Ken interviews Sharon Price John, President and CEO of Build-A-Bear Workshop since 2013, where she has led the turning around and redefining of the multimillion-dollar company.Sharon graduated from the University of Tennessee, worked in the ad industry in New York City, earned an MBA from Columbia University, and managed iconic kids’ brands at companies like Mattel and Hasbro before accepting the role of president of the Stride Rite Children’s Group, which led to her taking the helm at Build-A-Bear.Sharon also serves on the board of directors at Jack in the Box, and on the executive committee of the Toy Industry Association board. She has been named to the University of Tennessee’s Top 100 Alumni of the last 100 years and recognized as a Distinguished Alumni by Columbia Women in Business. In March 2023, she was number six on the Forbes 20 Customer-Centric Companies Led by Women. Recently, Sharon has authored and published the book "Stories & Heart: Unlock the Power of Personal Stories to Create a Life You Love," which has achieved impressive success since its release in January 2023. Sharon has three children and lives in St. Louis with her husband, Russ.Key Takeaways from this episode include:1.    Turnaround Expertise: Sharon Price John shared her experience in turning around companies, drawing parallels between her work at StrideRite and Build-A-Bear. She emphasized the importance of strategic decisions, cost-cutting measures, and aligning the organization towards a common goal.2.    Experiential Retail and Adaptability: The discussion highlighted Build-A-Bear's emphasis on experiential retail, with the closure of physical stores during the pandemic presenting a unique challenge. Sharon discussed the company's swift adaptation, leveraging online sales and the fortunate timing of key initiatives, such as the partnership with Salesforce.3.    Baby Yoda Strategy: The timely identification and retention of the popular character Baby Yoda (from The Mandalorian) became a crucial element in sustaining revenue during the pandemic. Build-A-Bear's decision to hold inventory and focus on online sales, using Baby Yoda as a catalyst, showcased strategic foresight.4.    Employee Engagement: Sharon shared a motivational approach used during the challenging times, encouraging employees to view financial goals as catching a metaphorical dollar bill. This approach helped instill a sense of responsibility and accountability, creating a positive impact on the organization's financial performance.5.    Future Initiatives: Looking forward, Build-A-Bear has outlined key initiatives for the future, including the expansion to additional locations, enhancing the digital experience, and reinvesting in the business. These initiatives aim to build on the momentum gained during the pandemic and position the company for continued success.6.    Diversification of Store Models: Build-A-Bear has evolved its store model significantly. They have various types of stores, including owned and operated, partnership models with companies like Great Wolf Lodge and Carnival Cruise Lines, temporary pop-up shops, and franchise businesses in multiple countries.7.    Enhancing In-Store Experience: The company has focused on improving the in-store experience by updating store formats, introducing a discovery format, and enhancing the efficiency of the stuffing process. The renegotiation of leases and consideration for turnover dynamics has been part of their strategy.8.    Adaptation to COVID Challenges: Build-A-Bear did not significantly close stores during the COVID period but focused on renegotiating leases. They navigated the challenges posed by the pandemic, especially in international franchises like India and China.9.    Omni-Channel Approach: The company is working on being omni-channel by creating a lifetime value between online and in-store experiences. They recognize the importance of appealing to a multi-generational audience and have grown their online business, particularly targeting adults.10. Investments in Digital Transformation: Build-A-Bear has invested in upgrading its tech stack, including e-commerce platforms, accounting systems, warehouse management, loyalty programs, and CRM. The company acknowledges the constant need to adapt to new technologies and opportunities in the digital space.

Ken interviews three experts in Retail store staffing for the inaugural Tech Talk podcast episode.Sharonda Weatherspoon is the SVP, Head of Retail Transformation, Client Development, and Operations, as well as the Co-Chair of North America's Diversity and Inclusion ERG. She has spent over 24 years at Ralph Lauren, surviving my tenure, and moving up through the ranks, starting as a General Manager, and in her most recent role, as SVP of retail stores from North America. Sharonda has always worked directly with the stores and fully understands the frontline experience where her focus has been to create the best customer experience and the appropriate staff to support it.Ron Thurston is the founder of OSSY, a platform that aggregates store employee talent from sales associate to leadership roles, enabling retailers and brands to easily access Aussie's labor pool. Ron is also the author of the Amazon bestseller, Retail Pride, championing joy and success in the service industry. Ron's book draws on his experience and store leadership roles with Intermix, San Laurent, Tory Burch, Apple, West Elm, and Gap. Ron also hosts a podcast, Retail in America.Mike Myers is the co-founder and CEO of Reflex and has spent the last decade building early stage companies as both a founder and an early stage venture. Reflex works with some of the top brands in retail today and helps brands leverage a flexible labor model to drive store performance. Retailers use Reflex to connect with experienced on-demand retail store associates and to flex their labor models to support the real time needs of the business.Key Takeaways from this episode are:1.    Evolution of Retail Staffing Post-COVID: The post-COVID environment has significantly changed the landscape of retail staffing. Retailers have had to adapt rapidly to evolving business models, leading to challenges in finding and retaining talent. Competing for local talent, dealing with the gig economy, upskilling rapidly, and identifying the right candidate profiles have become significant hurdles.2.    