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Economy, Lifestyle, Marketing, Shopping

The Tiffany & Co. Investment

February 15, 2009

Since 1837, Tiffany & Co. has been one of the most famous jewelers in the world. From their trademark Tiffany blue to the white ribbons that adorn their gift boxes, Tiffany’s has established themselves as not only a leader in the fine jewelry market but also as an example of a company that is able to increase the value of their products through effective marketing and attention to detail.

Evolution of Tiffany & Co.

Starting in 1837, the color Tiffany Blue was born. Little did Charles Tiffany know that Tiffany Blue would eventual grow to become an iconic color and become such a big part of fashion culture. Looking at the evolution of Tiffany & Co., we can see its evolution from being an exclusive high end jeweler to an affordable yet classy destination for anyone looking for that special piece.

Living in Los Angeles, one of the spots that Los Angeles is known for is Rodeo Drive. From Gucci and Prada to Chanel and Burberry, Tiffany & Co. is one of the most famous spots of Rodeo. When going to Rodeo you understand what people mean when they say that Rodeo is in its own little world. Expensive cars to display windows that could rival a decorative museum exhibit, Rodeo is a known for its high end stores for those looking for the high end lifestyle. Still, while Rodeo may be assumed to be for those with high disposable income, it is not necessarily true. Tiffany & Co. has been able to evolve itself from being for the rich and famous, to anyone who wants own a timeless piece of jewelry.

From the young to the old, Tiffany & Co. has been able to accomplish what other companies can only wish for. Tiffany’s has been able to attract not only one target market segment but rather target nearly all market segments. No matter what the age, Tiffany’s has something for everyone. Now the case could be made that while this may apply to only females and that it doesn’t really apply to males. To this I would counter that Tiffany’s offers men’s jewelry as well. Whether you are looking for a money clip to a stylish watch, Tiffany’s appeals to both sexes. Through effective marketing strategies, Tiffany appeals to both sexes through their catalogue and through the universal appeal of their website. The Tiffany’s website is an essential part of the Tiffany’s marketing campaign as any customer can easily find the approriate gift by the multiple search categories and specifics that a customer can provide.

The first time I bought a Tiffany’s piece was during my senior year of high school for my girlfriend. The one thing that I remember distinctly is that Tiffany’s is not only selling you jewelry, but it is selling you an experience. This experience is what makes people want to buy Tiffany’s. By buying a Tiffany’s piece you are buying piece of culture and art. The service marketing side of Tiffany & Co. can only be described as striving to near perfection.

I have found that not only are Tiffany pieces a great gift, but they are also unique in an economic sense. Like rare baseball cards and classic cars, some Tiffany pieces actually gain in value. Taking a look at the several Tiffany pieces that my girlfriend has, most if not all are sold at a higher price than they were previously purchased at. This can be attributed to many things. Among them are the limited amount made per piece as well as certain pieces being made for certain occasions. By buying something from Tiffany & Co. you are also buying into an investment.

Audrey Hepburn from Breakfast at Tiffany’s said it best when she was asked what she does when she gets afraid of something.

Well, when I get it, the only thing that does any good is to jump in a cab and go to Tiffany’s. Calms me down right away. The quietness and the proud look of it; nothing very bad could happen to you there. If I could find a real-life place that’d make me feel like Tiffany’s, then – then I’d buy some furniture and give the cat a name!

Whether you are looking to invest a relationship, a future, or just looking for jewelry, buying a Tiffany & Co. piece means you investing a piece of culture.

Economy, Lifestyle, Shopping

Where Last Season’s Style Goes

January 27, 2009

In a time where getting the most out of your buck is key, shopping for consumer goods is an area that has most consumers re-thinking where they decide to shop. While malls continue to be packed, it doesn’t necessarily mean that people are spending money. On the contrary, with once dominant department stores like Macy’s and social hangout spots like Starbucks closing stores to save money, consumer spending has changed radically.

With consumers looking at how to save money, they have begun to turn toward outlet malls. For the consumer that has never shopped at an outlet mall, let me introduce you to the world of affordable prices for designer and name brand goods. While affordable is only applicable to certain situations, examples are the best way to show the huge bargain opportunity that is to be had at outlet malls.

Coach for example is well known for being a hot spot at outlets for shopaholics. Not only are their prices well below the MSRP’s but their selection is quite vast. It is true that among the plethora of bags their is a fair share of ugly bags, but the prices are the ones that dictate what is ugly and what is not.

Outlets get most of their merchandise from their affiliate stores after they either go out of season or are overstocked. Many consumers are aware of this and don’t mind wearing last seasons styles. The truth is that to look rich, you don’t have to be rich. Brands like Calvin Klein, Gap, Hugo Boss, Bebe, and even Juicy Couture have all realized this and have begun to tap the huge consumer base that shops at outlets. With small outlet stores beginning to be replaced by designer outlet stores, what was a once in a while stop for families and consumers has now become regular trips when they need to buy something.

