The Single Biggest Threat to the Footwear Industry
by Ken Proctor
Another week, another great topic by Ken! So true!! I am traveling this week, so I apologize for the lack of postings…I will get back on the ball next week! 
-Julia
The Single Biggest Threat to the Footwear Industry
It would be really easy to substitute the word “any” for “footwear” in the tittle of this week’s article. It is astounding how quickly our industry has changed over the last two years, yet the footwear world is truly dragging its proverbial feet. Let’s use a high profile example of complacency which lead to the illness and death of many business’s.
A few years ago, there was a locally owned video store not too far from where we live. I used to go in on weekends and attempt to find a movie that my family could agree on. Frequently, unless you got to the shop Thursday evening, you would be underwhelmed with the choices. First rate movies never seemed to be available. I can remember going home once with “Born Free” (from 1971 I think). That evening, I think we all fell asleep watching it.
Soon, a Blockbuster came to town with its guarantee that it would have the recently released movie you were looking for. It took about four months for the locally owned store to close it’s doors. Blockbuster was king, and for a while, even raised their rates to $5.95 for a 24 hour rental. You also needed to get the movie back within a 24 hour period or face the dreaded late fee. The company enjoyed great business and managed to overpower their competition with volume. Worked great for a while.
One Christmas, we were given a three month subscription to Netflix. At first, we loved it. The process worked well, and for the most part, we got any movie we wanted(no late fees either). When it came time to renew however, we decided against it. How many movies a week were we really watching? It worked out to about two per month. In the end, not worth it.
Now, we are all about Redbox. Redbox continued to work at the model and is now delivering body blows to Netflix(our local Blockbuster closed). If the post office stops delivering mail on Saturdays, this could be ruinous for the former champ!
If you think about this, big trade shows could fall victim to those regional trade shows that evolve. Same can be said about big brands, and big stores. Every aspect of the footwear business must evolve. Lately, many brands have stopped creating and have resorted to knock offs (think the “toning” category), or propping up their business with promotions(how many 20% off coupons do we need)?
Complacency is our biggest threat. Move quickly or get out of the way!
Ken Proctor
Front Man
Twig Footwear, LLC
More about: Panoptical Perspectives • Twig Ken
rossswest :
Hi Ken,
Are you thinking that the big shows are dying? (to which I agree) Or are you thinking lack of innovation is the issue.
In any case I agree that the industry needs to embrace more efficient ways to communicate and do business.
Thanks for the posting!
Ross West
http://threadvine.com
THE WEEKEND WRAP-UP « shoebizness.com :
[...] Ken lets us know “Move quickly or get out of the way!” [...]
THE WEEKEND WRAP-UP « shoebizness.com :
[...] Ken lets us know “Move quickly or get out of the way!” [...]
Ken :
Hi Ross,
Thanks for reading!
I am thinking both. Big shows are dying and new platforms(pardon the pun) are too expensive to allow new brands national exposure. In my mind, the regional shows should take the lead on a format changing protocol. A show should combine brands, with workshops, with all things retail.
And yes, innovation must return to our industry to avoid a lackluster shopping experience.
Ken
Alan Lugo :
netflix is king! i’ll never go to a redbox, too lazy!
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