The Critical Importance of Cash Flow in Uncertain Times

In this special edition episode, Michael LeBlanc and Steve Dennis address the unprecedented challenges facing retailers with Steve's "10 Tantalizing Tips for Tumultuous Times." Steve rates current market turbulence at a 9 out of 10, comparing it to COVID-era disruption but noting the added complexity of legal uncertainties around tariff policies.

The news segment covers significant retail developments, starting with ongoing tariff turmoil. A U.S. court ruled Trump's tariff policies illegal, creating additional uncertainty for retailers already struggling with implementation. Steve explains how this legal challenge, combined with the administration's failure to secure the promised "90 deals in 90 days," has intensified market turbulence.

Earnings season revealed stark contrasts in retail performance. While Abercrombie & Fitch, Costco, and Dick's Sporting Goods posted strong results, Target's struggles were particularly alarming—down nearly 4% compared to Walmart's 4-5% growth, highlighting a major and continuing performance gap between direct competitors. Department stores including Macy's, Dillards, and Kohl's continued their downward trajectory, with most posting negative comps. The episode also covers Hudson's Bay Company's final closure in Canada, with Canadian Tire acquiring the historic brand's IP for $30 million.

The second segment focuses on ten essential tactics for survival and growth. The first foundational tips emphasize radical commitment to reality and transparency, urging retailers to honestly assess their situation and act accordingly. Steve advocates for embracing uncertainty and building agility into operations, followed by maintaining innovation through continuous testing despite budget pressures.

Customer-focused strategies include choosing your passionate core of fans (inspired by Seth Godin's work), being human-centered while digitally enabled, and prioritizing storytelling over purely functional benefits. Steve emphasizes that people buy a brand's story before they buy the product.

Strategic excellence tips include "editing to amplify"—narrowing customer and offering focus to boost signal amid market noise—and conducting comprehensive friction audits of the customer journey. The hosts stress distinguishing between table stakes (necessary but non-differentiating capabilities) and true differentiators that create competitive advantage.

The final tip, "cash is king," proves particularly relevant given tariff impacts on cash flow. 

Throughout the discussion, the hosts acknowledge that guidance must be tailored to individual circumstances—strategies for Walmart differ significantly from those needed by smaller specialty retailers. The episode serves as both a reality check and practical roadmap for retailers navigating what Steve describes as an era of unprecedented uncertainty, volatility, and competitive pressure where strong players are aggressively pursuing market share opportunities.

About Us

Steve Dennis is a strategic advisor and keynote speaker focused on growth and innovation, who has also been named one of the world's top retail influencers. He is the bestselling authro of two books: Leaders Leap: Transforming Your Company at the Speed of Disruption and Remarkable Retail: How To Win & Keep Customers in the Age of Disruption. Steve regularly shares his insights in his role as a Forbes senior retail contributor and on social media.

Michael LeBlanc is the president and founder of M.E. LeBlanc & Company Inc, a senior retail advisor, keynote speaker and now, media entrepreneur.  He has been on the front lines of retail industry change for his entire career. 

Michael has delivered keynotes, hosted fire-side discussions and participated worldwide in thought leadership panels, most recently on the main stage in Toronto at Retail Council of Canada’s Retail Marketing conference with leaders from Walmart & Google.  He brings 25+ years of brand/retail/marketing & eCommerce leadership experience with Levi's, Black & Decker, Hudson's Bay, CanWest Media, Pandora Jewellery, The Shopping Channel and Retail Council of Canada to his advisory, speaking and media practice.

Michael produces and hosts a network of leading retail trade podcasts, including the award-winning No.1 independent retail industry podcast in America, Remarkable Retail with his partner, Dallas-based best-selling author Steve Dennis; Canada's top retail industry podcast The Voice of Retail and Canada's top food industry and one of the top Canadian-produced management independent podcasts in the country, The Food Professor with Dr. Sylvain Charlebois from Dalhousie University in Halifax.

Rethink Retail has recognized Michael as one of the top global retail experts for the fourth year in a row, Thinkers 360 has named him on of the Top 50 global thought leaders in retail, RTIH has named him a top 100 global though leader in retail technology and Coresight Research has named Michael a Retail AI Influencer.  If you are a BBQ fan, you can tune into Michael’s cooking show, Last Request BBQ, on YouTube, Instagram, X and yes, TikTok.

Michael is available for keynote presentations helping retailers, brands and retail industry insiders explaining the current state and future of the retail industry in North America and around the world.