This year, the challenge required students to describe all aspects of showrooms and outline the threats and opportunities that come with it. Showrooming is described as the practice of shoppers comparing retailers’ store prices to other companies’ online prices and choosing to purchase the item online from a different company.
The students had to collaborate on a comprehensive marketing strategy, aimed at addressing showrooming and were instructed to propose customer service practices that enhance loyalty and maximize the use of the latest technological advancements. A financial, merchandising, and retail operations plan also had to be produced to complete and pass the challenge.
“Retailers have to move fast to keep pace with customers’ demands, and every business unit – from marketing to merchandising to IT – plays a huge role in addressing showrooming behavior,” said NRF Foundation Executive Director Ellen Davis. “This year’s challenge was a real example of something that retail companies are dealing with every day. We are thrilled to honor the winning team for their work and dedication to this project, and look forward to seeing each student grow in their academics and professional careers in retail.”
Each student will receive an educational scholarship worth $2,500 thanks to generous contributions from Sears Holdings Corporation, Macy’s, and Toys“R”Us, Inc. The winning students also receive complimentary registration to Retail’s BIG Show in New York City, where they will present their award-winning business plan to attendees on Monday, January 14 at 3:15 p.m. during the session, “Showrooming: An Opportunity or a Threat?”
The program, established in 2006, pairs students from six retail programs across the country together to solve a business-case scenario. Each student selects a different business discipline, and is mentored by a retail executive in that field. Students then present their solution to a panel of judges, who scored the presentations on creativity, relevance, and understanding of the challenge topic.
Apparel/Garments | On 29th Jul 2016
Income from continuing operations at the Dixie Group for the second...
Textiles | On 29th Jul 2016
A Chinese Pavilion will be the highlight of the upcoming second...
‘The intimatewear category in India is slowly becoming trend-sensitive.’
Angelina Francesca Cheang
'Consumers in the age-group 21 to 38 are driving the activewear trend'
Max Fashion India
‘Traditional high-street retailers are now willing to offer franchisees to ...
Bombay Textile Research Association
Bombay Textile Research Association (BTRA) is a leading name in textile...
Biovation II LLC
Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...
Nature Works LLC
Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...
Occasions Elegance Wear
It is believed that by early 19th century, Varanasi weavers had moved away ...
Bani Batra’s couture wedding collection is inspired by traditional Indian...
"You have to truly understand what your client wants, know her needs, what ...