Retail's Year of Living Efficiently
Remarkable Retail
How to Be a Successful Retailer in a Downturn
Strong companies tend to do better in a downturn and weaker companies tend to get even worse. I think those retailers that have been stuck in the unremarkable middle, they're going to continue to tread water because they don't have a compelling strategy. And then I think some of these disruptor brands that we've talked about are already losing a bunch of money. The economic outlook for the next six to 12 months is not probably going to help them. Some of them have relatively weak balance sheets. So I think we are likely to see the strong get stronger.
In our final episode of our sixth season we briefly share our mid-year highlights before dipping into the week in retail news, which includes the prospect of a UPS strike wreaking havoc on the world of e-commerce. Then we reflect on Overstock's fire sale scooping up of Bed, Bath & Beyond's intellectual property and how the Container Store and Dormify hope to vill the back-to-school void. We then try to make sense of the rumor that Neiman Marcus may sell of its Bergdorf Goodman division, tying the broader troubles among luxury department stores to shifting go-to-market requirements.
Then it's on to our main topic which centers on how economic headwinds seem to be turning 2023 into a year of efficiency. In that context we remind retailers that cost cutting and store closings don't address underlying issues of customer relevance ("bailing doesn't fix the hole") and that we need to careful not to confuse efficiency with effectiveness. Mostly, Steve shares some of his key "do's" and "don'ts" to be smart about addressing sales and margin pressures while remaining committed to an building an innovation pipeline and sustaining important transformation efforts.
About Us
Steve Dennis is an advisor, keynote speaker and author on strategic growth and business innovation. You can learn more about Steve on his website. The expanded and revised edition of his bestselling book Remarkable Retail: How To Win & Keep Customers in the Age of Disruption is now available at Amazon or just about anywhere else books are sold. Steve regularly shares his insights in his role as a Forbes senior contributor and on Twitter and LinkedIn. You can also check out his speaker "sizzle" reel here.
Michael LeBlanc is the Founder & President of M.E. LeBlanc & Company Inc and a Senior Advisor to Retail Council of Canada as part of his advisory and consulting practice. He brings 25+ years of brand/retail/marketing & eCommerce leadership experience, and has been on the front lines of retail industry change for his entire career. Michael is the producer and host of a network of leading podcasts including Canada’s top retail industry podcast, The Voice of Retail, plus Global eCommerce Leaders podcast, and The Food Professor with Dr. Sylvain Charlebois. You can learn more about Michael here or on LinkedIn.
Be sure and check out Michael's latest venture for fun and influencer riches - Last Request Barbecue, his YouTube BBQ cooking channel!
As a reminder, we're taking next week off, followed by a couple of encore episodes, before returning with Season 7 July 25th.
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.
The AI-powered Podcast Player
