Re:Store - Redefining Retail
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The document discusses the evolving landscape of retail, emphasizing the psychological and emotional factors influencing consumer behavior in both online and offline shopping environments. It highlights insights from Hotspex research, showcasing how brands can leverage emotional connections to enhance customer loyalty and create better shopping experiences. Key findings include the increasing trend towards online shopping, particularly among tech-savvy consumers, and the importance of price and selection in driving purchasing decisions.
Re:Store - Redefining Retail
- 1. BUY!SALE50%OFF GREAT DEALS! SALESPEND!!! SPEND!!! $$$$$ $$$$$$$$SHOP Re:Store – Redefining Retail Regaining the emotional higher ground at retail redefining retail
- 2. Hotspex delivers provocative marketing research insights that help clients confidently make informed, inspired decisions. It differentiates itself from other research companies in three ways: • Consumer engagement • Client engagement • Business focused analysis The meaningful, actionable insights that result from our work allow our clients – some of the world's leading brands – to develop better strategies, innovations and executions.
- 3. Shikatani Lacroix is a leading branding and design firm located in Toronto, Canada. The company wins commissions from all around the world, across CPG, retail and service industries, helping clients achieve success within their operating markets. It does this by enabling its clients’ brands to better connect with their consumers through a variety of core services including corporate identity and communication, brand experience design, packaging, naming and product design.
- 4. In 2009, Shikatani Lacroix launched Design Lounge, a website devoted to thought leadership and branding innovation. Since its inception, the website has hosted a wide variety of thought provoking video webinars and white papers on all things brand related. In 2011, Design Lounge launched its first groundbreaking study on the role of packaging in an online world.
- 6. Who will win this tug of war?
- 7. •Cross-Shopping Behavior: How consumers utilize the online and retail environments •The Emotional Content of Shopping: Online vs. offline •Brand Profiles •The Ideal Shopping Experience: What consumers want from retailers online and offline
- 8. Respondent profile WOMEN MEN U.S. CANADA HOUSEHOLD GOODS PERSONAL CARE BOOKS CLOTHING ELECTRONICS 1049 981 1020 1010 411 400 407 407 405 52% 48% 50% 50% 20% 20% 20% 20% 20%
- 9. Visiting retail store locations Mass Merchandiser (n=638) % Walmart 83 Target 69 JC Penny 38 Sears 34 Kmart 34 Sam’s Club 27 Costco 24 Top 3 Retailers Most Often Visited % Walmart 53 Target 25 Costco 6 Bookstore (n=591) % Barnes & Noble 68 Local / independent book store 20 Borders 16 BAM! (Books-a- Million) 9 Top 3 Retailers Most Often Visited % Barnes & Noble 60 Local/independent book store 11 Borders 6 Clothing/ Fashion (n=630) % Kohl’s 54 Macy’s 50 TJ Maxx 35 Marshalls 28 Gap 22 Bloomingdale’s 8 Neiman Marcus 7 Top 3 Retailers Most Often Visited % Kohl’s 31 Macy’s 24 TJ Maxx 8 Drugstore (n=602) % Walgreens 66 CVS 61 USA Drug Stores (Super D, May’s) 3 Top 3 Retailers Most Often Visited % Walgreens 44 CVS 43 USA Drug Stores (Super D, May’s) 1 Electronics/ Appliances (n=599) % Best Buy 77 Radio Shack 28 Fry’s 11 Circuit City 8 Top 3 Retailers Most Often Visited % Best Buy 70 Radio Shack 9 Fry’s 5
- 10. Visiting online retail websites Mass Merchandiser (n=638) % walmart.com 66 ebay.com 59 target.com 51 craigslist.org 39 jcpenny.com 32 sears.com 28 Top 3 Online Sites Most Often Visited % walmart.com 36 ebay.com 21 target.com 17 Bookstore (n=591) % amazon.com 87 ebay.com 47 barnesandnoble. com 45 apple.com 14 booksamillion.com 7 abebooks.com 6 Top 3 Online Sites Most Often Visited % amazon.com 75 barnesandnoble. com 11 ebay.com 6 Clothing/ Fashion (n=630) % macys.com 42 thegap.com 17 landsend.com 15 llbean.com 12 jcrew.com 9 lanebryant.com 7 Top 3 Online Sites Most Often Visited % macys.com 31 thegap.com 8 llbean.com 5 Drugstore (n=602) % walgreens.com 42 cvs.com 37 drugstore.com 25 edrugstore.md 2 canadianmedsusa. com 2 Top 3 Online Sites Most Often Visited % walgreens.com 28 cvs.com 22 drugstore.com 17 Electronics/ Appliances (n=599) % amazon.com 78 bestbuy.com 57 ebay.com 49 craigslist.org 29 apple.com 20 frys.com 10 Top 3 Online Sites Most Often Visited % amazon.com 55 bestbuy.com 21 ebay.com 8
