A partir del otoño de 2013, se produjo un retorno del consumidor que gravita alrededor de tres ideas: reponer, renovar y relevancia. La reposición será la protagonista en términos absolutos y relativos de las modestas ganancias del consumo en los próximos meses, concentrando la mayoría de las noticias positivas. Por ejemplo, en su ambición por capturar el máximo posible de cuota de clase media en descenso, detallistas como DIA o compañías aéreas como Vueling han relajado algunos de los dogmas del fundamentalismo low cost, han recibido por hacerlo el endoso del mercado y han dejado su modelo de negocio en condiciones excepcionales para competir en la consolidación de un segmento de bajo coste más inclusivo que el modelo ultra low cost (ULC) anterior y más parecido al que necesita ese consumidor que vuelve. Pero algunas oportunidades que han aparecido al socaire de fenómenos como el declive de las calles comerciales secundarias (“B” y “C”) tendrán una recuperación muy lenta que necesitará no solo un ecosistema de comerciantes nuevo sino la concurrencia del impulso público -municipal o, al menos, que no suponga obstáculos- y el del consumidor, primero en consolidar una masa crítica mínima, y después en su mayor frecuentación y negocio en esas calles. Por tanto, no será inmediato.

Mucho más relevante para bienes duraderos que de otro tipo, la renovación va a ser también clave en la vuelta al consumo. La renovación del stock doméstico más “cansado”, o del directamente inutilizable, va a ser una de las primeras necesidades a las que el consumidor que regresa va a dedicar su presupuesto prioritario. Se tratará de compras muy planificadas de bienes de uso común en los hogares y también de uso personal como sofás de sala de estar y camas y colchones de aquellos que los necesiten o iluminación y equipamiento para trabajo en casa. Nada de capricho ni impulsivo.

Finalmente, la “compra de premio” también regresa, pero muy dependiente de la relevancia de ese bien. Incluso durante la recesión, productos como las tablets, los smartphones o, en la Navidad de 2013, las pantallas planas y barras de sonido de última generación han sido protagonistas de ventas casi de las magnitudes de los primeros años del milenio. El concepto de relevancia abre una avenida a todos aquellos fabricantes que quieren recuperar al consumidor. Se trata de ofrecerle bienes que cubran de verdad una necesidad o aspiración de una forma mejor, más eficaz, que mejore su vida y justifique un desembolso que va a servir para cumplir una función y va a ser el “chocolate en la almohada”, el tangible que confirma al ciudadano en su nuevo modelo de vida.

No ha desaparecido la necesidad de consumir ni el dinero para hacerlo, pero la actitud ha cambiado. Las pautas que el consumidor ha aprendido durante los últimos años van a permanecer entre las que rigen su comportamiento hoy -cuando emprende el regreso- y en los años sucesivos. Sin ahorros, con menos activos o en proceso de pagarlos.

Ir al artículo: http://www.huffingtonpost.es/jose-luis-nueno/el-regreso-del-consumidor_b_5391869.html#

«В бизнес-школе IESE преподаватели скорее практики, чем теоретики»

Среди профессуры были люди, известные на европейском уровне, например Педро Нуэно (Pedro Nueno), президент крупной предпринимательской ассоциации, или специализирующийся на маркетинге Хосе Луис Нуэно (Jose Luis Nueno), входящий в совет директоров доброй дюжины крупных европейских компаний. Самым же популярным среди студентов преподавателем был Роб Джонсон (Rob Johnson), имеющий личный опыт запуска нескольких очень успешных венчурных проектов. Конечно, IESE – не Chicago Business School, в которой преподают пять нобелевских лауреатов. В целом же, в Соединенных Штатах сильнее развита теоретическая составляющая – профессора американских бизнес-школ имеют больше публикаций и постоянно принимают участие в научных исследованиях. Те из моих однокурсников, кто ездил в Америку по обмену, а также студенты, приехавшие к нам по обмену, практически единодушно отмечали, что профессора с мировым именем очень часто рассматривают преподавание далеко не как приоритетное направление деятельности, а «делают имя» за счет публикаций. В IESE все иначе: здесь существует разумный баланс между научной работой и личным общением со слушателями. -

José Luis Nueno opinion citation in this article published in Begin.ru (blog)

Niewiele o nim wiadomo. Mając 13 lat, zaczął pracować jako goniec, później został asystentem krawca. Jako 27-latek założył fabrykę odzieży. Pierwszy sklep jego flagowej marki Zara, obecnie jednej z najszybciej rozwijających się sieci odzieżowych na świecie, powstał 12 lat później, w 1975 roku.

