News 21.07.2022

Need to Know

Nike augments retail in a South Korean neighbourhood, Deciem offsets carbon emissions for hybrid workers, and how ADHD affects spending.

Nike Style courts South Korea’s local creators

Nike Style, Seoul
Nike Style, Seoul
Nike Style, Seoul

South Korea – Recognising the growing importance of localism and community-building in many global regions, sportswear giant Nike has unveiled a neighbourhood-retail concept in South Korea’s Hongdae region. The concept, Nike Style, is the first of its kind and will be followed by more across multiple international markets.

In the inaugural store, visitors can make use of a content studio with customisable backdrops, and experience augmented reality (AR) content relating to product innovations and in-store art installations. It will also host workshops and events for its members. Here, the retail concept allows Nike to fine-tune its international appeal in a way that reflects the interests of a local subset of consumers.

‘The Hongdae neighbourhood holds a strong relationship with the sneaker and neighbourhood-retail community,’ the company said in a statement. ‘With the Style retail concept, Nike helps broaden the aperture of sports retail culture by continuing to blend physical and digital experiences.’ Elsewhere, we’ve previously explored the Studio Stores that have allowed retailers to become multimedia hubs for content creation.

Strategic opportunity

Brands and retailers with global recognition must adapt their strategies to appeal to local markets. Consider collaborating with independent creators and marketers to bolster brand awareness in specific regions

A community-funded distillery arrives in Kingston-upon-Thames

Bone Idyll, UK Bone Idyll, UK
Bone Idyll, UK Bone Idyll, UK

Kingston-upon-Thames – Bone Idyll, an immersive distillery and bar, has arrived in the English town as a result of investment from local communities. The venue produces a range of small-batch spirits and cocktails, all available for in-house consumption and nationwide delivery. Bone Idyll is owned by husband-and-wife duo Sam and Alex Berry. The pair avoided traditional crowdfunding platforms in favour of 50 investors living in Surbiton, Kingston and Teddington.

By taking this approach, the venue demonstrates the ongoing potential for community-funded establishments – a behaviour that seems to be outlasting the pandemic-led mindset of community togetherness. ‘We liked the idea of this project being built from the community up and investors who had a genuine interest in us as founders as well as the project itself, through all its creativity,’ says Sam Berry, co-founder of Bone Idyll.They are also our brand ambassadors and part of the Bone Idyll family.’

Such an approach to creating a business aligns with the shift away from an individually minded society towards a collective one. For more, delve into our Neo-collectivists community.

Strategic opportunity

Beyond individual businesses, consider how community-first approaches can also support the development of local areas – from educational spaces to wellbeing-focused environments

Deciem updates its sustainable approach for hybrid workers

Canada – The beauty brand is introducing a renewable energy initiative for its increasingly hybrid workforce. Building on the brand’s existing environmental initiatives, Deciem is offsetting its employees’ carbon emissions by purchasing Renewable Energy Certificates (RECs). Through this approach, the brand will be able to inject the grid with the equivalent amount of renewable power used since it closed its offices in March 2020.

The initiative comes as the brand recognises the climatic impact of its staff working from home – where renewable energy sources aren’t the primary source – since the beginning of the pandemic. Jacquelyn Kankam, senior director of sustainability and social impact at Deciem, says: ‘With this project, we’re recognising that the global Covid-19 pandemic shifted the way our employees worked and continue to work – from home offices – and so we expanded our use of RECs to also cover our employees’ home office electricity consumption, all over the world, going back to March 2020.’

Here, the brand sets an example to other employers hoping to boost their sustainability credentials, recognising that carbon offsetting initiatives must extend beyond conventional office environments.

Deciem, Canada

Strategic opportunity

For many companies, hybrid working is here to stay. How might you encourage sustainable behaviours among remote workers?

Stat: ADHD makes money management more challenging

Robinhood, Global Robinhood, Global

As neurodivergencies become more commonly researched, a UK study by YouGov – commissioned by Monzo – finds that those living with attention deficit hyperactivity disorder (ADHD) are more likely to struggle with managing their money, with two-thirds (65%) saying it makes managing their finances more difficult.

The research shows that spending impulsively (58%), difficulty budgeting (51%) and struggling to save money (49%) are the biggest issues faced by people with ADHD. Meanwhile, those with the condition are twice as likely (76%) to suffer from anxiety linked to their finances as the general population (38%). These findings point towards a need for tailored financial support for people with ADHD and other neurodivergent conditions.

Looking ahead, there is a need for Divergent Design principles to be applied to the fintech sector in a way that reduces financial anxieties and actively supports people with saving and budgeting.

Strategic opportunity

Financial support services and fintech apps must work directly with neurodivergent groups to explore the most effective ways of communicating money matters

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