As the 2017 Sports Licensing & Tailgate Show comes to an end, here are my Top 5 Takeaways and Observations:
1. This show is definitely growing. For emblematic college store buyers, it may be worth considering in future year. While you will see many familiar vendors who are traditional college store suppliers, you will also see many unfamiliar vendors who have interesting products but are not familiar with college stores as a unique retail channel worthy of focus.
2. As a fundamental building block of smart assortment planning, covering your “non-seasonal core basics” in each key product category is important. However, finding opportunities to grow incremental sales by adding fashion items, premium items, or other “line extensions” to existing categories is a “must.” When asking vendors at the SLTS to share their growth strategies, the common response was: help retailers stay in stock on core basic items, while encouraging smart innovation (e.g. new colors, new patterns, showing good-better-best options, etc.).
Here's an example of some CORE BASIC ITEMS:
Emblematic garments from ICBA's The SOURCE program partner, Russell Athletic.
Here’s an example of SMART Umbrella INNOVATION:
Yes, I said umbrella innovation. Longtime ICBA partner, Storm Duds, has developed an “inverted” umbrella that is ideal for exiting a vehicle. It carries a more premium price point, which is good. So should you stop carrying basic umbrellas? Heck no! Should you try some of these newer styles? Heck yes! This smart risk-taking strategy applies to all categories.
3. It's clear that CLEAR is "in." Clear bags, from shopping to fashion, were well represented.
4. More and more vendors are offering “Drop Ship Vendor” (DSV) capabilities to help you expand your eCommerce offerings without carrying inventory. The basic process is easy: you represent products as “online only” options, send orders to your online vendor partners, and they will ship directly to your customers (or to your stores for customer pick up) using your name on the packing list. Most of us have experienced this from major retailers from Best Buy to Target to Amazon.
Super-Secret Strategy Reveal: ICBA is actively working to develop DSV programs for ICBA members. Stay tuned for more information...
5. Overall, consumers’ appetites for licensed merchandise continues to grow! According to consulting firm, Transparency Market Research, the licensed sports merchandise business will grow from $27.6B in 2015 to $48.2B in 2024 (with apparel making up about 40% of sales).
ICBA members: you are experts in this growing market! Be smart, be aggressive, and innovate…ICBA is here to help you make that happen!
UPDATE: So, I finished 112th out of 112 in the Best Bricklayer contest at Concrete World…but I did get an honorable mention for excellent visual merchandising. The judges said I have a future in retail, but clearly not in building construction…
