Podcast Summary
The Evolution of Retail Toys: From Toys R Us to Hot Wheels and Airbnb: Toys R Us and KB Toys played significant roles in toy retail, but the industry continues to evolve with new players and innovations like Hot Wheels and Airbnb
The retail toy industry continues to evolve, with companies like Toys R Us and KB Toys adapting to changing trends and consumer preferences. Joan Verdon, a senior contributor for Forbes.com, shares her insights on the current state of Toys R Us, which was once known for its overwhelming selection of toys. Meanwhile, KB Toys offered a more discounted experience at the mall. However, both stores played significant roles in providing children with toys and creating cherished memories for parents. Now, the industry is seeing new players and innovations, such as the impressive Hot Wheels collection of Bruce and the convenience of Airbnb for turning empty homes into income-generating rentals. Overall, the toy market remains a constant source of joy and entertainment, regardless of the specific form it takes.
Filling a Niche in Mall Shopping and Career in Toy Journalism: KB Toys catered to impulse purchases and parents in malls, attracting customers for mall owners. The speaker's career began covering toy trends, leading to insights on Toys R Us finances, and Toys R Us' presence in Macy's reaches a wider audience, offering varying shopping experiences.
KB Toys filled a specific niche in malls, catering to impulse purchases and the needs of parents doing other shopping. Mall owners recognized this need and sought out toy stores like KB Toys to attract customers. The speaker's career in toy journalism began due to the local focus on Toys R Us, leading them to cover toy trends and eventually the business side of Toys R Us finances. Toys R Us' brand presence in Macy's stores allows them to reach a wider audience and maintain some control over product selection, despite not directly selling the toys. The experience varies between Macy's locations, with some offering a more engaging toy shopping experience and others falling short.
Brick-and-mortar toy stores evolving role: Brick-and-mortar toy stores must differentiate themselves and engage customers through unique experiences and personalized service to compete with online sales and direct-to-consumer offerings.
The role of brick-and-mortar toy stores, like Toys R Us, in the modern retail landscape is evolving. While they may always have a place, particularly in offering unique experiences and personalized service, they are likely to face continued competition from online sales and direct-to-consumer offerings from toy manufacturers. Smaller, boutique toy stores and mom-and-pop shops may also continue to thrive by offering niche products and personalized customer experiences. The success of these stores will depend on their ability to differentiate themselves and engage with customers in meaningful ways, both in-store and online.
Community and Nostalgia Drive Success in Small Toy Businesses: Community and nostalgia fuel the growth of small toy businesses, with new generations rediscovering local stores and media influencing toy preferences. However, the absence of a centralized platform and the rise of influencers on social media have changed the promotion landscape.
The role of community and nostalgia plays a significant part in the success of small businesses, particularly in the toy industry. The cyclical trend of new generations discovering small stores and the influence of media, such as YouTube and social media, on children's toy preferences, are shaping the market. However, the absence of a centralized platform like the Sears Wishbook, which once brought together various toy options, is noticeable. Instead, individual manufacturers are now the primary promoters of their toys. Moreover, the cool kid factor, which once drove toy trends through school culture, now originates from influencers on TikTok and YouTube. Looking back, toys that evoke fond memories, like the Magic 8 Ball and the FAO Schwarz chariot, continue to hold a special place in our hearts.
From personal collection to museum: The power of passion: Passion can turn a hobby into a museum, inspiring others and showcasing history. Prioritize health with Body, and immerse yourself in stories with Audible.
Passion and dedication can turn a personal collection into a museum. Bruce Paschal, a commercial real estate agent, shares his love for Hot Wheels, which grew into the world's most valuable and complete collection. Inspired by his wife's request to find a place for his collection to be displayed, he transformed a warehouse into an art gallery, showcasing his pieces alongside original artwork, blueprints, and notes from the factory. This passion for Hot Wheels history and the creation of a museum is a testament to the power of following one's interests and sharing it with others. Additionally, the discussion highlighted the convenience and results offered by Body, a fitness platform with over 120 programs and healthy meal plans, making it easier for individuals to prioritize their health and fitness amidst busy schedules. Lastly, Audible, an audiobook platform, was introduced as a way to immerse oneself in captivating stories and keep one title a month from their entire catalog, including bestsellers and new releases.
Hot Wheels' Success: Affordable and Playable: Hot Wheels, a Mattel product, became successful due to its affordability and playability. Elliott Handler, co-founder of Mattel, saw potential in Hot Wheels as a toy for play and shifted Mattel's focus. Hot Wheels and Barbie, both iconic toys, brought Mattel millions in profits through accessories and tracks.