- 11. Online easy Shoppers consider themselves very knowledgeable and comfortable with crossover shopping 50% to 70% browse in the store and then buy online 70% Browse then shop online 30% Browse and shop in store
- 12. Online shopping on growth path Shoppers’ online shopping activity will continue to grow. In the next five to 10 years, about half of their shopping activity will be online rather than in store Legend HOUSEHOLD GOODS/MASS MERCHANDISE PERSONAL CARE/ COSMETICS/ MEDICATIONS BOOKS/ MAGAZINES/ MEDIA CLOTHING/ FASHION ELECTRONICS/ APPLIANCES redefining retail
- 13. Online shopping on growth path % of time spent shopping ONLINE rather than retail 5-10 years in the future Present 11% 10% 19% 15% 24% 29% 28% 46% 30% 42% redefining retail 0-25% 26-50% 51-75% 76-100% L E G E N D
- 14. Almost half of shoppers are using their mobile phones to check prices while in store in the electronics category and about 40% in other categories Smartphone smart pricing
- 15. Retail sales erosion Potential retail sales leakage is about 15% of all browsers going to an online retailer and specifically 7% going to Amazon.com
- 16. Browse store and buy online Shopped for Category in Store But Bought Online (%) NET Electronics 24 DVD/movies 5 CD/music 3 NET Clothing & Accessories 17 Shoes 3 Other clothing mentions 3 Books 14 Specific Store or Website Name 11 NET Personal Care 7 NET Houseware/Furniture Appliances 6 NET Cosmetics/Perfume 4 Cleaning supplies 3 Other 4 Don't know/refused 3 Store (%) Walmart 15 Best Buy 11 Barnes and Noble 7 Target 6 Amazon 5 Macy's 4 Don't know/refused 2 None 3 Browsed a store … …but bought online Website (%) Amazon 46 Walmart 8 eBay 5 Other clothing/apparel websites 3 Other website mentions 4 Don’t know/refused 3 None/nowhere/I did not buy online 3 • Browse stores and buy online behavior most common in electronics • Walmart and Best Buy lead in stores browsed but then purchases made online • Amazon clearly dominates online purchases
- 17. Buying from retailer website Buying from a traditional retailer website (%) Mass Merchandise Drugstore Books/ Magazines/ Media Clothing/ Fashion Electronics/ Appliances A B C D E n=211 n=199 n=202 n=203 n=205 Very Often 26 24 30 29 38 AB Sometimes 45 42 39 48 45 Rarely 18E 18 18E 15 11 Never 11 17DE 12E 8 6 70 66 69 76 B 82 ABC Buying from a traditional retailer’s website appears to be quite important, particularly to those purchasing electronics/appliances 11% Never 16% Rarely 44% Sometimes 29% Very Often
- 18. Non-retailer websites Websites Mass Merchandise n=157 (%) Amazon 45 eBay 13 Walmart 9 Overstock.com 4 Target 4 Websites Drugstore n=151 (%) Amazon 42 eBay 7 Drugstore.com 7 Walmart 7 Target 7 CVS 3 Sephora 3 Websites (Books/ Magazines/ Media) n=141 (%) Amazon 58 eBay 16 Barnes and Noble 9 Walmart 4 Websites (Clothing/ Fashion) n=145 (%) Amazon 36 eBay 13 Macy’s 6 Walmart 5 JC Penney 5 Target 4 Overstock.com 3 Kohl’s 3 Websites (Electronics/ Appliances) n=128 (%) Amazon 48 eBay 20 Best Buy 6 Newegg 5 Target 5 Walmart 5 • Amazon has a very strong lead across all categories but particularly for books/magazines • eBay ranks a distant second
- 19. Reasons for going online Reasons for Going Online (%) NET Prices 60 Value/price: online is cheaper 49 Offers special deals or promotions 8 Compare prices 4 Check prices 2 NET Selection 25 Variety/carries the brands I like 14 SUBNET Had What I Wanted/Needed 11 Had what I wanted/needed 3 In stock 3 Had my size/more sizes 3 NET Easier/Faster 14 So easy - click and buy 11 Fast/ faster 3 NET Convenient 12 Convenience 8 I can do it all from home 2 I can shop anytime I like 2 NET Shipping 10 Free shipping 7 Delivery/home delivery 2 NET Out of Stock/Unavailable in Store 6 Not available/couldn't find in store 4 NET Other Positive Attributes 6 Comparison shop 3 NET Information/Research 4 NET Gift Card/Credit 3 Other 4 Don't know/none/refused 4 • Price is the overriding reason for purchasing online versus in store • Selection is a distant second; consumers say online provides greater variety or is more likely to include exactly what is needed