Amancio Ortega, właściciel Inditex, które w swoim portfolio skupia takie marki jak Zara, Bershka, Massimo Dutti czy Pull & Bear, odchodzi na emeryturę. W informacji rozesłanej do 98 tys. pracowników poinformował, że kontrolę nad firmą przejmie dotychczasowy wiceprezes i dyrektor generalny Pablo Isla. Przyczyny odejścia nie zostały podane.

Jose Luisa Nueno, profesora marketingu na IESE Business School w Barcelonie, Ortega wybrał dobry moment. Ostatnie lata pokazały, że Inditex dobrze radzi sobie nawet w kryzysie. Sprzedaż w pierwszych trzech kwartałach ubiegłego roku wzrosła o 14 proc., do 8,9 mld euro. Rezygnacja ze stanowiska w przypadku złego stanu zdrowia albo kiepskiej sytuacji firmy byłaby negatywnym znakiem dla udziałowców. Inditex jest notowany na giełdzie od 2001 roku, 60 proc. udziałów posiada sam Ortega.

Objęcie kierownictwa przez Pablo Isla może być, zdaniem The Independent tylko tymczasowe, dopóki 26-letnia Marta Ortega nie będzie gotowa kierować firmą ojca. Córka miliardera karierę w Inditex rozpoczynała jako sprzedawca w sklepie Bershka w Londynie w 2007 roku, odbyła też szkolenia w Barcelonie i Szanghaju oraz w centrali firmy w Arteixo.

Magazyn “Forbes” umieścił Ortegę na dziewiątym miejscu najbogatszych ludzi świata. Jego majątek szacuje się na 25 mld dol. Hiszpan posiada m.in. nieruchomosci w Paryżu, Londynie, Lizbonie, Miami oraz konny tor wyścigowy, do tego inwestuje w gaz, turystykę i banki.

José Luis Nueno opinion citation in this article published in Wyborzca, January 2011

”Če bodo izgubili prvenstvo, s tem ne morejo izdati vrednot, ki jih predstavlja blagovna znamka Red Bull. Torej Red Bull bo še zmeraj zmagal. Ne morejo izgubiti,” je prepričan Jose Luis Nueno.

Še en strokovnjak za globalni marketing Josep Franch s poslovne šole ESADE v Barceloni pa se je retorično vprašal: ”Je za Red Bull profitabilno, da izgubi prvenstvo, če bo s tem obranil svoje ideale?”

Podobnega mnenja kot Nueno in Franch pa je tudi Miquel Altarriba, profesor z univerze Ramon Llull: “Mislim, da Red Bull ne bo izdal svoje identitete. Če bodo izgubili s to svojo strategijo, to ne bo slabo vplivalo na njih.”

José Luis Nueno opinion citation in this article published in siol.net, November 14th, 2010

Ir al artículo: http://www.siol.net/sportal/avtomotosport/formula_1/novice/2010/11/red_bull_ne_more_izgubiti.aspx

Det här är andra året i rad som Schenker och Svensk Handel anordnar mässan Fashion & Retail. Årets tema var Slow Fashion, hållbar konsumtion och trender som ska gå lite långsammare. Den första delen av dagen gick i självkritikens tecken.

Johan Trouvé, operativ chef på Schenker berättade att transportsektorn är den enda bransch som ökar sina koldioxidutsläpp och att det är dags att göra något åt den nu, inte till hösten eller 2015.

Slut med slit och släng

Sedan gick trendspanaren Stefan Nilsson upp på scenen och berättade att överkonsumtion är ersatt av anti-konsumtion. Folk har tröttnat på att handla nytt hela tiden och den klassiska slit och slängmentaliteten är på permanent utdöende.

- Människor har börjat associera shopping med Paris Hilton och Britney Spears och allt det de står för, förklarar Stefan Nilsson medan han klickar fram enorma bilder på när Britney Spears med något vansinnigt i blicken rakar av sig håret.
Klimathotet har under de senaste månaderna diskuterats flitigt på fikaraster, i tidningar och i styrelserum. Även modeindustrin har vaknat till och de flesta stora klädkedjor har presenterat ekokollektioner under året.
Stefan Nilsson tror dock inte att det räcker med att bara byta ut den vanliga bomullen mot ekologisk och fortsätta som alltid. Snart vill konsumenter även ha koll på hur prylar fraktas och varifrån energin man tillverkar dem med kommer. Dessutom har secondhand blivit stort samtidigt som folk uppenbarligen inte längre känner för att betala för allt.

