SWOT ANALYSIS S W O T

Strengths Weaknessess Opportunities Threats

- Builds brand loyalty among consumers.

- Allows for strong brand recognition.

- Pays tribute to McQueen and his work, reminding consumers of his legacy.

- Multiple opportunites for technology to be intergrated.

- Expensive to create.

- Have to consider the time-frame of how long to keep the experience opne for.

- Large scale marketing opportunity.

- Can be developed in a global market

- Raise money for charity.

-Strong retail strategy that can increase revenue.

- Other brands could create similar experiences.

-Economic downturn means consumers may visit the experience, but not actually spend large amounts of money.

3.3 The Store

The retail space, or the ‘servicescape’ is important, it essentially refers to the design of the building, the layout, the décor, anything that the consumer and even the employees can see, as the surroundings influence all parties (Bitner, 1992). Store atmospherics are important and allow the brand to step away from what is deemed as the norms of retailing, overall creating a more immersive and interactive experience for the consumer, significant outcomes of this mean customer enjoyment and higher levels of spending. McQueen need to create this well-rounded experience for this to happen.

The store design will be clean and minimal with pops of colour. The lighting will be darker to create ambience and there will be spotlights on certain archived pieces to highlight their significance. The store experience on the top level will take inspiration from an old-style tailor shop, highlighting where McQueen first started out. This constant reinforcement of the brand history is important, as it resonates to the consumer and creates and emotional connection.

The top level will feature interactive fitting rooms, where consumers can try on the clothes virtually and they can be altered to their specific measurements, when they are finished shopping, they scan a QR code, and the clothes are ready for them to collect and pay for at the end of the experience. The global virtual fitting room market is expected to grow to $6.5 million by 2025 (Dietmar, 2021), suggesting that there is a niche gap in the market for technology like this. By incorporating this digital element, it also allows for McQueen to gather data and gain rich detailed insights into their consumers preferences, for them to tailor future releases and collections to the wants and needs of its consumer.

3.4 Marketing the Innovation

Gen Z consumers are tech savvy and spend the majority of their time on social media and interacting with different technology. Three out of four luxury consumers carry their phone with them, and millions of consumers are interacting with a brand digitally first which then influences their purchase decision (Dauriz, et al., 2014). For this reason alone, McQueen would need to have a big push online to market the experience. There is significant need to develop brand loyalty so that the consumer has more trust, if the consumer has more trust, they are going to be more likely to want to have a part in the proposed experience.

One way of marketing the proposed experience would be through a large online campaign, which would create hype. First the website and social media would need to correlate, for cross platform convergence. There would be a large build up on social media, through scheduled posts and the use of influencer marketing, something which more brands are tapping into. There will also be an exclusive launch, which will be hosted by the brand, invited will be celebrities and friends of McQueen, this will be pushed on social media and in the press, to drive hype before the experience opens to the public. Influencer marketing is used by multiple fashion brands and may be looked down on by some luxury brands, however it should not be shunned. It is a strategic tool for brands to access a wider audience and allows for a strong relationship to be developed between an influencer and a brand, it makes it easier for brands to reach their desired target audience (Mathew, 2018).. If McQueen want to reach a larger pool of Gen Z consumers, this could be an inroad. When a consumer chooses to buy an item from a luxury brand it is not just for functionality, it is so that they can have a sense of exclusivity, they are buying into what they see as a ‘members club’, therefore large scale social media campaigns may be seen as diminishing the exclusivity of the brand, but social media is a good tool to strengthen relationships between the brand and the consumers (Vinerean & Opreana, 2019).

4.The Future of McQueen

The concept for McQueen has large potential for mass market distribution. The initial focus is on the luxury market in the UK, as it is a British brand, and the concept is built off reinforcing the brand heritage and strengthening relationships with Gen Z UK luxury consumers, if McQueen is able to do this, sales and revenue generated will be reflective of how well the new retail space/experience does.

However, as a brand it has strong relationships with other global markets, hence there is potential for it to be roled out to some of the major fashion capitals. By having it in the UK initially highlights the exclusivity, however the continuation of the concept is important as it emphasises to the consumer that it is not just a one off. Some elements will remain exclusive to the UK market, such as the proposed charity auction. However, the main bulk of the concept, the retrospective flagship store, would be easy to replicate, certain aspects of it would have to be tailored to accommodate different markets, as consumers in global markets have different wants and needs.

The future of McQueen looks promising, as the brand continues to grow under the watchful eye of Sarah Burton. A new concept, like what is presented in this report would be important for the brand, so that the new wave of Gen Z luxury consumers have a strong relationship with the brand and are therefore more likely to remain a loyal consumer with frequent spending. The proposed concept allows for McQueen to become relevant once again, in the fierce market, that is luxury fashion, all whilst paying homage to one of the most influential designers to ever exist and the legacy he left behind.

References

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