Nordstrom is the class act of the department store segment and doing everything right says Former Toys ‘R’ Us CEO, Gerald Storch. Unfortunately, that is not enough according to Storch because customers are deserting malls for ecommerce.
Glossier is both a beauty company and a tech company that is succeeding by staying incredibly connected to their customers. Glossier founder and CEO Emily Weiss says that they are building a people-powered ecosystem where they are co-creating with their customers.
“For us, our partnership with Amazon was all about new customer acquisition,” says Lands’ End CEO Jerome Griffith. “If you look at searches online, more people go to Amazon to search for clothing than anyplace. If you are not there you are not relevant.”
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Consumers have now shifted up to 11 percent of their shopping online and this means that the US needs to get rid of 11 percent of their physical stores, according to former Macy’s CEO Terry Lundgren. He says that overall the consumer is healthy and spending but that doesn’t mean that physical stores shouldn’t close to match supply and demand.
The CEO of Walmart Doug McMillion says that the company has a lot of work going on to change the company. He says that the company is becoming more digital and is changing how they work from within to get faster, more nimble, and adapt to what’s happening in retail.
According to the Wall Street Journal Amazon is testing larger format stores with its cashierless technology as a prelude to a Whole Foods rollout. The WSJ appeared to have spoken with several insiders. “It is unclear whether Amazon intends to use the technology for Whole Foods, although that is the most likely application if executives can make it work, according to the people.”
On-demand is an infrastructure for the future of retail says Alibaba CEO, Daniel Zhang. He envisions a world where virtually every product, even pharmaceuticals, will be available to be delivered on-demand 24-hours a day to customers.