Experiential Retailing Concept

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1. Introduction
The purpose of this report to discuss the key issue and consideration of the feasibility study in the facilities planning of the addition cocktail bar in the luxury jewelry shop. To achieve the above purpose, the research objectives are exploring the secondary resources to introduce the concept and market situation and compare the validity, efficiency and feasibility of the concept through the analysis of financial and legislation details.
2. Methodology
In this report, secondary data collected by several textbooks to comprehend the definition of the theories. Then to understand the experiential retailing concept in the market nowadays and analysis the Millennial characteristics to lead the company how to develop the marketing
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The component of the concept is important to the feasibility study as it can provide a justification of the proposed enhancement by developing a general picture (Ransley and Ingram, 2004).
4.1.1 Experiential retailing concept
In the concept and design aspect, the design is based on an idea of ‘experiential retailing’, a concept in which adding the hospitality business into merchandise business (Kim, 2001). It is believed that the combining of two of the largest industries, merchandise and hospitality industries, can generate experiential consumption and symbolic consumption (Kim, 2001).
Experimental consumption refers to the spending money with the intention of acquiring a life experience rather than just obtaining a possession (Van Boven and Gilovich, 2003). Nowadays when customers purchase, they expect to acquire both tangible and intangible benefits of one single consumption transaction or experience (Darden and Dorsch, 1990). In other words, when consumers enter a luxury shop, they are not just expecting in purchasing a luxurious Rolex watch or a pair of deluxe Pandora earrings only. Instead, they are expecting to see new elements are introduced. In this case, specialized and signature food and beverage outlets are good suggestions to
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The rise of the experience economy, Millennial progressively the most sector of the consumer market. Their economic productivity is hitting the peak and embrace the greatest purchasing power. Millennials were born between 1980 and 2000 (Cheung, Harker & Harker, 2008). Characterized by integrating technologies into their daily lives, confident, embrace their own values and commercial preference (Weyland, 2011). They have less loyalty to the brands which is the challenge to the luxury brand companies (Deloitte, 2016). However, Millennial is relying on Electronic word-of-mouth (eWoM) (Valentine & Powers, 2013), they do some research referred to recommendations and online review before purchase (Sengupta, 2017). Millennial also expected luxury brand companies to have personalization and customization features to satisfy their various interest and tastes (Sweeney, 2006). Enhance the level of luxury brand investment, value experience attracts to the millennials. In Hong Kong, some of the brands are adding experiential elements to their stores to encourage shopping. Such as Chanel Coco Café.
4.3 Finance in feasibility study
In the finance aspect, will evaluate the cost and benefit incurred for the addition of facilities,

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