Use the town square retail trend to sell credit union products and services
Retail’s newest trend – the town square – can help credit unions reinforce brand loyalty and sell products and services, especially as members increasingly use self-service technology to process routine transactions.
What is town square? It’s exactly what it sounds like: instead of focusing solely on products, retail locations immerse consumers in brand experience by enriching their lives. For example, Whole Foods has opened three “365 by Whole Foods” stores that provide space for local vendors that cater to the Whole Foods market and lifestyle, like fitness clothing designers and restaurants that serve farm-to-table dishes. Even if the vendor’s products aren’t stocked by Whole Foods, their presence heightens the consumer experience and reinforces brand loyalty.
Whole Foods undoubtedly borrowed at least part of this idea from food cooperatives, which provide education for members like vegan cooking classes and urban chicken farming workshops. These events don’t always sell products available in the store, but by reinforcing brand loyalty, increase sales.continue reading »