So many retailers are at a standstill. They often blame it on a sluggish economy. However, is that really the problem? Consumers are spending: Maybe they’re more judicious about it, but they are buying. If they are buying less than they used to in some retail stores because of choice, not finances, that’s a problem. It usually boils down to a number of maladies: a brand set adrift, a loss of relevance, less-than-delightful customer encounters, experiences that don’t match up to the hype created by marketing campaigns — or a little to a lot of each.
When this happens, retailers sometimes opt to do nothing, thinking they can ride out the situation; others decide to rebrand. Both of these choices are at opposite ends of the spectrum. Doing nothing is never a good idea. Any retail brand that is in a holding pattern or losing ground needs help; problems don’t go away by themselves, and remedial action is necessary. However, doing a total rebrand may be unnecessary and might do more harm than good. Revitalization just might be the answer.