- Vi måste börja förhålla oss till ordet gratis och i stället ta betalt på andra ställen. Pirate Bay är bara början, förklarar Stefan Nilsson och publiken ser både skeptisk , engagerad och lite rädd ut.

Butiker saknar lager

Mässan byter abrupt inriktning när José Luis Nueno, professor på Handelshögskolan i Barcelona, förklarar hur bolaget Inditex lyckats bygga upp omkring 3 700 butiker runt omkring i världen.

Det spanska företaget, som bland annat äger klädkedjorna Zara och Massimo Dutti, har slutat med säsongsmode och släpper i stället omkring 20 kollektioner varje år samtidigt som butikerna saknar lager. Kläderna tillverkas snabbt och skickas direkt till ett stort lager som butikerna i sin tur kan beställa precis vad de behöver från.

- Eftersom det går så fort kan man slänga spåkulan, man behöver inte längre gissa vad som kommer att bli mode. Butikerna får heller inga kläder över som de behöver rea ut, förklarar José Luis Nueno.

Modeimperiet använder sig inte heller av reklam, de pengarna lägger de i stället på att bygga enorma fönster som visar upp kläderna och fixa snygga butiker på attraktiva ställen. Hur och i vilka miljöer man presenterar kläderna har blivit väldigt viktigt.

- Mina barn kommer troligtvis att börja lyssna på den musik jag lyssnar på innan de börjar handla i de affärer jag går till. Hur och vart man handlar har blivit en lika stor, eller ibland större, identitetsmarkör som vilken musik man lyssnar på, resonerar José Luis Nueno.

José Luis Nueno opinion citation in Elisabeth Alvenby’s article published in GP, September 22th, 2009

Ir al artículo: http://www.gp.se/ekonomi/1.159279-klimathotet-har-br-natt-modevarlden

Vooral één man mag de twijfelachtige eer om een kleine 300 miljoen euro te hebben uitgegeven opeisen: Florentino Perez, de flamboyante ex- en nu opnieuw- voorzitter van de Koninklijke uit Madrid. Perez’ strategie is niet nieuw, want ook in het begin van dit millenium al kocht hij ‘s werelds meest populaire spelers, vaak ongeacht hun talent. Zolang ze truitjes deden verkopen, televisiegeld binnenbrachten en reclamecontracten versierden waren hun spelkwaliteiten van minder belang. Vooral David Beckham, niet direct ‘s werelds meest getalenteerde voetballer, was de exponent van die strategie. Daags nadat hij in 2003 voor Real tekende werden wereldwijd tienduizenden Realshirts aan de man gebracht. Volgens José Luis Nueno van de Harvard Business School, staat Perez’ manier van werken dan ook model voor clubs in opkomende voetbalnaties als de VS, Japan en China.

Maar er is nog een factor die Spanje bevoordeelt. Uit een studie van adviesbureau Deloitte blijkt dat andere landen hun voetbaltoppers 35 tot 70% meer moeten betalen opdat die eenzelfde bedrag huiswaarts zouden kunnen nemen als de spelers die in de Primera Division uitkomen.

Toch er zijn nog verschillen: de Engelse Premier League is met een omzet van 2,4 miljard euro veruit de belangrijkste voetbalcompetitie in Europa. Spanje, Duitsland en Italië hinken zelfs een miljard euro achterop. Maar daar waar het televisiegeld in Engeland broederlijk wordt verdeeld tussen de grote en middelgrote clubs, steken in Spanje Real en Barça zowat de helft van het beschikbare geld in eigen zak.

In het tussenseizoen ontdeed de Catalaanse club zich van Eto’o ten voordele van de Zweed Zlatan Ibrahimovic. Voor de rest vulde het zijn kern aan met spelers uit de eigen jeugd. Die kosten zo goed als niets, uitgezonderd hun salaris. Madrid stak zich gewoontegetrouw diep in de schulden en ging enorme leningen aan bij Spaanse banken. Pas eind dit seizoen zullen we weten welke strategie economisch de beste is: mikken op talent uit eigen huis of chequeboekvoetballerij?

Article published in express.be, August 2009

What Should I Do Today? In Six Months? In Two Years?