- 20. Would have bought at store if … Would Have Bought at Store If … (%) A guarantee that prices shown will match online retailers 45 Offer a selection not available online 37 Ability to quickly price compare with online prices 31 Reward points/store loyalty program 27 Free shipping and installation 23 Ability to shop online at the retailer's site while in the store 19 An in-store guarantee/extended warranty offered by retailer 15 A retailer app that allows me to scan and price compare all competitor prices 13 Better financing on big-ticket items 8 Concierge service 5 Seminars on how to best use the product 5 Other 11 If not never… (88%) Browse in store but buy online (%) 15% Very Often 29% Rarely 12% Never 44% Sometimes Matches online prices, offers unique items, introduces loyalty programs, makes it easy to compare retail to online pricing, and offers free shipping and installation
- 21. Reasons for not buying at store Reasons for Not Buying at Store (%) NET Prices 49 Value/price: online is cheaper 45 Offers special deals or promotions 3 NET Limited Selection 30 SUBNET Out of Stock/Unavailable 22 Not available/couldn't find in store 12 Not in stock/out of stock (in store) 7 Didn't have my size (in store) 4 Less/limited selection 9 NET Having To Travel 5 Driving/did not want to drive/cost of gas 3 NET People In Store 3 Bad customer service/sales staff 3 Other reasons for not shopping in store 7 NET Less Crowded 6 I don’t like crowded malls 5 NET Selection 5 Had what I wanted/needed 3 Don't know/none/refused 7 • Price and selection are also the key reasons for not making a purchase at a retail outlet • Almost one in four specifically say they turn to online shopping when the item they want is not available via retail outlets
- 22. Consumer knowledge If very/somewhat knowledgeable (95%)… % just as knowledgeable if not more than salesperson Mass Merchandise Drugstore Books/ Mags/ Media Clothing/ Fashion Electronics/ Appliances A B C D E n=207 n=187 n=191 n=188 n=197 Very Often 40 37 38 43 39 Sometimes 53 50 51 46 46 Rarely 6 11 10 9 13A Never 1 2 1 2 2 93 BE 87 89 89 85 2% Never 10% Rarely 49% Sometimes 39% Often Approximately nine out of ten consumers say they are as knowledgeable as the salespeople they deal with
- 23. If cannot find a salesperson Try to find a salesperson Keep shopping/browsing Wait for someone to help me Buy item I had in mind anyway Leave the store Other §1 §24 §25 §27 §43 §52 Mass Merchandise Drugstore Books/ Magazines/ Media Clothing/ Fashion Electronics/ Appliances A B C D E n=56 n=53 n=48* n=59 n=73 52 47 48 47 60 39 45 50E 53E 32 27 30 23 25 30 21 26 27 34E 16 29 23 17 24 25 - - - 5 1 If often/sometimes rely on salesperson (89%) … If cannot find a salesperson (%) Overall, one in four will leave a store if they cannot find a salesperson to help them and a similar percentage will simply buy the item
- 24. Owning the emotional connection
- 25. Cracking the code of emotions While research techniques to measure “emotions” continue to develop (brain scanning, etc.), Hotspex has invested four years in developing a comprehensive online measurement approach, which effectively captures how people “feel” about, and react emotionally to, brands • This methodology is based on a comprehensive list of 85 emotions and 182 personalities • We have proven conclusively across over 34 categories and over 101 brands that, on average, “soft” drivers account for half of all buying behavior How people feel about brands, new product concepts, and packages. The personality that is projected outwards by brands, new product concepts, and packages.
