By Erica Baird and Karen E. Wagner, Lustre
There
were more than 2,000 store closings in 2017. And there were more retail bankruptcies
than in any year since the 1930s. Economists, sociologists and the media bemoan
the economic and social havoc wreaked by retail’s decline. But retail stores
are part of the character of the streets we walk every day. Online shopping,
with no live people and nothing to touch, just isn’t the same experience.
Here’s
an idea about how to reverse this downward trajectory. Tap into, cater to, a
new market: recently retired women who worked for decades, earning their own
money and making sure they could retire well. Look at the numbers:
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- Women make up slightly more
than half of the 75 million baby boomers (born between 1946 and 1964). Because many
worked full-time jobs, they are now retiring in greater numbers than ever
before. About 10,000 Boomers per day are retiring. - Women over 50 are worth about
$19 trillion. Indeed, some say that single women over 50 are the richest
segment of the U.S. economy. - Women control more than $7
trillion (85%) of consumer spending on cars, computer equipment, apparel,
vacations and entertainment. Most of those dollars are Boomer money.
Medical
research shows that if we live past 60, we are likely to live to 90. And women are
likely to live at least five years longer than their male counterparts. You
would think retailers would be falling all over themselves to get to this
market.
But they
are not. They are ignoring the segment, their money, their interests, and perhaps
most importantly their newfound time to do things, one of those things being
shopping. They must know the statistics. Why do they choose to ignore them?
Is it
the fear of the Internet which, for sure, has its place. We too are obviously lured
by its ease, efficiency and cost-effectiveness. No glass of wine or glamorous
surroundings will make shopping for paper towels alluring. Maybe the problem is
that stores have lost their way — not focused on their target markets, curating
merchandise and creating an experience that makes it worth the visit.
Of
course, it all has to be done well. Is a “wellness” floor in a department store
a magnet for people like this group of consumers? Doubtful. There are other
more private places for that. But a store where you can actually try the
appliances and turn on the faucets? Well, that’s a whole different story.
Retailers,
consider:
● What if you did the work and
curated your wares for the personality and taste of your market? A good shop has a strong
point of view. It provides a valuable and manageable range of choices. It
enables serendipitous moments, showing you something that you may never have
considered before.
● What if you made your store
beautiful, with comfortable and central waiting areas where our companions can
entertain themselves while they wait and be seated close enough to provide commentary,
conversation and advice?
● What if you provided beverages
and snacks to tide us over and make us stay? Not just a bottle of water, but a
place to pause, consider and renew would be enticing.
● What if there were spacious dressing
rooms with real chairs for someone to sit on (not a tiny low stool!), good (natural?)
lighting and good mirrors. Squinting and buying don’t go together.
● How about educated, but not
snooty or annoying, sales people? We are enticed by people who know us and know their
stuff. We don’t need 10 commission-based salespeople descending on us every
time we turn around.
This
powerful shopper segment has spoken: We
love stores. We want to shop in them. It’s an experience, Conversation.
Tactile. Let us put you back on the map — literally. Look at us and see who we
are, what we want and our spending power. It’s a win-win — you make money and
we get value and attention. Roll out the red carpet for us and we will make it
worth your while.
Erica Baird and Karen E. Wagner, retired corporate
lawyers, co-founded their website, Lustre, to defy stereotypes and change attitudes about older
women and retirement. After practicing law for decades, they have now embarked
on a new career, to create a modern image of retired career women and a modern
picture of what retirement can look like for them. They’ve also created a
Facebook Group, Lustre Staying Power, to give a voice to the large number of
retired women who know that they are still in the game.