In one of the few recent academic studies on marketing’s usefulness when a downturn hits, marketing Srinivasan, Rangaswamy and Lilien (2005)1revealed that a review of the existing literature yielded only three articles, all published prior to 1979. This may not be surprising, given that companies often slash budgets when a recession hits. In short, the existing literature does not provide much guidance as to whether one should increase or decrease the marketing spend during such downturns.

The official definition of “recession,” according to the U.S. National Bureau of Economic Research, is not very helpful for our purposes: “A significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production and wholesale-retail sales.” These conditions are clearly present in 2008. But the recession’s impact will vary depending on the sector the company operates in, its geographic presence and the depth and duration of the downturn.

At the end of the day, though, a company’s response to the crisis will be defined by whether or not it made preparations long before it hits. If a company meets some or all of the following conditions, it could adopt a proactive role and exploit what little positive ground there is during the recession. If not, adopting a more defensive approach is the best recommendation.

“A significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production and wholesale-retail sales.”

There are at least five crucial conditions to be met.
- The first is being able to precisely identify the beginning of a recession. Few can perceive “the edge of the abyss”; it is simply an innate ability. The literature is unanimous in that academic experts are not much help in this respect. Academics’ forecast models fail and scholars cannot measure the impact of the recession once it is under way, nor interpret the nature of crises. However, companies that succeed in capitalizing on crises cannot afford to make these mistakes.

Take the recession’s catastrophic impact on the Spanish real estate industry, for example. Property developers failed to detect the downturn that was just around the corner. The same is true of the banks that financed property developers. While some banks purchased properties a few months too early for prices way above current market levels, others saw the writing on the wall and offloaded real estate assets before the bubble burst.

- The second condition is to have a cash-rich balance sheet going into the economic downturn as a result of good management during the preceding up-cycle. The capable and committed managers of such companies typically share the mission of capitalizing on the crisis even though its gravity suggests otherwise. As Jack and Suzy Welch stated in their Oct. 2, 2008 column in BusinessWeek:

“Plan as if the downturn will be longer and harsher than you think. Look, it’s natural to want to inflict as little pain on your organization as possible, cutting back incrementally to protect jobs and projects for as long as possible. But in a rocky environment, timidity can be very risky. By contrast, if you take a more aggressive approach to costs, there’s almost no down side. If the economy really tanks, you’ll be one of the few prepared companies. If it’s better than predicted, you’ll be in a better position to leverage the up side.”

The pragmatism of this recommendation touches on two realities. The first is that recessions tend to require more management, not less, as they present more complexities than a growth period. And if your company wants to exploit your competitors’ timidity to capture more of the market, you will need to count on your best managers.

You will also need to complement your internal capabilities in terms of human resources. The most capable staff is far more accessible during recession cycles, particularly if you are an employer that demonstrates commitment, decisiveness and the willingness to take action in a downturn.

- The third condition depends on having diligently selected the market sector where you compete prior to the downturn, especially if you have developed a strong position in one or more segments. In consumer markets, the fiercest competition during downturns comes from own-brand labels. When operating in categories where the share of the company’s own brand is normally low, an absence of sufficient industrial capacity or lack of leadership in innovation suddenly contributes to greater margins that provide the necessary resources and focus attention on overcoming a recession.

Although it is almost unfair to cite this example, something similar occurs in cash-poor markets with little product differentiation and high competition because circumstances do not improve when a recession hits.

- The fourth condition involves ensuring geographical diversification because, when a crisis hits, some markets stagnate while others thrive. Until now, local players operating in mature markets such as Europe prospered as they capitalized on know-how and focused on serving their growing domestic markets where they held historically significant market shares. The current recession has put an end to this. Emerging markets have an emerging middle class; there are opportunities for companies making products and services for these new consumers and their suppliers.

- The fifth condition is to have a record of excellent execution. If a company has not successfully launched products under favourable market conditions, built notoriety and customer preference and acted as a price leader rather than a price slave, how can it expect to emerge unscathed when consumption slumps and competition intensifies? The company must have previously developed channels that allow fluid access to the market and have efficient, disciplined and direct methods to maximize that fluidity.

What can be done today, in the next six months and in the next two years to strengthen your company’s position during this recession?

“Plan as if the downturn will be longer and harsher than you think. “

What you should do today
It is important that your entire organization be crystal clear on the true state of the current market and the company’s position in light of changing priorities. In order to tackle this, all available data that provide a response to three questions should be shared:

Who among the competition is best prepared to emerge as the market leader after this recession?

What is at stake if your company were not to emerge as the market leader?

