Adapting the business model to create flexibility
There has been much talk for the last decade about having an agile strategy or being a flexible company. This is seen to be even more important in crisis situations – such as much of the world is currently facing. However, although there is a great deal of information about the “why”, there is less about the HOW and far less about real case studies of such.. So when we came across this article about pop-up shops (Inc. mahgazine) we thought we should publicise it as an example of how this can work in practice.
The article discusses how a New York City beauty chain store launches pop-up shops (temporary shops) to capitalise on the Halloween season – with significant success. This may sound like a tactical or short-term move – but in reality it is part of their overall strategy and is carefully planned.
- They use a model that seems to be more similar to a prototyping model than more traditional strategic models. They try, learn and refine based on their new knowledge.
- It is built into their overall strategy. For instance, if a particular pop-up store is successful in attracting young females they may convert the temporary store into a permanent one as the location obviously works for their target market.