The success of Hot Wheels, a product line by Mattel, can be attributed to its affordability and playability. The original Hot Wheels, which first came out in 1968, were made using the same electrostatic paint process as real cars and had movable parts. Over the decades, the manufacturing process became more efficient, allowing Hot Wheels to maintain their low price. Elliott Handler, the co-founder of Mattel, saw the potential in Hot Wheels as a toy that could be played with, shifting Mattel's focus away from selling toys that could be perceived as violent or controversial during the Vietnam War era. Hot Wheels and Barbie, another successful Mattel product, are both iconic toys that have stood the test of time. Handler's emphasis on playability led Mattel to create a better version of a matchbox car, making millions in profits through accessories and tracks. Despite the passage of time and changes in manufacturing processes, Hot Wheels have remained an affordable and beloved toy for generations.
Hot Wheels brought joy with innovative designs: Consider integrated software solutions for streamlined operations and top talent attraction, like Mattel's commitment to detail and Zoho 1.
Mattel's Hot Wheels cars and accessories brought joy and excitement to children, offering an improvement on traditional slot car racing with their innovative designs and accessories. Mattel's commitment to detail and quality, despite the challenges and costs, led to the hiring of talented designers like Harry Bradley and Larry Wood, who left lasting impacts on the brand. For businesses, the lesson is to consider the benefits of integrated software solutions like Zoho 1, which can streamline operations and provide peace of mind by eliminating the need to deal with multiple vendors and contracts. Similarly, flexibility in the workplace, as offered by Court Furniture Rental, can help attract top talent and create collaborative environments that boost productivity and employee satisfaction.
A childhood fascination turned into a world record-breaking collection: Bruce Paschal's passion for Hot Wheels began as a child and grew into the world's most complete collection, showcasing the enduring appeal and value of these cherished toys, while also emphasizing the importance of thorough research and due diligence when collecting rare items.
The passion for collecting Hot Wheels cars can have various origins, whether it's a childhood fascination or an inherited family collection. For Bruce Paschal, his love for Hot Wheels began when his parents filled his basement with toy cars, including the new Hot Wheels, as a tribute to his grandfather's automotive history. As he grew up, his passion for the cars evolved, leading him to amass the world's most complete Hot Wheels collection and eventually turn it into a museum. Another intriguing aspect of Bruce's story is the element of authenticity and the risks that come with collecting rare items. After buying what he believed to be the rarest Hot Wheels car in the world, he was devastated when a collector claimed it was a fake. However, with some determination, he was able to prove the car's authenticity by contacting the original owner and obtaining supporting documents. This experience highlights the importance of thorough research and due diligence when collecting rare items. Overall, Bruce's story is a testament to the enduring appeal and value of Hot Wheels cars, both as cherished childhood memories and as valuable collectibles. It also serves as a reminder that the journey of collecting is often as exciting and rewarding as the destination.
Discovering Rare Items through Determination and Persistence: Determination and persistence can lead to the discovery of rare and valuable items. Asking questions to former employees can uncover hidden information.
Determination and persistence can lead to the discovery of rare and valuable items. Bruce, a Hot Wheels collector, used his skills to track down thousands of former Mattel employees and acquired their memorabilia, including rare prototypes, blueprints, and plans. One of his most prized possessions is a pink rear load beach bomb Volkswagen van, considered the holy grail of Hot Wheels collecting. This prototype, which was originally called the cheetah, had its name altered in the catalog. By interviewing former employees, Bruce was able to uncover the history behind this rare find and add it to his collection. The story highlights the importance of not giving up on a quest and the value of asking questions to uncover hidden information.
Discovering Rare Hot Wheels Finds: Collectors unearth surprising connections between Hot Wheels cars and their real-life counterparts, like the Cheetahs rebranded as Pythons due to a 1964 real car. Emotional attachments to specific cars fuel the hobby's enduring appeal.
The world of Hot Wheels collecting is full of surprises and connections between the toy cars and their real-life counterparts. Bruce Pascoe, the owner of the most valuable and complete Hot Wheels collection in the world, shared stories of discovering rare and unexpected finds, such as the Cheetah cars that were rebranded as Pythons due to a real car with that name being produced in 1964. He also shared his emotional attachment to the Camaro and the Hot Heap, with the latter becoming a favorite due to its connection to the real 1913 Model T Hot Rod and the history behind it. The collectors' community is always on the lookout for unique finds, checking the bases of their Python cars to see if they might be a rare Cheetah instead. The passion and dedication of collectors like Bruce make the world of Hot Wheels a fascinating and enduring hobby.