This episode features Matt Alexander, co-founder and CEO of Neighborhood Goods, discussing their innovative approach to retail that challenges the traditional department store model. Learn how Neighborhood Goods provides a dynamic platform for brands to establish a physical and digital presence, offering unique experiences and diverse objectives from pop-ups to marketing channels. The episode highlights their pandemic-driven digital sales growth and strategies for connecting in-store storytelling with online engagement. This is a must-listen for anyone looking to redefine their retail strategy in an evolving market.
For many consumers, a well-curated Amazon homepage -- complete with a fall shoe edit and ‘customers’ most loved’ products, from toaster ovens to tote bags -- has replaced the need for the local department store. But the benefits of a brick-and-mortar store for brands and customers alike were not lost on Matt Alexander, co-founder and CEO of Neighborhood Goods, a department store for the new age. Unlike the traditional -- and dying -- breed of department stores, Neighborhood Goods, which launched in 2017, caters to the modern consumer with a selection of rotating brands and innovative restaurants. For some brands, having a presence at Neighborhood Goods resembles “a pop-up,” while for others, it resembles “wholesale,” “testing real estate” or “a marketing channel,” said Alexander on the latest Glossy Podcast. “It creates this opportunity in this landscape and ecosystem where they can show up in a physical and digital way, [and] leverage the restaurants and different bits and pieces. [And they can] inexpensively get in front of a great consumer and accomplish all sorts of different goals.” Since the first Neighborhood Goods location opened in Plano, Texas, the company has continued to expand its physical footprint, with stores in Austin and Chelsea, as well as its digital presence. “With the [onset] of the pandemic, [all products] went online,” leading to a 1,000% year-over-year sales growth on digital last year, said Alexander. “The more we can [translate] the ‘why’ and the storytelling that we do well in the stores to the digital realm, the better,” he said. “[Our website] can augment and create something special to exist alongside a lot of existing channels for the brands [and] consumers.”