The big take home this year from Shoptalk was that retail is gearing up for some big changes. The changes were heralded by a whole host of top executives who are making a success out of new retail models. Above all, they are responding to these changes as an opportunity. Shoptalk is a great annual meet of all the big players in retail. With a line-up of world-class speakers and a fantastic set of collaboration workshops, it sets the tone for the coming year. This year, top executives are embracing changing models and building great, profitable companies in this brave new world. Take a look at our neat summary of the most positive changes highlighted at Shoptalk this year:
It takes insight
A message repeated over and over was the importance of having a CEO who brims with enthusiasm. The big names stepping up to take on the new challenges of retail talked again and again of how they needed to inspire their companies with vision, and encourage them to take on new models. This takes a lot of insight. It quickly became apparent that the most successful companies this year were relying on the insightful guidance of a charismatic CEO who had a radical new vision for their company. Take note: retail executive recruitment can have a massive impact on the direction of a company!
It takes knowledge
The historical models for measuring productivity popped up time and again, regardless of the retail category. It is increasingly evident that whilst new ideas are needed to keep retail fresh, using what we know about the history of retail is the key to success. Paula Price, CFO of Macy’s, makes an important point: “When we close a store, we fire a customer”. Every time a traditional store closes, the company sees a dip in its online custom. The lesson is clear. However radical your strategy is, historic models for retail are important for success.
It takes evolution
The biggest take-home this year was from Mick Onvural, CEO of Bonobos. Bonobos’ greatest success is enthusiastically owning the big changes in society and retail. By adapting to a vision of equality and inclusivity, Bonobos has created a brand based on this ethos. By pushing for a bold gender equality message, Bonobos has seen a radical increase in its market share. The message is clear: evolve!