Will David’s Bridal’s New Diamonds & Pearls Store Concept Work?
David’s Bridal is getting glam with its new Diamonds & Pearls store concept, complete with upgraded fittings and a full glam squad. Thanks to our always fabulous sponsors — A&M Consumer and Retail Group, Simbe, Mirakl, Ocampo Capital, Infios, and ClearDemand — for supporting retail reinvention.
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Transcript
David's Bridal has unveiled a new store concept.
Speaker A:It is calling Diamonds and Pearls, one of maybe the greatest Prince songs ever.
Speaker A:And hopefully they are giving him his just dues for taking that name.
Speaker A:According to Retail Dive, the store features a curated selection of bridal fashion and accessories, personal styling, Shopify point of sale, integration for in store and online shoppers, champagne service, alterations, and luxury trunk shows.
Speaker A:The store also carries exclusives not available at other David's Bridal locations.
Speaker A:Beyond launching a new store concept, the retailer has also expanded its product assortment.
Speaker A:David's Bridal recently teamed up with Perry Ellis and Cubavera to debut its first menswear collection.
Speaker A:The retailer released suits in April and is rolling out Cuba Vera items over the summer.
Speaker A:Chris, do you think that David's Bridal store new store concept, Diamonds and Pearls will catch on?
Speaker B:Oh, man, I feel like, I feel like I'm, I feel like I'm a downer on this podcast.
Speaker B:I don't feel like there's anything I've.
Speaker B:Well, I, I guess I started out.
Speaker B:Really?
Speaker A:You started out with Walmart?
Speaker B:Yeah, I lauded Walmart, yeah.
Speaker B:Which is typical.
Speaker B:So.
Speaker B:Yeah, but I, I'm skeptical of this one too.
Speaker B:And I think, you know, I mean, for numbers, like, endless aisle as a differentiator, especially in a physical store concept doesn't mean that much to me because, you know, who already has an endless aisle in the online sphere, like, okay, fine, I can go into a store and I can look things up online.
Speaker B:Like, that just doesn't resonate with me.
Speaker B:And we've talked over and over again in the eight year history of our show about how that's kind of fool's gold.
Speaker B:So that's number one.
Speaker B:The second point I make is promoting the Shopify integration.
Speaker B:Who cares?
Speaker B:Like that sounds like something to me that, you know, you throw in to sound techy.
Speaker B:Right.
Speaker B:But it's really a tell that you aren't that techie, in my opinion.
Speaker B:Like, and Shopify has its limitations as a POS platform from my understanding too.
Speaker B:So.
Speaker B:So no, I think for me this is going to be a tough get.
Speaker B:You know, had they, had they actually brought the menswear concept into a combined concept, I think that's a better way to go because I would be interested in that.
Speaker B:Like, yeah, incremental hook there.
Speaker B:Like dudes, when they have to get their tuxes for the wedding, they don't care where they go.
Speaker B:So why are you letting that business go somewhere else?
Speaker B:Bring it together, make the unit more productive.
Speaker B:It's kind of the old, like consulting Case in business school of like, you know, how do you get the fast food restaurant to do breakfast, lunch and dinner more continuously?
Speaker B:How do you use the unused times of the day to be more productive?
Speaker B:So like that I think could work.
Speaker B:But, but as, as a, as a plan to like stave off what's already happening endemically to David's Bridal.
Speaker B:I just think this is another concept that's probably not going to work in the long run.
Speaker A:Really.
Speaker A:I, well one, you don't want the guys in the same bridal shop.
Speaker A:Like that's not a good idea.
Speaker A:You're not supposed to see the bride before.
Speaker A:But I don't think that there's anything stopping you.
Speaker A:I do think that you're on the right track of this idea could live on its own as a male concept for me.
Speaker A:I think this is a brilliant idea.
Speaker A:Chris.
Speaker A:I actually love the idea of bringing service.
Speaker A:You think, think about the things that they're talking about here.
Speaker A:Champagne, these little touches.
Speaker A:They're, they're doing trunk shows.
Speaker A:They're really focusing here on service and creating a luxury experience that you have not gotten before at a David's Bridal.
Speaker A:You're now giving this high touch, high service experience at a lower price point product.
Speaker A:And I love this.
Speaker A:I think it's something that we all need to be paying more close attention to.
