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Essay / Hot Topic: All About Music - 1890
Hot Topic: All About MusicHot Topic was founded in 1989 in Westminster, California, as a specialty accessories store. In 1990, they added rock t-shirts which at the time were only found in catalogs, small record stores and at concerts (Hot Topic, 2006). In 1994, their merchandise assortment was 50% clothing and 50% accessories. Hot Topic became a retailer aimed at customers “who are passionate about rock music, pop culture, and music-inspired fashion” (Hot Topic, 2006). Hot Topic operates 748 stores in 50 states and Puerto Rico and was named one of the 100 Best Companies to Work For by Fortune Magazine in 2006 (Hot Topic, 2006). This organization shows how a specialty retailer that targets younger consumers can maintain success despite rapidly changing pop culture trends. SWOTTHot Topic has many strengths, including nationwide locations and a large number of stores offering exclusive clothing lines such as Lip Service and Eye Candy. , and their user-friendly and interactive website (Hot Topic, 2006). Their primary audience is young people aged 12-22 and they are well known in the Goth/Raver/Punk community (Hot Topic, 2006). Catering to this age group helps Hot Topic with its sales immensely. According to Global Information Inc, adolescents aged 15 to 24 were the main consumers in 2005 (Consumer Demo, 2005). Their reputation as a go-to place for alternative youth culture may come from the clothing line they carry, but it too comes from their dedicated staff and website. Hot Topic works hard to hire people who can convey the store's cutting-edge image. Through this effort, staff are able to provide advice on how to wear or use any item offered in the store. Their website is also a source of advice on how to put the entire look together and stay up to date with the latest fashion trends. In addition to clothing, Hot Topic also offers a specialized selection of music, magazines, toys, shoes, accessories and novelty items. One of their greatest strengths is their ability to respond to all “fashion fads”. With these advantages, you would think they have the market cornered, but a few things are hurting the retailer. One of their main weaknesses is the fact that Hot Topic gears its products heavily towards one audience style. They can do this to retain existing customers, but for a store to grow, it must encompass other areas of its related business area..