In an effort to survive increasing competition in the electronics retail industry, RadioShack Corporation (NYSE:RSH) decided to renovate its stores to drive traffic. The company opened its first concept store in Manhattan, highlighting different features to attract tech-savvy customers looking for a new level of products, services, and experience when shopping.
The electronics retailer stated that some of the new features incorporated in its concept stores include a display of in-demand products from leading brands such as Apple Inc. (NASDAQ:AAPL), Samsung Electronics Co. Ltd (LON:BC94) (KSE:005930), and HTC Corp (TPE:2498) as well as mobile carriers including AT&T Inc. (NYSE:T) and Verizon Communications Inc (NYSE:VZ).
RadioShack’s Consumers Can Compare Speakers and GoPro Cameras
In addition, RadioShack Corporation (NYSE:RSH) also added fixtures that allow consumers to find and compare products. For example, the company built a speaker wall so that shoppers can compare the difference of speakers by playing music from their own Bluetooth–enabled mobile devices. The company also put a up a display that demonstrates the capabilities of several models of GoPro cameras.
Furthermore, the electronics retailer highlights different types of technology products with touch screens and apps that help customers understand and discover the benefits they will get out of a particular device. RadioShack Corporation (NYSE:RSH) also said that its staff has the ability to answer customers questions about the products they are selling.
CEO Magnacca Excited About the New Look
Joe Magnacca, chief executive officer of RadioShack Corporation (NYSE:RSH) said, “Our goal at RadioShack is to make our iconic brand relevant to new segments of the consumer market, while reinforcing our commitment to the strong and loyal base of customers who have known RadioShack for many years. We know that all of these consumers like technology when it makes their lives simpler, but they love technology when it makes their lives fun.”
He added that RadioShack Corporation (NYSE:RSH) pre-tested some of its store concepts to a panel of customers. Magnacca said customers were excited about the new look of the stores.
“Based on my nearly 30 years in retail, I know that the proof of concept always comes when shoppers begin exploring the stores, and that the evolution of the shopping experience never ends. We will fine-tune the concepts people are seeing here today, and by making the experience a fun one for the consumer, with the right mix of products, placement and price, we expect to be able to build the trajectory of RadioShack’s growth and profitability,” said Magnacca.
More New Concept Stores Coming Shortly
The electronics retailer will open a variety of its new generation stores in New York’s metropolitan area, New Jersey, and Texas over the next several weeks. RadioShack Corporation (NYSE:RSH) said it will customize its stores based on locations, local buying patterns, and the needs of the neighborhood.
According to the company, its key learning from its newly renovated stores will serve as the foundation for the future remodeling of a majority of the 4,300 RadioShack stores in the country.
During the first quarter of the current fiscal year, the company’s financial results were weaker than expected. Indeed, RadioShack Corporation (NYSE:RSH) may need to implement effective strategies like this to boost its sales.