- 26. Defining the emotional regions ADULT CHILD Opposite Zones Have Opposing Relationships Understanding the emotional regions redefining retail “LIKE YOU” RIGID UND ES IR A BLE ARRO G A N T UNRELIABLE DISH O N EST INCO M P ETENT BORING DANGEROUS ADULT (SERIOUS) SPEX (CO N SERVATIVE) CHALLEN G IN G (M ALE) CHILD (FRIENDLY, CHEERFUL) HOT (REB ELLIO US) NURTURIN G (FEM ALE) PASSIVE(INTROVERTED,HOME) ACTIVE(EXTROVERTED) SHOWOFF N A U G H TY AUTHORITARIAN DEM A N D ING O UTD ATED ORDINARY IMPRACTICAL W E A K EXCITING DESIR A BLE CAPABLE INSPI RING TRUSTW O RTHY FAMILIAR FRIENDLY NU TU R IN G Brown: The Competent Zone Includes core emotions of acceptance and fellowship, as well as feeling informed and self-confident Purple: The Friendly Zone Is associated with emotions related to liking Blue: The Nurturing Zone Is linked to feelings of human warmth such as love, caring, and compassion Red: The Fun Zone Is associated with emotions such as enjoyment, amusement, and desire Green: The Trustworthy Zone Is grounded in emotions such as trust, loyalty, and respect Orange: The Inspiring or Leadership Zone Is based on feeling inspired and optimistic Grey: The Familiar Zone Is home to feelings of satisfaction and gratitude Yellow: The Interesting Zone Is built on the core emotion of Interest as well as feelings of amazement and surprise, and being alive and energized
- 27. Emoti – Mass Merchandise (Retail vs Online)
- 28. Emoti – Drugstore (Retail vs Online)
- 29. Emoti – Books (Retail vs Online)
- 30. Emoti – Clothing/Fashion (Retail vs Online)
- 31. Emoti – Electronics (Retail vs Online)
- 32. Shift in emotional power Average core emotional connectionAverage core emotional connection In Store Online Mass Merchandise Driven by the emotions of optimism and trust, the emotional connection with online shopping is stronger than in-store shopping for the mass – merchandise category 46 55 Drugstore Online shopping is generating a great deal of interest and connection, as well as optimism, indicating a strong opportunity for growth and development of the online drugstore category. 41 55 Books & Magazines Emotional connection with online book shopping is undoubtedly due to Amazon. However, in-store shopping for books is the high core emotional connection of all categories due to continued warmth and connection. Optimism is much lower for in- store than online. 61 67 Clothing & Fashion In the clothing and fashion category, the gap between online and in-store emotional connection is relatively narrow. Optimism and a feeling of interest drive down the in- store emotional response. 51 58 Electronics In electronics and appliances, the emotions associated with online shopping are much stronger than for the in-store shopping experience. Pleasure and trust account for the higher online emotional connection. 46 62 Online clearly has a stronger emotional connection with customers in the majority of categories
- 33. 80% 70% 60% 50% 40% In store Online redefining retail The emotional connection: In store vs. online
- 34. Drivers of consumer choice Stated/ClaimedImportance TABLESTAKES The cost of entry into a category, these attributes are important but not proven to be a strong driver of choice. Claimed to be important, and proven to significantly influence choice. Not acknowledged to be very important, but proven to significantly influence choice. Neither claimed nor proven to be important. Derived Impact on Positive Emotional Score KEYDRIVERS UNIMPORTANT HIDDENDRIVERS zz NEGATIVE DRIVERS Negative attributes do not appear in driver maps, but they are shown in the Hotspex Heatmaps. Drivers are plotted against a dependent variable (Emotional score) in order to calculate a derived impact score.
