Flagship stores, or a flagship, is a principle outlet from a brand which is intended to cater to a specific standard of clients. In order to successfully reach their potential clients, flagships are located in noticeable shopping areas (e.g. Madison Avenue, Ginza, etc.) that focuses on a principle set of overall high-end customers. Buying things from an exclusive flagship is considered to be a sign of a high social/financial status, which is why Flagships are mostly bigger in retail estimate (greater than most retailer’s outlets and shopping malls) and have the most quantity in their current stock. These stores turn into a more favored shopping destination, all because of their exclusive quantity and quality of products. Flagships are intended to dominate the other sister stores located in the same zone.
Key elements of a flagship store:
- Normally the biggest store in a retail chain
- Arranged in a prestigious area or high footfall region
- Stocks the chain’s finished scope of stock
- Exploratory, uplifting or rich – regularly every one of the three
- World class plan execution and scrupulousness
- Visual and experiential encapsulation of the brand
For instance, Abercrombie & Fitch is a brand which has 359 stores in the United States. It has two flagship stores in New York: First one is at 5th Avenue and the other is located at The Grove: Farmers Market, which allows them to serve individuals from both the east and the west separately. The brand additionally ventured onto the English soil with a new flagship store, which is located in Savile Row and which includes other stores around the place. In the meantime, it is getting ready to dispatch a flagship store near Ginza to check the Asian extension.
Numerous other retailers which serve upscale customers work flagship stores around the world. This incorporates, yet is not restricted to, the accompanying brands, as such as Louis Vuitton, Polo Ralph Lauren, Prada, The Apple Store and Dior, etc. These, among various other brands also have flagship stores in strategic locations.
Providing something remarkable, something that empowers clients to interface with the brand on a multi-tangible level, produces an emotional response and attracts attention from customers. The best flagship stores offer clients the chance to be inspired, to have a ton of fun, to be entertained, to be bewildered, to free their creative impulses, to be spoiled, to standardize or to unwind. So, they give the best, most paramount shopping knowledge ever.
Flagship stores are a fabulous way for a solid brand to take up vicinity in another business sector and to put forth a prompt expression. Their exceptional presence – even the declaration of their expected presence – shows a type of certainty, duty, and acting skills. They symbolize Sir Philip Green’s call to “romance your customers”. Be that as it may, the financial complications of making such a store are huge and ought not to be taken lightly. It’s tempting to be influenced by the potential appearance numbers, especially for a High Street site. A lot of individuals who are “simply looking”, are the same in their primary concern and affect a flagship situation. So the leader needs to act proficient and successful to continue playing its part of being inspirational.