Playboy Enterprises (NYSE: PLA) is shifting tactics in its new shop on Oxford Street in London. Rather than stuff its glitzy, 4,000 square-foot, three-story retail outlet with sex toys and bare skin, the shelves will be stocked with pricey, fashionable clothing (sans bunny tails) and accoutrements for the home such as furniture styled after the rabbit-head logo. And what Brit wouldn't love to wear a $1,200 crystal-festooned, bunny-logoed leather jacket the next time they visit Buckingham Palace? The change is intended to increase the store's appeal to women, which the company hopes will comprise 80% of its customers. The store is also playing on the recent success of luxury items in this market, hoping to compete with retailers such as Diesel, Top Shop and others.
The move also can be seen as an acknowledgment that, as magazine ad revenues continue to decline and its cable TV/internet content faces stiff competition, the $750 million a year brand-licensing arm of Playboy still has some upside.
Oddly, the store will not even display copies of Playboy magazine. You'd think, if I were buying a $1,200 jacket, they wouldn't begrudge me a little reading material to carry in its pocket.
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