- 35. Amazon.com key drivers Quick purchase process Value / price I am already online I am sure of my decision I know it matches my needs I trust the retailer I have always gone to this retailer Price comparison is easy Offers special deals or promotions Their products are not available in stores Nice looking / attractive site One stop shopping My friends use the site Feels comfortable to me I am confident in the quality I get They are leaders in the field Already set up for online purchasing / have an account I can do it all from home So easy – click and buy I don’t like crowded malls I can shop anytime I like Quality is guaranteed – I don’t need to see it / touch it Variety /carries the brands I like Previous experience with the website 10% 20% 30% 40% 50% 60% 70% 80% 0.150 0.200 0.250 0.300 0.350 0.400 0.450 0.500 StatedImportance(Association%) Derived Impact Electronics Category - Amazon.com
- 36. Brand persona – Electronics Best Buy (retail) Amazon.com (online) Competent ReliableSuccessful Interesting Cool Likeable Easy-Going Down-to-Earth 37 Like Me (25) 35 24 27 36 28 32 42 Competent Reliable Successful Interesting Likeable Cool Likeable Easy-Going Down-to-Earth 65 66 53 53 64 56 64 67 Like Me (59)
- 37. Emotional connections •In the mass merchandise/household goods sector, Costco is the satisfaction and emotional leader, closely followed by Target. Walmart has strong satisfaction levels, but much lower emotional valence •Walmart manages to have the highest overall online relationship score for the category, but it lags the in-store experience and other categories significantly •Target scores well with many positive personality attributes, and is particularly likeable. Its online experience is a bit more polarizing, with some negativity apparent around reliability
- 38. Emotional connections •eBay’s brand personality has many positive attributes but also some minor negatives around reliability and being “like you” •While value and price are the main factors for shopping at Walmart or Target, past experience and trust are more favorable for Target than Walmart •In the online segment, eBay challenges the traditional retailers with much easier price comparison
- 39. The ideal shopping experience One of our proprietary tools allows respondents to project their subjective or deep-rooted feelings and beliefs through an image. For this project we used a standardized library of 220 contemporary images. Respondents were asked to select pictures that describe: Step 1: Pick the Finalists Respondents were asked to select up to six images as “finalists.” Step 2: Pick the “Winner” Respondents were then asked to select the one photo that best depicts the experience. Step 3: Explain Choice Finally, respondents were asked to explain why they chose this photo.
- 40. The ideal shopping experience In Store Online Mass Merchandise 19% Relaxing 12% Good Deals 20% Relaxing 10% Good Deals Drugstore 23% Relaxing 17% Good Deals 23% Relaxing 13% Good Deals Books & Magazines 31% Relaxing 8% Variety and Discovery 23% Relaxing 11% Fast, Simple Clothing & Fashion 13% Relaxing 10% Exciting 15% Relaxing 9% Good Deals Electronics 20% Good Deals 14% Relaxing 18% Relaxing 15% Good Deals
- 41. Accounting for the experiential factors and the overall emotional connection with a retailer, either online or in store: •Satisfaction •Recommendation potential •Net positive or negative emotional reaction to a retail brand
- 42. Store indexes – Top 20 redefining retail 75 62 54 54 51 51 50 49 46 45 44 44 43 42 42 40 39 39 38 amazon.com Costco apple.com* (Bookstore) Target CVS Kohl's Macy's apple.com* (Electronics/Appliances) ebay.com (Electronics/Appliances) Walmart Marshall's llbean.com* Walgreens walgreens.com walmart.com Sams Club TJ Maxx thegap.com* ebay.com (Mass Merchandiser) Amazon.com has the highest overall relationship index for all retailers. The brand has unique strength in emotional response areas like trust and success, and has very strong satisfaction ratings. Costco also has strong emotional valence and high satisfaction ratings, particularly in comparison to more traditional retailers.
- 43. Store indexes – Bottom 20 redefining retail 37 37 37 36 36 36 34 33 32 30 30 29 26 25 25 23 16 16 7 7 Barnes & Noble macys.com JC Penny target.com The Gap* *Caution: Low base size. Base varies by retailer (total U.S. = 1020) ebay.com (Bookstore) Local/independent bookstore* bestbuy.com Borders* jcpenny.com barnesandnoble.com Best Buy drugstore.com* Radio Shack cvs.com landsend.com* Sears kmart.com sears.com Kmart Online retail store properties (macys.com, target.com) tended to have lower relationship indexes than the traditional retail store. Target.com scores much lower than its retail parent, for example, due to some negative emotions stemming from reliability concerns. Troubled retailers such as Radio Shack, Sears and Kmart round out the bottom of the American retailer ranking.
