REBNY (Real Estate Board of New York)’s Post

Costco's membership strategy has empowered it to establish a distinctive and thriving business model 🚀. By mandating customers to subscribe and pay an annual fee for exclusive access to the store's offers and services, Costco achieves a multitude of pivotal goals: 1. It establishes a consistent revenue stream through memberships 💳. 2. It cultivates a profound sense of loyalty among its clientele ⭐. The exclusivity linked to Costco's membership plays a pivotal role in drawing in consumers in search of special deals and top-quality products at competitive prices. What facets of this strategy would you consider implementing in your own company or business? #GrowthInstitute

And we have our winners! 12 categories, eight winning UK grocers. 3 wins: Sainsbury's, Marks and Spencer 1 win each: Tesco, Waitrose & Partners, Morrisons, Asda, Aldi UK, Lidl GB Each is driven by dozens of Uncrowd research visits and tens of thousands of empirical objective observations. NONE of this is biased/subjective opinion, neither ours nor customers’. 🏆Product 🏆Strategy 🏆People 🏆Marketing 🏆Operations 🏆Friction 🏆Premium 🏆Choice 🏆Inspiration 🏆Value 🏆Members 🏆Price Each of these wins is a straight highest-score competition across sets of Uncrowd observed variables. Price, for example is derived from 10 variables, including ones such as ‘Price Friction’ and ‘Price Offers; whereas Product is the sum of 29 variables that include ‘Range - Produce’ and ‘Fresh Presentation’. Scores for each variable are built from observable signals and in all, there are 72,450 individual observations, all made physically in stores, feeding these wins. I’ve listed all the winners in the document below, and included the league tables for each award. Over the next week, I’ll break down each award and give you a glimpse behind the wins and into the data itself. #retail #experienceanalytics #massivetrophies

4 out of the top 20 private companies in the U.S. by revenue are convenience store chains. Some of them are not well-known to everyone, because they operate regionally.. and yet they are all multi-billion dollar businesses that are staying private and expanding their footprint. In this video, we explore the business of convenience stores, and share insights on sales, margins and the key categories driving this business. #retail #stores

🔹 Exciting News Alert! 📢 Costco may implement a new policy requiring members to scan their ID at store entrances. Find out more about this potential change and its impact on members in our latest blog post! #Costco #MembershipCards #RetailNews Read more here: [Link to the post] 🔹 Attention Costco Members! 🛒 Have you heard about the possibility of Costco introducing ID scanning at store entrances? Learn more about this potential change and how it could affect your shopping experience in our latest blog post. #Costco #Retail #BusinessNews Read more here: [Link to the post] {{Giphy.recentSearch.URL}}1. #CostcoGrowth 2. #MembershipSurge 3. #CostcoSuccess 4. #RetailExpansion 5. #MembershipMilestone 6. #CostcoMembershipBoom 7. #RetailAchievement 8. #CostcoMembershipGrowth 9. #RetailSuccessStory 10. #CostcoMilestone

This reminds me of why retailers like Costco Wholesale have been so powerful, a tried and tested business model from Price Club to modern day. Offer specific customers (members) something they can't get elsewhere. It will be interesting to see if/when we reach loyalty saturation points!

𝗖𝗹𝘂𝗯 𝗦𝘁𝗼𝗿𝗲𝘀: 𝗗𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁𝗶𝗮𝘁𝗶𝗼𝗻 𝘄𝗶𝘁𝗵𝗶𝗻 𝘁𝗵𝗲 𝗰𝗵𝗮𝗻𝗻𝗲𝗹 For the most part, the top three warehouse chains have similar strategies and tactics, and proximity is one of the main reasons consumers choose one chain over another. But there are some differences. Costco Wholesale Corporation’s Kirkland Signature private label meets or exceeds national brands in quality, has a very strong following, and accounts for about a quarter of the retailer’s sales. It has a reputation for being one of the best store brands in all of retail, not just in the warehouse club category. While all three retailers have strong store brand offerings, Kirkland attracts the most intense loyalty. “Kirkland at Costco is a very well-known brand with many offerings at a solid price point,” says Brian Numainville, principal at The Feedback Group in Lake Success, NY. Produce Blue Book Story 👉 https://lnkd.in/ghik7si7 #retail #supermarkets #grocery #privatelabel #clubstores #retailers

Interesting tactic from over the pond retailers like Walmart, Best Buy, and Target, replicating Prime day and using their own members-only sales events to build out their retail memberships. These events are reporting to drive +20% increase in membership growth and something we could see happening in the UK as UK retailers accelerate their membership schemes. All events aligning to summer sales (late June/early July) is another factor to keep an eye on – more peak planning for retail teams!

In my retail experience, it's definitely time for companies to adjust. We should be providing paid time off for major holidays, ensuring that employees can enjoy time with family and friends without financial concern. It's also time to consider including a mix of national, religious, and cultural holidays to accommodate a diverse workforce. There is no bigger promoter for work-life balance than holidays off. Let's encourage employees to disconnect from work during holidays to ensure they can fully enjoy their time off. From a company and financial standpoint, often you will end up paying more in salary than you'll make staying open during holidays.

Starbucks recently announced its latest partnership with Marriott Bonvoy, allowing customers to earn points for both while traveling. By linking their Starbucks rewards and Marriott Bonvoy accounts, rewards members can earn double points on Starbucks purchases during their stay at Marriott Bonvoy hotels, as well as Marriott Bonvoy points with Starbucks purchases during certain weeks of the year. Cross-brand promotions enable businesses to: * Acquire more customers: attract new customers by offering them additional benefits through partnerships. * Increase customer retention: provide existing customers with more reasons to stay loyal. Improve the customer experience: create enriched experiences that align with customer’s lifestyles, making their interactions with the brand more rewarding. Increase sales: encourage customers to spend more by offering rewards that provide value beyond just one brand’s products. With the ability to track and verify which new customers came through these partner promotions, brands can accurately measure the true impact of these partnerships allowing them to fine-tune their strategies and maximize their return on investment.

Amazing news from Albertsons Companies on their loyalty program! If you're a CPG and looking for a better way to understand how shoppers respond and engage with your categories, through loyalty program like this, I can help! Let's talk!