Monday, 25 January 2010

Experience economy

A while back Ben posted some good thoughts on pop-up stores. He suggests that in the future retailers like HMV might not need a year round high-street presence. They could just appear with a bit of a fanfare for the Christmas period and the rest of the time be online retailers.

Whether or not HMV stop having a physical store presence, it is clear that selling real world experiences to customers is at the heart of their business. The HMVCurzon cinema in Wimbledon is one example, the HMV Apollo and the HMV Next Big Thing Festival, both resulting from the purchase of Mama Group, are others.

I can't think of another retailer who have been so bold in making the shift from selling physical goods to selling experiences. From Zavi to Blockbusters the high street is littered with the empty shells of brands that have failed to tackle this challenge.