Retail

Fashion Retailer Canada Goose Has A New Way To Sell 

Canada Goose, the Canadian fashion retailer whose collection is made for rugged demands of the Arctic, recently opened an experiential store in Toronto that its CEO said is perfect for anyone ready to brave the coronavirus pandemic.

“Naturally, it is socially distanced,” Dani Reiss told CNBC about the store. “There are not a lot of people shopping at once. It is an experience in a controlled way.”

The store opened last year and it’s a first of its kind by the company founded in a small Toronto warehouse in 1957. Shoppers won’t find any clothes on the racks to take home. Instead, it’s more of experience and a way to determine if the outdoor wear is worth the price. The Expedition Parka, for example, cost $1,295. It was created for scientists working at McMurdo Station in Antarctica.

“There has been a pretty healthy flow of traffic of people going through the experience,” Reiss told CNBC. “It’s kind of a break from the insanity of the world today. I think it has done really well.”

Canada Goose’s effort is one way to lure weary shoppers back after being housebound for months. Typically, clothes shopping involves rifling through shelves and racks of clothing and accessories.

Last week, an increase in COVID-19 cases was reported in Florida and Texas. For the week ending June 27, retail traffic fell nearly 36 percent, the prior week it was down 39.5 percent, according to ShopperTrak.

But the effects are not being felt equally in all states, as 13 states are seeing their economies continue to perform well, primarily due to the use of face masks and social distancing.

In February, PYMNTS reported one of the most popular strategies in the 2020 connected commerce retail world is experiential marketing. It can be as simple as an in-store event or a high-profile design that consumers will travel to visit.

But experiential marketing is also a customer-centric strategy intended to drive customer retention and strengthen the bond between retailer and consumer.

In its earnings report last month, Canada Goose said it expected a negligible level of revenue in the June quarter, citing the impact from COVID-19 and the seasonality of its business.

“We’re on the road to recovery,” Reiss told CNBC.

Canada Goose shares have fallen by 38 percent since January.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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