In a way, outlet malls can be seen as the place where last season’s style goes to be reborn into an ‘affordable’ style. From electronics to clothing, it seems that you can find anything at an outlet mall. While most outlet malls may not have the ambiance or decor of most shopping malls today, they make up for it by allowing consumers to feel like they really got the most out of their dollar.

Shopping, Travel

Dear Santa…I just want a parking spot

December 21, 2008

With the holiday season upon us, shopping malls and centers around the country will be packed from the minute they open their doors to the minute they close. Not only does this mean long lines to pay and hours and hours of finding the ‘right’ gift, but it also means crowded parking lots.

I enjoy the holiday season like most, but find that the worst part of this season is not so much the time it takes to get the gifts, but the time and stress involved in getting a parking spot at the mall or shopping center. Just watching what takes place in the parking garage at the local mall is like watching lions stalking their prey. Only this time, the prey is a parking spot.

Just the other day, I spent 30 minutes looking for a parking spot at the mall and it was only 11 AM in the morning. I can’t even begin to imagine what it would be like during the busy hours of 3PM – 6PM. One of the most obvious signs that it is the holiday season is also evident by the decrease, or should I say lack of “driving etiquette.” Cutting off cars that are waiting for a parking spot, blocking whole lanes so that no one can get a spot except you, and yelling obscenities at people who take too long to park are considered ‘normal’ during this time of year.

It may be unrealistic to say that we should all be ‘nice and patient’ since in all honesty no one is perfect. Still, it is possible that we can all do better.

Here’s a start:

1. The F bomb never helps a situation.

Whether we choose to believe it or not, the “F bomb” usually doesn’t help a situation. Especially one that involves stressed out people in cars.

2. Those white lines mean you have to park between them, not on them.

No, those white lines don’t mean “park here on top of me.” It is hard enough to find a spot and even harder when you find one and you can’t fit because someone is taking up two spots.

3. Signal left or right

While it would be great if we could all read minds, unfortunately we can’t. Therefore, please use your signal when you are waiting for a spot or driving around the parking lot, otherwise we don’t know where you are going. Not doing so can lead to accidents and discussions that start off with “Didn’t you know I was turning left..”

The last tip I have for all you potential shoppers is that the worst time to go shopping is of course, the day before Christmas and after. If you can, shop early in the morning to beat the rush or don’t go at all if you don’t have too. Better yet, shop online!

Happy holidays!

Photo by Latitudes

Economy, News, Shopping

Goodbye Black Friday?

November 28, 2008

After a long day of cooking, feasting, and saying thanks, one would expect the next day to be one of rest and relaxation. Unfortunately, this is not true for most Americans. For many of us, the day after Thanksgiving is the day to go out and get that big screen TV we have been waiting for or to get those pairs of shoes that we have had our eye on. So ‘important’ has the day after Thanksgiving been, we as consumers have given it the name “Black Friday.”

“Black Friday” starts with tents, long lines, and consumers with there “Black Friday” ads in hand. Whether it be the special deal “doorbuster” or the extra 40% off that retail stores offer, consumers are willing to put up with the lack of sleep as well as the lack of respect they receive from there fellow consumers.

As I started my “Black Friday” run today, I had many places that I wanted to check out. Among them were Best Buy, Circuit City, and of course the local mall. As I went from store to store I noticed a trend. In each of the stores I went too, while there was still a large number of consumers, the number of them holding items was amazingly small. I didn’t see consumers with baskets full of DVD’s or with armfuls of clothes. If I could describe the average consumer on “Black Friday” I would use the word cautious. Consumers went for items they ‘needed’ or had been strongly considering for a while.

This change in consumer spending can be attributed to a number of things. One reasoning is that no longer is “Black Friday” only on Friday. Most stores now start there sales a couple of days before or even the week before running all the way into the weekend. Consumers no longer have to fight Friday morning but can now shop around for a couple days, finding the best deal. Another reason is that most stores such as Best Buy, Circuit City, Amazon, & Walmart offer online sales that offer the same items that are considered “doorbuster’s” and also in some cases, deals that are better than in the stores.

While the forementioned changes to “Black Friday” all have an affect on the way consumers approach “Black Friday”, consumer spending and confidence in businesses have been one of the key factors. Consumers unwilling to spend money on un-neccesary products has led to a record slump in consumer spending which have led to chains such as Circuit City into bankruptcy.

With “Black Friday” turning into a week long affair in some cases, why do we continue to call it “Black Friday?”

While “Black Friday” has traditionally meant the start of the holiday shopping season, consumer trends in spending during this “Black Friday” may be the signal for retailers to start worrying that perhaps “Black Friday” may just be “Regular Friday”