most instances they will be standard and premium in quality and hence the individuals who go shopping at the stores will always be satisfied when they visit the store. So I would make an inference that the GAP NYC Store, provides their customers, with a serene environment for him or her to be able to buy whatever they were looking for and be able to find a variety of vintage and trendiest products whichever they were looking for and be served with a hospitable staff who are trained to be able to ensure that the customers will always leave the store with a smile.
Works Cited
Stout, Hiroko Tabuchi and Hilary. "Gap's fashion-backward moment." 20 June 2015. The new york times. 4 July 2016 <http://topics.nytimes.com/top/reference/timestopics/people/t/hiroko_tabuchi/index.html?action=click&contentCollection=Business%20Day&module=Byline®ion=Header&pgtype=article>.
U. Khan, R. Dhar and K. Wertenbroch. "A Behavioral DecisionTheoretic Perspective on Hedonic and Utilitarian Choice." Insead (2004): 2-9.
