Shopping and Broadway sitting in a tree.
I was strolling through Saks on a weak weekend for Broadway tickets recently, and I noticed something interesting . . . there was hardly anyone in the store shopping for clothes, just like there weren’t that many people shopping for tickets either.
Makes sense, of course . . . those big retail NYC flagships like Saks, Bloomies, Macy’s, and more are major tourist magnets . . . just like, you guessed it, big ol’ Broadway. In fact, we made some calls to some press reps of the stores above, and found out that about 25% of the business at a place like Saks comes from tourists outside the Tri-State Area. Sure, that’s not the 62% that Broadway attracts, but it’s still a significant amount, and it’s still a significant overlap of the Broadway audience, don’t you think?
And with that kind of overlap it seems that a marriage (or even just some heavy petting) between Broadway and Retail would be beneficial for both parties.
Yes, I’m talking promotions of all kinds (discount ticket with Saks receipt, special gift at Saks with ticket stub, appearances at the stores, etc.) but I’m also talking about simple strategizing. See, the stores have significant amounts of data at their fingertips . . . which weeks of the year are the busiest, how consumers are spending, etc.
And you know the other thing that Broadway and Retail have in common? Well, shopping in a store is being challenged by shopping online . . .
I don’t think I need to tell you how we’re challenged by online entertainment . . . especially since you’re reading a blog right now.
So maybe finding a way to hold hands and date other industries is a way we make sure we don’t end up a dated industry ourselves.
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