BCG on Consumer’s Post

CNBC interviewed top fashion industry execs about what retail will look like in 5 years. Very thought-provoking. Here are 3 quotes that stood out to me: 👍🏼 Michelle Gass, Levi Strauss & Co. CEO: "The role of the store needs to be much more experiential than it is today. I think consumers are going to raise the bar, and they’re just going to expect that because when you can just shop and do a transaction a click away, there has to be a higher purpose for a store." 👍🏼 Geoffroy van Raemdonck, Neiman Marcus Group CEO: "Right now if you look at a product, you have to try it on to know if it’s your size, if it fits, and I think there’s so many technologies that are going to be able to show you the product in 3-D to see how it would fit on you and if it’s the right fit." 👍🏼 Jens Grede, SKIMS CEO: "The majority of shopping is going to still happen in store, but the vast majority of intent or the decision to shop will start online. Young customers today always know what they want to buy when they shop in stores, so the transaction happens in the store, but the customer journey starts online, and I think that will go for everybody in the coming five years."

Transforming Retail: Macy's Inc. Leads with Innovation In a bold move that sets the stage for the future of retail, Macy's Inc. CEO Tony Spring unveiled a strategic blueprint titled “A Bold New Chapter.” This initiative is not just about revitalising a storied brand; it's a comprehensive overhaul aimed at redefining the customer experience in an era of digital transformation. 🔹 Revitalizing the Core: Macy's is streamlining its store portfolio and enhancing its digital presence to meet modern consumer demands. 🔹 Luxury and Private Brands: By accelerating growth in luxury through Bloomingdale's and Bluemercury, and revitalizing Macy's private brands, the company aims to cater to a broader customer base while improving margins and loyalty. 🔹 Operational Excellence: The strategy includes a significant focus on modernising operations to streamline processes and enhance the shopping experience. Tony Spring’s vision for Macy’s Inc. underscores the potential of retail to innovate and thrive amidst challenges. It's an inspiring reminder that the future of retail lies in a blend of tradition, innovation, and above all, a deep commitment to the customer. Let's discuss: How can other retailers learn from Macy's Inc.'s approach to navigating the complex retail landscape? #RetailInnovation, #DigitalTransformation, #CustomerExperience, #MacyIncTransformation, #Leadership, #Strategy, #LuxuryRetail, #OperationalExcellence https://lnkd.in/d4zJykRW

In a bold move that signifies more than just a strategic shift, Macy's Inc. is rewriting the narrative of retail with its visionary CEO, Tony Spring, at the helm. "A Bold New Chapter" a transformative journey that promises to reshape Macy's, Bloomingdale's, and Bluemercury into icons of modern retail. From closing underperforming stores to enhancing digital experiences and revitalizing luxury offerings, Spring's strategy is a masterclass in balancing heritage with forward-thinking innovation. This is a call to all industry professionals: witness how Macy's Inc. is setting the new gold standard for customer experience and operational excellence. #MacyIncTransformation, #RetailInnovation, #CustomerExperience, #DigitalTransformation, #LuxuryRetail, #OperationalExcellence

Skin care businesses in B.C! A few points to consider.

#HotTake: Retail stores aren’t a shortcut to success. Retail offers bigger POs, visibility, and cash flow Yet, it doesn’t ensure brand sustainability Case in point: JLo Beauty Despite celeb status and prime placement at Sephora, She faced challenges resulting in a US exit Retail alone doesn’t secure loyalty or repeat sales Placement isn’t guaranteed forever For lasting success, think beyond the retail PO Some markers of a sustainable brand include: Authenticity, community, differentiated formulas, and true fans Building a lasting brand legacy requires more than a retail presence – 👋🏾 Hi, I’m Monique, a former retail buyer turned beauty industry advisor who helps emerging brands ready to scale at big retail. If you are ready to scale and invest, book a discovery call, and let’s see if we can work together.

Great perspective on retail industry changes to come. Our Fashion & Retail division are also starting to see this as they support staffing up retailer stores. #retailindustry #retailtrends

To say that retail is going through a transformation is an understatement. Retail is the epicenter of #leadership, #resilience, #innovation, #transformation, #rebirth, #partnerships, #courage, #adaptability, #vision, #accountability and #influence. I recently read a post about a #Macy's store being messy shortly after its morning opening hours. The post had different points of view about Macy's overall struggles and financial losses to shareholders. It also discussed the challenges store teams currently face. After all, the goal is to create brand loyalty and be profitable. The article reminded me of brands like #toysrus and others alike. (welcome back Toys R Us, we missed you) Here are examples of the competing dynamics facing retail and the internal conflicts facing cross-functional partners; *** investments to prevent unprecedented theft. You need profitability to re-invest. *** keeping up with employee safety, employee training, risk management and property management. *** balancing and keeping up with market specific merchandising and replenishment. *** encouraging customer engagement while managing workforce planning and reducing expenses. *** thriving in times when experiential retail is a competitive advantage while locking up product. *** engaging with the localized community. Share your POV in the comments. #retail2024 #retailoperations #operations #projectmanagement #partnerships #customerexperience #storedevelopment #retail

CNBC has spoken with several prominent executives within the retail industry to gain their perspectives on its future. We're fascinated by this roundup of insights and opinions, with one theme rising to the forefront for us: experience is everything. Brands can no longer depend solely on their reputation or product quality to attract and retain customers - it's crucial that they create an environment where consumers feel a genuine sense of care, community, and entertainment every time they shop. Fran Horowitz shares learnings about Abercrombie & Fitch Co.'s previous retail format, and how they've pivoted to smaller, more intimate spaces for their shoppers. Trina Spear of Figs recommends shifting store priorities away from mere transactions and towards providing the younger generation with an opportunity to "become part of something greater than themselves." The digital and "phygital" component of retail is becoming increasingly important to ensure a meaningful customer experience - for example, Geoffroy van Raemdonck at Neiman Marcus Group contemplates the use of 3D technology to enhance sizing accuracy and increase customer satisfaction.  Michelle Gass shares her enthusiasm for how machine learning and personalization technology could elevate the shopping experience, and operational functions, at Levi Strauss & Co. Jens Grede at SKIMS reflects on the challenges that mid-priced retailers face in a market seemingly divided between luxury and value retail. On a similar note, Millard 'Mickey' Drexler at Alex Mill, and formerly at J.Crew and Gap Inc., applauds the success of both LVMH and The TJX Companies, Inc. This article offers a glimpse into the strategic thinking and business priorities of many reputable retail leaders, and we're looking forward to seeing how their predictions unfold in the years to come. #consumerinsights #digitalretail #futureofretail #leadership #retailinnovation

What Retail Brands Can Learn from Beyoncé