Niche markets for bigger sales
Some retailers looking for an edge are starting to focus special products for niche markets. Nancy Marshall Genzer has more on exclusive lines, signature celebrity products and products geared towards yogis.
Floridians do yoga on the beach. (Joe Raedle/Getty Images)
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Renita Jablonski: Car dealerships aren't the only ones looking for ways to bring customers in. All kinds of retailers are turning up the heat on niche marketing. Marketplace's Nancy Marshall Genzer explains.
Nancy Marshall Genzer: Some retailers are looking to yoga for inspiration. JC Penney, Victoria's Secret and J. Crew have started selling yoga outfits. They're trying to attract yoga addicts who don't mind splurging in the name of tranquility.
Retail analyst Howard Davidowitz:
Howard Davidowitz: Retailers are fighting for footsteps. One way to differentiate yourself is to have special products, to focus on special categories.
Davidowitz says some retailers are specializing in certain brands. Macy's has an exclusive Martha Stewart houseware line. One Macy's ad features Stewart and stars like R&B singer Usher hawking their products.
Usher: This is my new fragrance. Apply it here, and your body heat will diffuse it naturally.
But MKM Partners analyst Patrick McKeever says discounters don't have to hire rock stars.
Patrick McKeever: They don't have to try and be innovators. It's because there is that natural benefit that comes during tough times as consumers seek value.
Dollar stores may have the best niche of all: cheap stuff.
In Washington, I'm Nancy Marshall Genzer for Marketplace.
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