Paris Olympics 2024: Seizing Retail Opportunities in the Fashion Capital of the World

Olympics fever is here! A rainy Friday night in Paris kicked off the XXXIII Olympiad at the end of last week, featuring a boat trip down the River Seine for the athletes, an Eiffel Tower light show, and a long-awaited return for Celine Dion to close the opening ceremony. 

As the world settles in to watch the world’s very best athletes compete for the next few weeks, Paris – the fashion capital of the world – is benefiting from the hype of the 33rd Olympic Games. With the games taking place in such a popular city for retail, the industry is expected to benefit from this summer’s event…

An Economic Boost

According to the official Olympic website, the Paris games are set to provide a significant boost to the local economy. Among a variety of social and skills developments, this year’s games are expected to have created an additional 181,000 jobs in the local Paris metropolitan area, with a growth of up to €11.1 billion in economic activity.

Paris is integral to the fashion industry. Already a significant tourist hotspot, the Olympics is expected to pull in an additional 1.5 million foreign visitors to France’s capital this summer. With an increase in tourist activity around the city, some retailers are already taking advantage of increased sales opportunities.

According to Modern Retail, In the past few months alone, brands Hoka and Birkenstock have opened their first Paris-based stores, with Levi’s and Salomon also opening flagship stores on Champs-Élysées avenue. Importantly, these are not simply pop-up stores designed to only maximize opportunities around the Olympics. Instead, they are long-term investments, looking to generate revenues from the summer of sport as a means to kick-off a strong physical performance that leads into a successful future.

Optimizing Opportunity

Few cities across the planet suit an influx of fashion brands staking their claim to physical retail success like Paris. France’s capital has the economic strength, tourism interest and fashion reputation that can drive huge success for retailers.

 However, any brand looking to make the most of increased footfall in bricks and mortar stores must be prepared to handle busy stores. An activity that starts out as an exercise to increase sales opportunities can quickly create negative outcomes – discouraging consumers due to bad experiences caused from long queues and out of stock products.

Limiting In-Store Wait Times

More tourism results in more boots on the ground – especially in hotspots. Retailers should be prepared for heavy foot traffic when big events come around. To minimize in-store queuing, retailers must consider their point of sale (POS) technology, and the role it can play in queue-busting…

• Mobile Point of Sale: Teamwork Commerce’s mobile POS allows in-store associates to complete transactions anywhere on the shop floor. Armed with a tablet that can seamlessly process payments and calculate discounts and promotions, retailers can reduce queues while delivering exceptional customer experiences

• RFID-Powered Self-checkout: Our RFID-Powered self-checkout facilitates transactions in 30 seconds or less. Visitors simply place their basket in a designated area; RFID readers immediately scan all items accurately, and consumers pay for their goods without breaking a sweat

Reducing Out of Stock Situations

Busy shop floors are great. It shows consumer interest in a brand, and likely results in increased sales. However, it also causes challenges. Keeping shelves stocked can be a difficult task; retailers must remain on top of replenishment in order to continue to maximize sales opportunities, and empty shelves lead to disappointed customers, who will happily find another retailer to purchase from.

The challenge lies in visibility of stock levels, but while RFID can help retailers improve self-checkout speeds, it can also play a vital role in inventory management. Tagging products at item-level, retailers can accurately track stock levels in real-time. Teamwork Commerce’s RFID Powered Stock Counter App allows retailers to quickly scan all products at any stage of the supply chain, and create complete visibility of stock. When shop floor products are running low, retailers can receive an alert and quickly replenish specific shelves. Ultimately, RFID can help retailers maintain inventory accuracy and maximize shop floor sales opportunities – regardless of how busy they are.

Vive La France

The Paris Olympics will have the world captivated for a short period, but the fashion capital of the world will always feel like a home for retail. Those brands that have made the effort to take advantage of the buzzt in Paris this summer will be eager to attract the right customers with the right products. Technology can play a pivotal role in delivering high-quality customer experiences. With the correct approach, not only can brands attract short-term interest, but they can drive long-term business growth as well.

Interested in seeing how our technology can help your brand make the most of increased in-store traffic? Get in touch today.