The Stock Market by Selfridges is a Sustainable Shopping Experience
Laura McQuarrie — May 17, 2023 — Business
References: luxurylaunches
The Stock Market by Selfridges is now open within the luxury department store's London location and it's a place for customers to exchange, restore or upcycle clothing and accessories. This circular shopping concept is being explored for a month and it focuses on adding value to what consumers already own.
This project is part of Selfridges’ Worn Again’ season and it was inspired by the London Stock Exchange. Run by tailors, upcyclers, luxury bag repairers, valuers and resellers, The Stock Market by Selfridges wants people to "think of it as trading with your own wardrobe."
The Corner Shop doubles as a trading floor where all of the action takes place, making the experience not only sustainable but theatrical and entertaining too.
This project is part of Selfridges’ Worn Again’ season and it was inspired by the London Stock Exchange. Run by tailors, upcyclers, luxury bag repairers, valuers and resellers, The Stock Market by Selfridges wants people to "think of it as trading with your own wardrobe."
The Corner Shop doubles as a trading floor where all of the action takes place, making the experience not only sustainable but theatrical and entertaining too.
Trend Themes
1. Circular Shopping - The circular shopping trend focuses on adding value to what consumers already own by encouraging recycling, restoring and upcycling. This creates opportunities in the fashion industry to develop new ways to reduce waste and foster sustainability.
2. Luxury Repair Services - The trend of luxury repair services emphasizes the importance of sustainability by providing consumers with more options to repair or upcycle their clothes and accessories. The luxury fashion industry can benefit from this trend by offering repair and upcycling services as part of their customer experience.
3. Interactive In-store Experiences - Interactive in-store experiences are becoming more popular as they provide customers with an engaging and entertaining way to shop. The trend creates opportunities for businesses to think creatively, adopt new technologies and improve customer retention.
Industry Implications
1. Fashion Industry - The fashion industry can benefit from circular shopping experiences as it fosters sustainability, reduces waste and promotes a circular economy. There are opportunities for businesses to develop new ways to recycle and upcycle clothes and accessories, and to offer repair and upcycling services as part of their customer experience.
2. Retail Industry - The retail industry can benefit from the trend of interactive in-store experiences as it provides customers with an engaging and entertaining way to shop, leading to increased customer retention and loyalty. There are opportunities for businesses to think creatively and adopt new technologies, such as AR/VR and interactive displays, to improve the customer experience.
3. Luxury Goods Industry - The trend of luxury repair services provides opportunities for the luxury goods industry to adapt to changing consumer demands by offering repair and upcycling services as part of their customer experience. This creates a market for high-end repair and maintenance services, which can increase customer loyalty and satisfaction.
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