LEGO -Succeeds where many have Succumbed!
LEGO to Expand Stores
LEGO the privately owned Danish toy manufacturer & retailer has just announced its planning to open 160 stores globally with 140 of them being in China, competing against sophisticated & mature online retail platforms.
LEGO sales are UP
This comes after LEGO declared that sales rose by by 4% to (USD$2.8b). This bucks the trend , major toy retailers have been forced to close down in the recent months due to massive losses.
Mounting Losses in the Retail Toy Industry
Toys “R”Us North America’s largest retailer announced in March 2019 its closing all its stores after losing 2.5 billion since 2012.Disruption from online competition, expectation of millennial parents, children preference for digital toys & online games and less interest physical toys, and mistakes in business strategy finally forced them into bankruptcy.
Brick & Mortar Retailers Challenges
Physical retailers are faced with challenges from online platforms that offer large selections, convenience at very competitive prices. Retailers have to reinvent by going online or changing the customers retail experience going beyond just product & prices.They need information on customer behavior in direct response to their store front.
Packed Shopping Malls With Limited Sales
In Asia & Singapore in particular the malls are always packed but ,retailers & F&B outlets bemoan high rental rates & dropping sales .Much of promotions offered by the malls don’t provide direct leads to stores. They encourage more people into the mall but not necessarily convert them into customers.
Retailers Technology Challenges
Retailers are faced with the daunting task of identify technologies that will work best for them & keep up with changing technologies. They then have to apply the solutions, monitor its relevance and continue with the long term maintenance. There is also the initial investment cost which most retailers cant afford given their size of operations.This is addition to running their daily business operations in a very competitive environment.
IoTSolaris Retail Technology- SolarisRR 
Keenly aware of problems faced by malls ,retailers & F&B outlets , IoTSolaris creates holistic solutions to increase in store visits, optimize space , offers unique retail experience that converts to more customers & sales
Our SolarisRR suite ,accurately measures footfalls, effective space utilization, staff & service performance, identify customer behavior, rate advertising value. The solution enables retailers to visualize the interaction between , space , advertising & customer service in real time. Retailers can tweak all factors to optimize customer experience & highest returns. The insight from derived from applying SolarisRR will be a valuable planing & strategic tool to the management. Our IoT consultants provide insights & knowledge to clients on how to maximize returns from 4th generation technology and make it a living part of their business strategy.