Speaker A:Again, something that we're hearing a lot about at Shop Talk Europe is this emphasis on service that isn't just at the luxury level that you like.
Speaker A:If we started seeing more retailers like this like a David's Bridal really lean in on experience.
Speaker A:It's, it's the one thing that I think can differentiate them right now because no one else is doing this.
Speaker A:That it's like you go into a Macy's Bridal, you go into another, any other category.
Speaker A:Like you just, you don't get the level of service anymore.
Speaker A:It's all about transaction and having the least amount of people on the floor.
Speaker A:And I think this is one of these experiences where if I was at David's Bridal right Now, I would 100 be testing a concept like this.
Speaker A:And for the men too, like making this an experience where you all go pick out your tuxes, there's a whiskey bar, there's other things like that's what you get at the high end experience.
Speaker A:And I think that if they can pull this off and really invest in service and this high touch, I think that they could be doing a banger business right now and really start to stand apart from their competitors.
Speaker A:Because who doesn't want great service and an affordable, affordably priced product.
Speaker A:I think we're going to start to see people coming down from those luxury bridal experiences just because you have a more cost conscious consumer.
Speaker B:But yeah, so I think of two things in response to that.
Speaker B:So number one, you know, the thing about the men, like I think, you know, you can, you can solve that architecture, you can solve that through scheduling.
Speaker B:And oftentimes too like the men shop at a different time than the women do for the dresses.
Speaker B:So I don't think the fear of seeing the, the bride in her wedding gown is really that, that of an, that much of an issue.
Speaker B:But the second thing, like, yeah, I agree everybody wants better service, but the trick with providing better services, you need to pay for it.
Speaker B:And so that's what's unclear to me in terms of, you know, how are they getting the margins from this concept to pay for it.
Speaker B:You can just, you can't just wave your wand and give better service.
Speaker B:Yeah, so that to me is the element that was missing here.
Speaker B:It sounds like they're trying to put some higher end products in, but yet they're going to have a smaller array of products.
Speaker B:So, so, so maybe, but it's hard to become something that you're not.
Speaker B:And, and companies have failed on this attempt many, many times over the year because they forget that, you know, margins, the level of margin that you have is correlated to the amount of service you can provide.
Speaker B:And that's what makes this such a difficult get when you try to move up market in service.
Speaker B:And I just don't see that from this concept.
Speaker A:Yeah, I think that's the biggest, that's a big issue though that these retailers are going to have to contend with right now.
Speaker A:I mean, I think that's where things like I come into play.
Speaker A:Like where are you able to save money, use leveraging AI in your businesses so that you can find some of that additional revenue to put towards service.
Speaker A:I just, I think it's going to be too, too much of a determining factor in the success of a business overall if they're not willing to invest here because this is too high touch of an experience.
Speaker A:Shopping for a wedding gown is too high touch of an experience to, to let that service element decline.
Speaker A:So.
Speaker B:Okay, let me just press you on that because like if that's the case, should your new store concept be dependent upon that?
Speaker B:I think that's a tough be dependent on service, be dependent on you leveraging new techniques in AI to make it work financially.
Speaker B:I think that's a tough ask.
Speaker A:No.
Speaker B:I take me from a company that's calling out Shopify as a key technological ingredient.
Speaker B:This store concept.
Speaker A:I'm, I'm saying more from other areas of the store.
Speaker A:I'm not saying AI in the store.
Speaker A:I should have clarified.
Speaker A:I'm saying, like, overall, where can you.
Speaker A:Where are you as a business applying AI to refine and find more efficiencies in your business operations so that you can free up resources to pay for more and to allocate that to better service in the stores?
Speaker A:Because that's.
Speaker A:That to me, you know, you're, you're.
Speaker A:A lot of companies are reducing headcount right now at the headquarters.
Speaker A:Like, that's what I'm saying is if you're going to reduce headcount there, can you start to put this back into service in the stores so that the companies stay alive and they become a destination for shoppers right now?
Speaker B:Right.
Speaker B:Which brings me back to the point of, yeah, if you're going to do that, do that for your fleet of stores that already exist, because you can get more payback there than doing it than trying to make a distracting new concept work when you don't have that figured out for your chain of stores already.
Speaker B:Like, I don't.
Speaker B:I.
Speaker B:I'm actually getting more skeptical of this as we talk about it, but.