- 44. Where to next? Regaining the emotional connection
- 45. Consumer feedback redefining retail “Customer service in Canada needs to be improved. Whoever finally gets it right stands to make lots of money.” “Excellent customer service is para- mount.” “No matter the product you’re selling, a customer will only remain loyal if the customer service is pleasant.” “Increase the number of cashiers at the check-out to improve satisfaction.” “Have more cashiers on.” “Make sure that you have enough cashiers during the day.” “Have enough check-out reps working to accommodate line-ups as they change.” “Educate your staff to be more knowledgeable about the merchan- dise they are selling.” “You need staff who are really knowledgeable, really helpful and not just mouthing polite words.” “Make sure your staff is both friendly and knowledgeable about the prod- ucts and services that they are selling.” “Offer more promotions and cou- pons - will encourage return custom- ers.” “Need more promotions to attract people.” “How about some more specials and promotions?” “You have the selection, but you should have more sales/specials.” Knowledgeable staff More cashiers More promotions/ discounts Better customer service Retail shopping
- 46. Consumer feedback redefining retail Online shopping “Free shipping to Canada is a must. If it is worth my while to get it from the U.S. with free shipping, I'll do it.” “Lower the shipping and handling prices to be competitive.” “I only shop at sites that offer free shipping.” “Offer reasonable shipping rates.” “Make it simple to understand and navigate for those like my mom and dad.” “Keep it simple and uncluttered.” “Keep the layouts simple and have prices available on the website.” “Keep the site simple. Allow for quick ordering of products.” “Have a reward program of some sort, where you can earn points toward future purchases.” “Offer some sort of rewards/loyalty program.” “Offer more rewards, make it easier to accumulate. Pay back for loyalty. “Get a points/loyalty program.” “Clean up search results and make purchase options clearer.” “Improve the search functions so I can get the short list easier.” “I wish that the search generators were not as broad so that I could search very specific items and not sift through all the results.” “Products need to be easy to search.” Loyalty programs Keep it simple Improve search tool Lower shipping fees
- 47. Where to from here? Overall To effectively compete and regain the emotional connection, retailers will need: • Unique items such as private label platforms and added-value services • New and exciting store designs that engage customers • Stronger customer service • Better loyalty programs • Easy price comparisons between retail and online pricing • Free shipping and installation
- 48. Where to from here? Mass Merchandise • While retail leakage is more prominent in the electronics and books categories, online purchasing of household goods from Amazon.com is growing • Most mass merchandisers operate their retail sites independent of their in-store offering and consumers have concerns over the relevance of the experience. Consumers want a seamless, problem- free environment with good prices and some good deals for occasional excitement
- 49. Where to from here? Drugstores • There seems to be a great deal of emotion associated with online drugstores, perhaps due to the low emotional connection felt with traditional U.S. drugstore chains • Drugstores will need to continue to drive convenience while shoring up value-added services such as estheticians, out-patient services, eye care and health advisors
- 50. Where to from here? Books and Music • Amazon is unquestionably the dominant player in books. iTunes.com and Apple.com may have a challenge in music with the ease of use associated with Amazon • While in-shop cafés are commonplace, we wonder about the potential for book kiosks in cafés to drive demand back to the online retailer and supplement the calm, relaxing environment sought after by consumers
- 51. Where to from here? Clothing/Fashion • Having simultaneous attributes of relaxing and exciting are a tall order for “retail choreography” but excitement brings consumers into the store, and a relaxing relationship encourages spending • Deal-driven retailers such as Kohl’s and Marshalls (Winners in Canada) have strong relationship ratings due to high satisfaction, despite some concerns over reliability • Overall, Macy’s seems to maintain a strong relationship base without consistently compromising on price • Retail leakage concerns are growing in this category as well, and low ratings for online brand properties will provide opportunity for Amazon in this category if not addressed
- 52. Where to from here? Electronics • Amazon is also the dominant player in electronics both in the U.S. and Canada. Negative perceptions have significant impact on chains like Best Buy and Future Shop rankings, and seem to force them to compete on deals with Amazon • Retailers will need to offer unique items, introduce loyalty programs, make it easy to compare retail to online pricing, and offer free shipping and installation • Importance of private label will rise in this sector to provide greater differentiation
- 53. Contact us Jean-Pierre Lacroix President, Shikatani Lacroix 416-367-1999 ext. 229 jplacroix@sld.com Chris Thorne Vice President, Hotspex 416-487-5439 ext. 256 Chris.Thorne@hotspex.com