What does your company need to do to keep a rival from emerging from the crisis as the market leader and ensure that your company emerges as the clear winner?

To effectively respond to these questions, management needs to evaluate how prepared the company is in key areas. It is essential to establish clear expectations about the duration and depth of the crisis and translate that into the effects on business. Additionally, the management team must be clear on how to act if the crisis is shorter or longer than expected.

This analysis should include a review of historic marketing data (for example, innovation, success rates in product launches, the company’s position in market segments, its rating in brand notoriety and brand preference). The company needs to carry out this exercise and then repeat it for its biggest competitors. It is also crucial to evaluate your needs in terms of human resources and identify your weaknesses.

This phase should be confidential and executed by a select group of managers. Resulting data should be shared with members only. In conclusion, you should make a first diagnosis as to whether the company is prepared to actively pursue new opportunities in the market or assume a more prudent and defensive position.

What should be done in the next six months?
The first six months of a recession tend to be the most difficult, given that producers and consumers are struggling to learn new behaviors. Demand decreases the most during this period, unleashing emotional and calculated responses from competitors. Examples of this include predatory promotions and sales, price wars, clients making impossible demands, late payments, and clients who disappear or defect to other suppliers. However, once the first quarter following the decision to be proactive has ended, some opportunities begin to arise.

Lower demand favors new product launches, especially if you have a good track record in innovation. Competitors tend to be more conservative during downturns, so there will be fewer competing product launches. In addition, manufacturers’ advertising efforts are harder to justify during recessions unless they accompany a product launch. Retailers know this and are more willing to listen to companies with a history of successful product launches as a way of boosting flagging traffic levels at their stores.

Mass-marketing campaigns continue to be the most effective way of whetting wary consumers’ appetites and generating sales. It is easier to achieve rapid referencing and get hold of the right media and logistics channels to support the product launch when competitors are less active.

As margins are squeezed, companies may be tempted to cut their advertising budgets – an essential variable cost. Proactive companies need to capitalize on this and invest aggressively. First of all, advertising is essential to a product launch. Secondly, media costs fall due to the drop in demand from other companies that do not have the will or the means to advertise. This decreased demand translates into lower costs for those who continue to advertise, as well as highly attentive service from hungry marketing communications agencies.

In the absence of rival investments, companies that continue to advertise can monopolize consumers’ attention. This is patently impossible during favorable cycles, when there is usually a high level of advertising saturation. Recent studies show that during lean periods, marketing communications agencies are more effective if they prioritize their efforts toward proactive companies with attractive products and services. This seems only logical, given that these companies will probably emerge as market leaders after the recession.

It is also important during these first six months to review creativity and formatting. Consumers’ situations and the market will have changed, and communication will almost certainly need to be adapted to respond to this. Reviewing sales policies, incentives and conditions with retail outlets is also very important. In fact, innovating sales systems and point-of-sale follow-up procedures during recessions have proven more effective than the “stand-alone” launches mentioned above.

What should be done in the first year?
When the recession approaches the 1-year mark, tough conditions can create further challenges and opportunities. The first challenge involves diminishing margins, as competitors get trapped in low-cost models and begin to wage price wars or simply suffer from the slump in demand. Companies that operate in more favorable currencies and enjoy lower labor costs and other perks also represent a threat. It costs these companies less to capture market share during recessions than when the market returns to normal.

Toward the end of a recession’s first year, increased competition begins working on two key resources that are usually not so liquid during upturns: staff and real estate. In preparing for the second year of a recession, you can recruit high-caliber professionals who are usually more reluctant to move during other cycles. These are people whose salaries tend to have a variable component based on results. When a recession freezes or lowers their income and their ambitions diverge from those of their employer, they can become restless and decide to move.

If a proactive company uses retail outlets in its distribution channel or has ever considered adding or migrating toward them, this is the moment to do so. Commercial spaces that were either not on the market or priced out of the company’s price range will begin to pop up after the first year of a recession.

As a result of voluntary and involuntary vacancies, some of these spaces could represent a great chance to occupy unique locations. Since more commercial spaces become available in secondary zones than in prime locations, it is important to emphasize that during recessions one should buy in areas densely populated by robust commercial neighbors in order to eliminate consumer resistance and create traffic.

Conclusion
The conditions that allow companies to capitalize on recessions must be cultivated and created before a recession hits. A serious downturn is the moment of truth, where we find out whether we have done everything we needed to do, and how well. The prize does not always go to the hardest worker. Nor does meeting the five conditions mentioned above ensure success in a profound recession or crisis, where the rules of competition are in flux. More consumers opt to abandon categories and service models during recessions than at any other time and they do so regardless of the management’s excellence or commitment to the customer. In essence, they are apt to confuse the best-prepared companies with those that entered the market before the actual crisis hit.

