Looking back on NRF 2023, many of us were relieved that it didn’t focus on the Metaverse and NFTs this year. CEOs on the keynote stage talked about getting the stores right with better locations and optimal formats. Exhibitors and retailer attendees advocated for technologies that truly optimize the box. As I walked an average of five miles a day through the show floors, there was plenty of tech aimed at brick-and-mortar innovation. So, what’s the takeaway? Everything old is new again, only more so enabled by emerging …
NRF, Come and Gone
NRF’s 2022 Big Show was far from big but it was the first in person gathering at a scale that the industry has seen since early 2020. Similar to what happened at CES this year, most of the big tech companies such as Intel and SAP did not show. Many of the medium sized firms also opted out. This opened up the opportunity for younger, smaller Innovators including tech startups to shine. Their show footprint and density were consistent with prior years, whereas the main exhibitor space had major gaps. The State of Retail The uneven …
What Is Macy’s Thinking?
Just as Macy’s announced impressive earnings, which pushed its stock price up 21 percent, a boardroom drama intensified, spurred by an activist investor. The proposal on the table seems astonishing: Split Macy’s multibillion-dollar ecommerce business from its 600-store brick-and-mortar business to release “trapped” shareholder value. This demand was delivered in a letter to the board by Jana Partners after it acquired an unknown stake in the company. Bifurcated Business The idea of Macy’s spinning off their ecommerce business shows how …
Is Experience Worth Investing In?
Many of the newly launched retail experience formats we celebrated at the beginning of 2020 have been shuttered by the pandemic, leaving the industry to question how to deliver experiences that align with consumers' Covid-19 evoked emotions. With social gatherings off the table for now, how can brands, retailers and mall operators respond to desired social connections in a no-touch world? The Consumer Mindset Navigating the global health crisis "stay at home" directive has been extremely stressful, especially for those in urban areas. Initial …
“Irrational” Startups Disrupt the Landscape
Shoptalk Europe was buzzing with an array of topics ranging from tech predictions of the transformative impact artificial intelligence tools will have on retail to the roles of robots and augmented reality in store. One of the other themes that stood out was the fast evolution of the industry's ecommerce models. Retailers don’t know where their next competitor might come from, online or off. At the core of new retail models is a response to the fundamental consumer protest against the way goods are made and sold. Disruption is being forced by …
Data: The New Currency for Retail Marketers
Data has quickly become the most powerful tool in today's marketing world. As social media and other digital platforms proliferate, purchase intent analytics help marketers target consumers and contextualize offers in real time. We check in with Jeff Rosenfel, VP Customer Insight and Analytics, The Neiman Marcus Group who reveals how retail advertising and marketing are changing how they allocate media investments and generate new creative concepts informed by data. Gwen: We’ve talked about how data has become the most powerful tool in …
Expanding Globally? Then Consider Mexico
This is a challenging time for retailers to invest in global expansion. About ten years ago the industry experienced a Gold Rush of sorts, heeding calls to “Go West” (or “Head East,” depending on your perspective) to China and India. Some launched seriously misguided formats, like those of Tesco and Carrefour, that didn’t properly serve local consumer preferences or failed to come to terms with political realities. (Since then, many adjustments have been made. Retailers who had the fortitude to stick it out stayed and eventually grew to …