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Why West Elm cooperates with Hyr Runway

On Thursday, West Elm announced a partnership with Hyr Runway to offer a selection of pillows, blankets and housings for rent for Hyr Runway's 10 million members. This will be the first time that West Elm will offer rental products and brands Rent Runway's entry into the household market. The company has disturbed the fashion industry by offering women designer dresses, tops and jeans rents for $ 159 per month.For West Elm, owned by Williams-Sonoma ( WSM WSM ]) the partnership helps the brand woo Hyr Runway's younger customer base. Known for its handmade and modern home design, West Elm sees an opportunity to build its brand with existing customers and present it to new ones through Rent the Runway. The collaboration makes it possible to test the customers' appetite to rent things in their homes with the help of an expert in space.Demographic trends have forced traditional grocery stores such as West Elm and others to adapt their business models. A growing number of Americans rent everything from clothing to cars, explains Ari Ginsberg, professor of entrepreneurship and management at NYU's business school. And more American households also rent their homes than at any time in 50 years, according to Pew.Home pages for furniture such as Fernish and Feather have cut out to draw customers who often change homes or who do not want to keep their furniture for longer periods. Big dealers like Crate & Barrel and Ikea jump in to appeal to these customers. Crate & Barrel…

On Thursday, West Elm announced a partnership with Hyr Runway to offer a selection of pillows, blankets and housings for rent for Hyr Runway’s 10 million members. This will be the first time that West Elm will offer rental products and brands Rent Runway’s entry into the household market. The company has disturbed the fashion industry by offering women designer dresses, tops and jeans rents for $ 159 per month.

For West Elm, owned by Williams-Sonoma ( WSM WSM ]) the partnership helps the brand woo Hyr Runway’s younger customer base. Known for its handmade and modern home design, West Elm sees an opportunity to build its brand with existing customers and present it to new ones through Rent the Runway. The collaboration makes it possible to test the customers’ appetite to rent things in their homes with the help of an expert in space.

Demographic trends have forced traditional grocery stores such as West Elm and others to adapt their business models. A growing number of Americans rent everything from clothing to cars, explains Ari Ginsberg, professor of entrepreneurship and management at NYU’s business school. And more American households also rent their homes than at any time in 50 years, according to Pew.

Home pages for furniture such as Fernish and Feather have cut out to draw customers who often change homes or who do not want to keep their furniture for longer periods.

Big dealers like Crate & Barrel and Ikea jump in to appeal to these customers. Crate & Barrel joined Fernish last year, while Ikea is testing out meeting rental programs overseas.

“You can either join or run over,” said Ginsberg. “If you don’t, your competitor will come.”

From the summer, Clean Runway members will have the opportunity to rent 26 different West Elm bundles of things like throw, shams and blankets. The members can choose how long they want to keep the bundle and will also get discounted prices if they want to buy it.

“This allows consumers to change their style and their appearance without high-cost furniture anchors,” said Greg Portell, a leading global consumer and retail partner of AT Kearney, a consultation.

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