Managing special events is relevant to every segment of retail, and is an activity that can be forever improved. From Black Friday, to special promotions, celebrity appearances, and new product releases, special events are a common occurrence in retail.
LP professionals are extremely experienced at managing these events and most come and go successfully, without incident. Still, it only takes a single mishap to draw fire from the media and for attorneys to descend, and LP managers know there is no margin for error in this area of their trade. For this reason, there is a need to continually review the nature of events, potential pitfalls, and options for recourse. The hard part is anticipating what could happen, particularly in light of changing technologies, new kinds of events and new generations of customers. Major assumptions that are either misguided or unfounded can lead to poor execution or unexpected chaos. We recommend taking a second look at retail special events through a strategic lens. Here are some factors to consider that may change LP's approach.