Store Buyout is an incredibly original concept to save Hercules Fancy Grocery in New York City from shutting its doors. Artist Jody Gnant, in an effort to save the store, pulled out a $20,000 loan and purchased everything in the store with some other artists.
The Store Buyout concept then took the purchased items and began selling them online as art objects. A pack of cigarettes that originally went for $10 is now selling for $409. Store Buyout is a unique project that uses the internet to create an event out of saving a local business.
Implications - The internet has created the opportunity to spread a message in a way that was never before possible. Concepts that are highly unique and turn an event into a performance are interesting and have a strong possibility of going viral. Companies should use this model as a template for creating future marketing initiatives.
Why This Trend Is Growing
- Art Object Commerce
- The turning of commonplace items into art objects for sale presents an innovative business opportunity for artists and creatives alike.
- Performative Commerce
- The concept of turning an event, such as a local store buyout, into a performance can potentially drive buzz and brand recognition for other small business ventures.
- Online Saving Strategy
- Using the internet to save struggling local shops or businesses via crowdfunding and creative marketing tactics presents an opportunity for entrepreneurs to make a positive impact in their communities.
Industries Being Reshaped
- Retail
- Retailers can take inspiration from the Store Buyout model to create innovative marketing initiatives and attract new customers to their stores.
- Art
- Artists and galleries can leverage the trend of art object commerce to create and sell unique pieces that resonate with consumers, making art more accessible.
- Crowdfunding
- With the rise of online fundraising and entrepreneurial activity, crowdfunding platforms can serve as a powerful tool for supporting local businesses and artistic endeavors.
