How do large retail companies rethink themselves in the post-Covid world? They do what large CPG companies have done, they build partnerships with brands that are executing on what they are not capable of doing.
Goodfair, a second-hand clothing company, partnered with Nordstrum. Super smart. Appeals to the next generation. They also partnered with Goodee. Parachute partnered with Crate and Barrel. There are many more partnerships out there. John Derrian partnered with Todd Snyder. My gut is there will be plenty more.
Will we see these large companies eventually purchase the companies they have partnered with? We will see. Spreading the wings of these companies allows them to be creative without being creative, bring in a new generation of customers, and makes them appear to be ahead of the game.
Partnerships can be great. More creativity around the table. Sharing in the ups and possible downs. Sharing floor space if the products are in a brick and mortar location.
To be honest, I am really excited to see more partnerships. I hope that they have limited inventory so the products turn quickly and we can all look forward to constant new items.