Yes, this is another NCAA Basketball centered post. However, this is about selling apparel. The Final Four is one of the biggest events in sports and has a ton of different apparel and other items for sale. Having been to the Final Four a couple times, I’ve noticed some interesting things involved with some of their pop-up shops.
First of all, just like many major events, pop ups shops are used. Some are sketchy, others have almost no inventory, and some others have everything you could ever want. The interesting dynamic with these pop up shops is how many people visit them. Even after making purchases in the previous shop, people continue to go in and look around and some actually buy more.
Second, because the pop up shops are selling for the same event, they almost always have the same items for sale. Some differ on prices and specific apparel, but it is generally similar from shop to shop. So when customers go in to another shop, they are looking at the same things they just saw, just in another shop.
Lastly, I follow the lead from these people. I do the exact same thing. I know that each store has the same items, for the same prices, and I continue to look in the next shop and try to find a bargain or new item.
My overall question, why do these shops have such success, selling the exact same products at extremely similar prices, right next to someone else who is doing the same thing? What makes it successful? It’s an interesting thing to think about because someone has to do the selling at these shops. Some specialize in advertising, personal selling, etc., and all these parts are necessary to sell products. Would you want to sell something like this? What would you do differently to specialize?
BoweryJE22
These pop up NCAA ideas are a good example of the free market or a capital market society. The customers will go to one of two types of sellers. The lowest price sellers (cheapest) or the ones who put in the most effort to be the best sellers. Interesting post Brian.
I think what makes these shops successful are that they are in the right market. Every single person at the Final Four are potential customers. They are seeing all these teams and merchandise during the entire event that they are eventually going to want to buy. Hopefully, that moment hits them when they are in front of your store. The “Mare Effect” is when someone is exposed to something long enough that they develop a liking for it and want it. That is what is happening at these events, everyone is in the right mood to buy and are willing to pay.