Yes, You Can Teach an Old Brand New Tricks
12 October 2021
Author: Jasmine Waters
Sometimes, there’s nothing better than coming back to your old favourites. As the face of retail has changed considerably over the course of the pandemic, some of our classic household names have struggled. Even for heritage brands that are small and independent, the challenge to remain relevant has never been too far away. Across global high streets, we’re beginning to see business titans re-brand themselves in a way that’s fit for the 2021 consumer. What does that look like, and how necessary is reinvention?
How are brands looking for reinvention?
Infamous named brands are trying to recapture their heyday glory. Thanks to a decline in sales throughout the pandemic, brand strategies have been re-aligned to make their presence known by the naked eye. There’s emphasis on brands structuring a “core promise” that’s in line with the current market, as well as having the ability to offer their customers a different, imaginative experience. So far, there have been differing schools of thought for how to best execute this. Even so, some principles have remained the same—improving product assortment, close dwindling stores and prioritise younger consumer demographics. Equally, promotions have been tailored to a smaller figure.
How to brands re-align successfully?
Months of endless lockdowns have provided the ideal opportunity for brands to reflect on who they are, and plan to make some significant changes. Industry experts cite that it’s harder to get back to the top as an established brand rather than starting out afresh. The core focus now for brands looking to plot their comeback must be in balancing the needs of existing and new customers. Promotional material can be used to showcase products that are all-singing, all-dancing, while style-forward favourites dominate the website. The “genreless” collection is set to be a favoured strategy, with workwear products being tricky to shift as comfort remains a consumer priority. Some brands have chosen to rely on discounting, but the time window for discounts being a sustainable option has passed.
Brands that are looking to re-design themselves show an air of resilience. Offering good products at a reasonable price should be at the crux of reinvention, in an effort for brands to keep doing what they do best.
Photo source: https://zeitblatt.com/