What do Home Depot, Ikea, Dillard’s and REI have in common?
They all will be closed for Thanksgiving this year, joined by dozens more major retailers. REI in particular will remain closed through Black Friday as well. On some of the biggest shopping days in the U.S., these retail giants are encouraging potential customers to stay home.
On the surface, it seems like a risky move. At worst, these brands risk losing customers to competitors, and at best they’re out a substantial chunk of sales revenue.
But major players in the industry don’t get that way by giving away money. They know that leading with their values is good for business. They saw Black Friday slowly encroach into Thanksgiving, and chose to support the idea that the holiday should be a day of rest, not a marathon of bargain-hunting.
As an early adopter, REI serves as a case study to the business power of leading with your values. The sporting goods retailer stayed closed on Thanksgiving and Black Friday in 2015, branding the initiative the Opt Outside campaign. The message was simple: Instead of shopping, go out and get in touch with nature. It was a potent idea, perfectly consistent with the brand’s core values. And the gamble paid off: REI saw a 9.3% increase in revenue, a 7% increase in store sales, and a 23% increase in digital sales for 2015.
It’s not just about choosing to close your business on a particular day, of course. It’s about broadcasting your brand’s values, and showing the courage of your convictions by following through on them. Consumers tend to favor that kind of boldness.
Here’s why leading with your brand’s values can be a boost to your marketing.
Differentiate Your Business
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