Former Walmart U.S. President and CEO Bill Simon sees technology, such as virtual reality, having a big impact on traditional brick-and-mortar retail, according to CNBC.
Simon served as President and CEO of Walmart U.S. from 2010 to 2014, giving him a unique perspective on the retail industry. Rather than predicting doom-and-gloom for traditional retail, Simon believe technology has the ability to transform the industry and open all new possibilities.
Even something as simple as trying on clothes may be revolutionized by technology, such as virtual reality.
“Could we have virtual changing rooms so that you can just scan an item in a store with your phone and try it on yourself without actually having to go try it on?” Simon said on CNBC’s “Squawk on the Street.”
Simon believes successful retailers will combine online sales with a brick-and-mortar presence, and cites Target and Amazon as two examples of companies that are making it work.