The business trend that unites Walmart and Tiffany & Co
As two of the most iconic and far-reaching stores in the world, Walmart and Tiffany & Co. have long been industry leaders and powerhouses of the retail sector. But what few people realize is that both of these renowned brands are actually united by a single, cutting-edge business trend. From the dazzling displays in a Tiffany store window to the sprawling aisles of Walmart merchandise, this trend has created a bridge between two very different businesses. To gain a better understanding of how this trend is transforming the industry, let’s take a closer look.
1. The Uncommon Bond Between Walmart and Tiffany & Co
It’s true what they say: opposites attract! While Walmart and Tiffany & Co. couldn’t be more different, the two companies have managed to form an unlikely yet surprisingly successful bond.
The relationship between Walmart and Tiffany & Co. first began in 2008 when the luxury jeweler opened its first store inside a Walmart. This bold move was controversial with many questioning how customers would view the high-end store being housed within the Walmart walls. But, thanks to the Walmart’s enviably large customer base and the ability to offer Tiffany is unparalleled selection of jewelry and accessories, the partnership took off and is now thriving.
The collaboration has brought many benefits to both parties:
- Walmart: access to luxury, high-end products and the opportunity to broaden its customer demographic.
- Tiffany & Co.: exposure to the Walmart’s vast and price-driven consumer base.
2. Not Your Typical Business Partners
When you look at successful businesses, it’s often the individuals and the partnerships that made the successes possible. Many of these individuals weren’t your average MBA types. They weren’t career-driven, just out of a top notch university and enter the must-trendy office space.
Instead, these individuals had something special, something unique to bring to the partnerships. People with ancient skills, unusual talents, people whose talents may not have been even recognized yet. These are the true S.T.E.M.: Social, Technology, Extraordinary and Motivation. They become the backbone of a business success story.
- Social – Unconventional networks and ideas.
- Technology – Deep understanding of current trends and the sector.
- Extraordinary – A wealth of perspectives without the typical MBA filters.
- Motivation – Unerring dedication and drive to succeed.
These partnerships are often what sets the successful businesses apart from their counterparts. The unconventional mix of skills and experiences help create a business world that is unique, inspired and innovative. The power of these partnerships comes from a focus on the individual strengths and a commitment to push forward the boundaries of what is possible. That’s why the partnerships are so important — they bring out the best in each other. It’s remarkable what can be achieved when innovative people come together.
3. The Surprising Economic Trend Behind the Unusual Pairing
Online retail stores have been witnessing an unusual pairing – that of pets and luxury goods. While pet owners have traditionally been known to show their affection for their furry friends by buying them treats or toys, now owners are reaching for luxury items too.
The result of this trend is a significant boost to the economy. It is estimated that pet owners across the world are spending an estimated $500 billion dollars a year on luxury items for their pets. From luxury grooming products to bespoke fashion items, pet owners are not holding back in showing their love and affection to their pet companions.
- High value items such as bespoke clothing and fashion accessories are proving highly successful with pet owners, as they give domestic animals a ‘sense of identity’
- Trends in online pet stores are also indicating that pet owners are looking for complementary products such as pet-safe home fragrances, CBD oil, and orthopaedic beds
4. How the Walmart-Tiffany Team-Up Is Changing the Landscape of Retail
Walmart is a retail giant, and its recent partnership with the luxury jewelry maker Tiffany & Co. is sure to shake up the landscape of retail shopping. The collaboration brings together two vastly different brands in one move, with Tiffany diversifying to reach a wider audience and Walmart gaining access to a higher-end customer base. Here are some of the interesting ways this groundbreaking team-up is changing the industry:
- Increased Appealing Selection: Walmart’s new line of Tiffany jewelry offers customers greater access to affordable, high-quality pieces. From a classic gold bracelet to a set of silver diamond earrings, this luxurious yet affordable selection will attract new customers.
- Elevating the Shopping Experience: The Walmart-Tiffany collaboration also seeks to create a more upscale shopping experience. Customers can expect to find Tiffany-decorated store sections and jewelry displays, as well as excellent customer service.
What the two retailers bring to the table is truly unique, and this new venture indicates just how quickly trends in retail can evolve. While no one knows what the future of shopping holds, it’s exciting to see two of the biggest companies leading the change and offering higher-end services at more accessible prices.
Walmart and Tiffany & Co may occupy different placements in the market, but that does not keep them from recognizing the trends that could shape their futures. At the end of the day, this business trend unites all of us, regardless of the size of one’s company, in a common mission – to ensure the sustainability of our respective businesses.