Itâ€™s tough being a technology retailer in the 21st century. Electronic retailers like RadioShack find themselves fighting to remain relevant and stay in business. RadioShack announced their plan to survive and reposition Radioshack as a prominent electronic retailer again. Radioshack stores will be completely redesigned to be more trendy, fun and visually attractive.
As a primarily brick and mortar retailer competing in a market overrun with discount online electronic online-only retailers, in recent years Radioshack has failed to remain relevant with tech shoppers. Last week, they unveiled a new prototype store designed to attract tech lovers in Manhattanâ€™s Upper West Side.
The new design highlights big electronic brands, like Samsung and Apple, with large displays. Theyâ€™ve added a wall filled with speakers and touchscreen devices into the floor.
The new store look and feel corroborates new company slogan, â€œRadioshack: Letâ€™s Play.â€ The plan is to measure this storeâ€™s success and bring the redesign to all of its 5,500 stores worldwide.
Itâ€™s now or never for Radioshackâ€™s survival. Radioshackâ€™s financial situation over the next 12 months could determine the brandâ€™s long-term future. Analysts from credit ratings service Standard & Poor assigned Radioshack with a CCC+ rating. This rating means a company is currently vulnerable and dependent on favorable business, financial and economic conditions to meet financial commitments.
Radioshack is a 92-year old company. In 1921, the first Radioshack store opened in Boston. This store mailed equipment to ham radio enthusiasts who built their own devices aboard ships. The brand refocused permanently and changed to its specialty to personal electronic retailer in 1963.
One of Radioshackâ€™s main competitors, Circuit City, reached its brick and mortar demise in 2009. Radioshack has avoided falling to the same fate so far by focusing on what they do best and working to continually improve the customerâ€™s in-store experience.
Radioshack realized customer engagement is suffering. Theyâ€™re losing touch with the needs of their customer base and customers arenâ€™t seeing the advantages of shopping in-store. The essence of the engaged customer experience large retailers like Radioshack, Warby Parker and Walmart are now trying to offer customers is what mobile shopping solutions like ShoppinPal help retailers do; the goal is to improve the brick and mortar shopping experience.
Radioshackâ€™s future has been in jeopardy for a few years. This new strategy may be too little, too late. Retailers, like Radioshack, need to be proactive. Online retailers are scooping up your customers right and left, not because theyâ€™re necessarily the best in the industry, but theyâ€™re offering customers the shopping features and experience the modern customer wants. Stay ahead of the curve. Thereâ€™s no reason not to. Adapting your business to mobile technology has never been easier.
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