This week: Abercrombie & Fitch does what they promised not to do, what toys will look like in 2025 and McDonald’s $4.5 million floating restaurant. This is Friday Finds, our take on three of the top things making news in the world this week.
1. Abercrombie & Fitch broke their golden rule
From no black, to a new range of black clothing aimed at an older demographic, major retailer Abercrombie & Fitch is under major transformation. They’ve completely abandoned their original stance on black clothing since their 2013 business strategy. Their opinion on the shade was so extreme that they even banned employees at all corporate levels from donning the colour. This change of heart is their acceptance that their business needs to change in order to survive.
The extension of their target audience is the result of their current customer base (20-35 year olds) being attracted away by lower cost entrants like H&M and Forever21. Abercrombie’s change in strategy is a demonstration of their responsiveness to market changes.
2. What toys will look like in 2025
Think beyond the iPad screen. Think holograms. Think a jungle, with your child playing in it - right in the comfort of your living room. This is Fisher-Price’s vision – an 86-year-old toy brand valued at $2.16 billion USD.
Gone are the dollhouses, plush toys and cars. Toys by 2025 will age with your child and last longer. Toys will be about value, contain more interactive opportunities and have a higher price point. The parents of the new generation are the children of the Internet, valuing experience over products.
Technological advances affect consumer sentiments. Businesses need to reflect the values of their customers and innovate. Have you thought about where your industry is heading and are you prepared for future changes?
3. $4.5 million Floating McDonald’s Restaurant
Do you remember the McDonald's floating restaurant? It made headlines at the time, but the venture was so unsuccessful that it was left abandoned in a Canadian lake for almost 30 years.
Jump forward to today, the owner is investing $4.5 million to revitalise the ship. It will become the floating McDonalds 2.0, with beautiful views and servers wearing nautical uniforms. ‘McBarge’ will feature new garden rooms and a conveyor belt that delivers food. The $4.5 million ship makeover will be a stark contrast to how it looks today.
The nature of business is that timing is everything. Sometimes, it’s worth revisiting some of the ideas that previously didn’t work, to see whether they could work under different circumstances. Is there a strategy in your business that has been abandoned, but might prove to be relevant today?
P.S Want more Friday Finds? Read the latest one here
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