Remarkable Retail Are Small Stores the Answer to Department Stores Woes?
This week we ask the question: can small stores save department stores? And do they, in fact, need saving? Despite the suggestion that the department stores may be rebounding, it is looking more like a dead-cat bounce. In response to decades long declines, Macy's and Kohl's are placing big bets on rolling out smaller stores as a way to revitalize market share growth. We dig into how we got here, why most departments stores have engaged in timid transformations, where we're going and what needs to happen to make a small store strategy work. We also explore Nordstrom's "Local" format strategy and whether a hub and spoke go-to-market strategy may be the way forward.
But first we open up with the retail news that caught our attention this week, including our take on what to make of last week's monthly retail sales data and a slew of earnings reports. As we heard from Walmart, TJX, Kohl's and others the vexing question is how they got stuck with so much inventory and what Target smart to take a big hit this past quarter. Then we discuss the new buy online pick up on floor initiative from Yeezy at the Gap, before dipping into a Business Insider story (pay wall) on Amazon's reboot of its physical store strategy. We close with a visit to the Wobbly Unicorn Corner as "disruptor brands" largely continue to underwhelm.
Thanks to our presenting sponsor, MarketDial!
GroceryShop discount offer:
Valid for Retailers and Brands only, use code RBR1950 to access our special rate / ticket price is $US1950. Offer code expires 9/22/22.
Past podcast episodes of note:
Amazon and the Fault in Their Stores
The Mall is Dead (Long Live the Mall)
Blow It Up? It's Time for The Great Reconfiguration
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 E-Commerce Tech Talks , The Food Professor with Dr. Sylvain Charlebois and now in its second season, Conversations with CommerceNext! 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!
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.