How and Where Did Fred Segal Department Store Get its’ Start? Who’s the Man/Woman/Family behind its’ Origins?
The first Fred Segal Store was opened as the only jeans store in 1960. It was founded by Fred Segal. Last three decades his son, Michael Segal, runs the business. In few years, this twenty-eight square meters store grew twice its size. As the result, it expanded and invited the key employees to buy the stores within their experience. With the time, aside from the clothing Fred Segal Stores started to offer the restaurant service to its customers. From that time, restaurants and clothing are the main industry of Fred Segal stores. One might find food, clothes, and footwear among the products the store offers. Fred Segal store has two locations. The first store was founded in Los Angeles, California, U.S. Now its headquarters is located in Santa Monica, California, U.S.
How Did It Grow? What Strategy or Technique Made It Popular with Consumers?
The main advantage of Fred Segal Store is the fact that it gives a great choice for its customers. It is possible to do shopping (one can buy jewelry, clothes, footwear, cosmetics, food, and excellent wine), to visit the restaurant or to go to spa etc. There is a free parking there, as well as friendly sales people and high quality products. People like Fred Segal store because of its unique items, great service, and a range of prices. The store consists of different little boutiques. There is the best department of avant-garde clothing at Fred Segal Store.
Fred Segal and his family have created the retail space being guided by the principles of innovation and designing something unique to retain the customers. The main technique that attract the clients is realizing the shop-in-shop concept, which gives customers possibility to buy everything they need in one store.
Where Is the Company Today Financially? Are There any Layoffs of Store Closings/Openings?
At present days, the company is financially located in Santa Monica, California, U.S. It is interesting to note that Fred Segal Store in Santa Monica is far bigger than the Store in Los Angeles, California. Moreover, the store in Santa Monica includes Fred Segal Beauty. It is located opposite to the boutique on Melrose.
According to Los Angeles Times, worldwide rights to the Fred Segal Brand were purchased by New York City firm for an undisclosed sum. The deal allows a new rights’ owner to use the iconic colors (red, white, and blue) of Fred Segal logotype. In addition, it is possible to use Fred Segal name to merchandise and build Fred Segal stores all over the world. Two big retail centers in Los Angeles and Santa Monica, California are not included in the deal.
What Does the Future Look Like for Fred Segal Department Store?
In the future, Fred Segal stores would be popular all over the world. According to the rights new owners have got, Fred Segal stores will take place in different countries and make profit either for the owner of the brand – Fred Segal, or for the co – owner, NYC firm. As for speculation and possibilities the Fred Segal brand will face, it is obvious that the business is in good hands, and its abilities for the development are endless. People all over the world like fashion; the Fred Segal stores present consumers the products they really want. The style dictated by Fred Segal is world – known. That is why there is no doubt about its future successes.
To sum up, the business strategy of the company deserves respect. The new way of the retail space arrengement, created by Fred Segal, is popular and greatly respected. His shop-in-shop conception has found its customers and attracts attention of new visitors all the time. It is comfortable and interesting to do shopping at Fred Segal Stores. One can visit Fred Segal Beauty, buy food, clothes and visit a restaurant at the same place. According to the agreement, the Fred Segal stores will be constructed around the world and will reflect the fashion experience of LA.