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PETS PAST:
One of the first things I like to have on my tree is a remembrance of pets past. Bebe was a tiny Yorkshire terrier that my father bought my mother for her birthday when I was 16. She spurned my mother and moved into my room, and later moved out when I moved out, and stayed with me until I had just nudged past 32. She was a great woman: feisty, in control, discerning (obviously!) and…
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Back From The Grave
The last 10-15 years have been particularly tough on established retail chains. First we had the Great Recession that started December 2007, followed by continued growth of Amazon, and then COVID and the current round of inflation. The retail landscape does not look like it did at the beginning of the century.
But where do these established retail brands go when they die? As it turns out, some of those brands don’t truly go away. They just get repurposed. I stumbled into this reality today when I read that the owner of Pier 1 Imports had just acquired majority interest in beleaguered Dallas retailer, Tuesday Morning.
I paused for a moment. Pier 1 Imports? Didn’t they go out of business a few years ago? I can take you to their old storefront in Amarillo. I dug a little deeper and ran into Retail Ecommerce Ventures, an investment group headed by Alex Mehr and Tai Lopez and founded in 2019, who scoop up dead and dying chains, only to relaunch them in the digital realm.
Among their holdings are Stein Mart, Linens ’N Things, Radio Shack, and Dressbarn. It’s an impressive list of once-solid brands.
It’s a strategy very similar to that adopted by Pabst Brewing Company, which owns many of the nation’s retro beer brands as well, like Lone Star, Olympia, National Bohemian, Stag, and Rainier. Never mind that Pabst doesn’t actually brew beer, aside from a few specialty products. They have a long-term contract with MillerCoors for that little detail. They just see brands that they think have some brand equity, even many years after their demise.
And it’s what REV thinks about all those chains that went belly-up. By aggregating investor money, they can breathe life into these brands, if only from a website and fulfillment center. Maybe there are still enough women around who loved the office wear they bought at Dressbarn to keep things going. Or is that old women? I don’t know.
But one thing’s for sure—just like Pabst with its low-budget retro brands—it’s a lot cheaper doing it this way than to be saddled with real estate, rents, and massive inventories.
Brand equity is a lot like porn, if you will excuse the rather extreme comparison. Both are hard to define, but you know them when you see them. And they both fetch whatever the market will bear—or bare.
The question is not just whether those brands are still endeared by many, but whether they can survive in a completely different sphere. Amazon had to fight long and hard to build top-of-mind prominence among shoppers; today, we instantly go to Amazon, often using its site as a search engine just to learn about an item.
Will women go to Dressbarn’s website, though? Will shoppers with a desire for imported items go to Pier 1’s site? And Radio Shack? Isn’t that the store we all went to when we desperately needed a wire or plug? I can’t wait for them to send it.
REV’s gambit is a risky one, but it could pay handsome dividends. Or, it could be a massive sieve through which money flowed freely down the drain. One thing’s for sure: things never would have played out this way 20 or 25 years ago, because online shopping was nowhere near as established then as it is today. And 30 or more years ago? It would have had to be mail order, which I think would have been like trying to resuscitate Abraham Lincoln.
Here’s to REV for at least a high degree of ingenuity. Whether it works remains to be seen. I just hope I don’t need a wire or plug anytime soon.
Dr “What’s In A Brand?“ Gerlich
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