José Luis Nueno wrote this article, published in “The European Business Review” – online version

Son secret ? En plus de vendre des articles très abordables-ce qui correspond aux attentes du marché de notre époque-, l’entreprise tient d’une main de fer tous les intervenants de son modèle commercial. Elle est ainsi capable de faire qu’un motif sur un carnet de dessin se retrouve en moins de deux semaines sur des vêtements en rayon. Cette mode ultraréactive aux micro-tendances est devenue un exemple à suivre pour d’autres marques de vêtements, comme Forever 21 de Los Angeles, l’espagnol Mango et le britannique Topshop, qui devrait d’ailleurs s’inviter à New York l’année prochaine.

Inditex a passé plus de trois décennies à perfectionner sa stratégie, ignorant en chemin presque toutes les règles de l’industrie du textile. Dans la plupart des sociétés d’habillement, la chaîne d’approvisionnement commence avec le travail des stylistes, qui dessinent les collections presque un an à l’avance. Chez Inditex, les managers de chaque magasin Zara observent ce qui se vend quotidiennement. Et avec des commissions de l’ordre de 70 %de leur salaire, ils sont évidemment très stimulés. Ils enregistrent les comportements d’achat, les tendances qui marchent, les articles que les clients recherchent mais ne trouvent pas, puis envoient directement leurs conclusions aux 300 stylistes d’Inditex qui s’efforcent d’immédiatement satisfaire aux demandes du marché.

De plus gros salaires à l’usine

En général, les marques de prêt- à-porter sous-traitent le plus gros de la production en Asie pour des coûts très bas. La moitié de la production d’Inditex est encore fabriquée dans des usines en Espagne, au Portugal et au Maroc, conservant ainsi en interne la production des articles les plus tendanc. Les basiques comme les tee-shirts sont achetés en Afrique, en Asie ou dans les pays de l’Est.

Les salaires sont plus élevés chez Inditex. En Espagne, les ouvriers touchent autour de 1 650 dollars par mois, contre 206 dollars dans la province chinoise de Guandong. En revanche, la société réalise des économies de temps et d’argent sur le poste de l’acheminement. Les usines d’Inditex utilisent des systèmes de production à flux tendu codéveloppés avec les experts en logistique de Toyota Motor, qui dotent la société d’un niveau de contrôle tout à fait inenvisageable si elle était entièrement dépendante de tiers.

En outre, le groupe Inditex approvisionne l’intégralité de ses points de vente depuis des entrepôts en Espagne. Il parvient même à réassortir ses magasins européens en vingt-quatre heures, et ceux d’Amérique et d’Asie en quarante-huit heures grâce à l’utilisation de lignes aériennes commerciales.

Impression d’exclusivité

Certes, utiliser la voie aérienne coûte plus cher que transporter de grandes quantités de vêtements sur des cargos. Mais Inditex peut se le permettre. La société renouvelle en permanence ses collections en envoyant des petites quantités d’articles, ce qui crée une impression d’exclusivité incitant les clients à revenir fréquemment et limitant le besoin de réassort. En conséquence, la chaîne n’est jamais contrainte, comme ses concurrents, de brader sa marchandise à 50 % pour déstocker massivement des articles de la saison précédente. La chaîne étant à l’écoute de ses clients et réactive par rapport aux nouvelles tendances du marché, elle peut se permettre, en plus, de vendre ses articles plus cher que Gap par exemple. « En reproduisant ce qui est déjà à la mode, vous minimisez le risque de “flop” », fait remarquer José Luis Nueno, professeur de marketing à la IESE Business School de Barcelone.

Les concurrents qui aimeraient imiter les résultats d’Inditex feraient bien de retenir ce conseil de Luca Solca, analyste chez Sanford C. Bernstein : ne pas suivre le modèle Zara à moitié. « La stratégie Inditex est une offre de type tout ou rien, et doit être appliquée dans son intégralité pour en produire des bénéfices. »

José Luis Nueno opinion citation in Kerry Capell’s article published in Le Point, October 16th, 2008

La empresa gallega, cuya marca Zara estaba en auge, estaba a punto de sacar una nueva línea de tiendas y diseños y el cliente buscaba saber cómo iba a afectar esto al negocio.