Shift Towards On-Demand Flexible Talent: The emergence of platforms like Reflex has transformed the staffing model. They facilitate connecting retailers with on-demand, experienced retail talent, allowing for real-time staffing adjustments based on business needs rather than fixed hiring plans.3.    Tech-Driven Recruitment Solutions: Reflex, as a tech platform, streamlines the staffing process. It provides a platform for retailers to access a pool of vetted workers for various roles, from back of house to front of house, offering flexibility in scheduling and facilitating worker-retailer feedback through ratings and reviews.4.    Challenges and Benefits of Adopting New Staffing Models: Trust remains a significant obstacle for retailers adopting flexible staffing solutions like Reflex. However, the platform's benefits, including reducing turnover costs, addressing immediate staffing needs, and potential cost savings in comparison to traditional hiring and retention methods, make a compelling case for its adoption.5.    Changing the Perception of Retail Jobs: The introduction of platforms like Ossy seeks to redefine the hiring process, especially for the retail workforce. It aims to replace traditional resumes with dynamic digital profiles, utilizing AI-driven algorithms to match candidates with suitable retail roles, focusing on soft skills, empathy, and curiosity, ultimately changing how individuals perceive and access retail job opportunities.6.    Industry Insights through Trade Shows and Networking: Sharonda gains industry knowledge and stays updated by attending trade shows like NRF. and various others. Networking through LinkedIn and connections with individuals like Ron and Mike allows her to stay informed about innovative solutions.7.    Innovative Solutions in Staffing: Both Ossy and Reflex offer platforms that provide accessible solutions through mobile applications and digital platforms, simplifying the staffing process compared to traditional methods like phone calls or emails. These platforms offer an automated and convenient way to connect available staff to positions.8.    Integration of AI: Both Ossy and Reflex are integrating AI into their platforms. Ossy aims to replace the traditional resume with a more interactive and multimedia-based platform for job seekers, while Reflex employs AI in the background to enhance the operational experience for workers and retailers without overtly marketing it as an AI platform.9.    Marketing Challenges and Strategies: Both platforms face marketing challenges in a crowded space. They are using strategies like word-of-mouth referrals, industry events (such as Shop Talk and NRF), and social media channels like TikTok and Instagram for worker acquisition. They also emphasize thought leadership, sharing insights, and building a presence within the retail industry.10. Funding and Business Challenges: Ossy is self-funded with an intention to create a new category, while Reflex has raised $12 million in funding and is focused on delivering for retail partners, launching new markets, and scaling worker experiences. Building the right tech infrastructure and understanding the time investment required has been a significant challenge for both platforms.

Dave Heath is the Co-Founder and Chief Executive Officer of Bombas. Prior to the launch in 2013, Dave dedicated two years to rigorous product testing and refinement to create the best performing and most comfortable sock available, while staying true to their mission of helping those in need. Dave holds a BA from Babson College with majors in Marketing, Management, and Entrepreneurship. Previously, he led business development as one of the founding employees at UrbanDaddy followed by joining the new media acquisitions and strategy team at Yucaipa Companies. As a true serial entrepreneur, Dave has founded three companies, with one successful exit, and has invested and consulted on a range of start-up businesses from concept, through launch and continued growth. Dave has been featured on ABC’s Shark Tank, NBC TODAY Show, CBS This Morning, ABC Good Morning America, Bloomberg TV and in The New York Times, and was named EY Entrepreneur of the Year in 2017.In this episode of The Retail Pilot, Dave Heath joins Ken Pilot and discusses the journey of starting a mission-based sock company and the challenges and successes along the way. He shares insights on the importance of focus, sustainable growth, and using time to your advantage. Dave also talks about the power of partnerships and collaborations that align with Bombas' mission. He emphasizes the need for authenticity and staying true to the brand's values. Additionally, he discusses the role of technology in marketing and the future of the company. In this conversation, Dave Heath discusses the potential of AI in e-commerce and its application in various areas such as asset creation, site updates, and site merchandising. He also introduces Constructor, an AI-powered site merchandising tool. The conversation touches on the use of AI in customer service and the importance of understanding the customer experience. Additionally, Dave shares his favorite streamed shows and provides a promo code for Bombus products.Key Takeaways from this episode of The Retail Pilot with Dave Heath, CEO of Bombas:1.    Entrepreneurial Journey and Problem-Solving Approach: Dave Heath's journey began with a desire to work for himself, learning various skills and exploring different industries, always with the intent of eventually starting his own business. His approach was less about the industry and more about identifying and solving problems. He noticed the lack of socks in homeless shelters, leading him to start Bombas with a mission to donate a pair of socks for every pair sold.2.    Socially Conscious Business Model: Bombas was established with a buy-one-give-one model, similar to TOMS Shoes, to address the significant need for socks in homeless communities. Over time, this model evolved to include not just socks but also underwear and t-shirts, the top three most requested clothing items at homeless shelters.3.    Founding Team Dynamics: Dave Heath, along with co-founder Randy Goldberg and two others, formed a cohesive team where each member possessed specific skills that complemented one another. Their self-awareness of strengths and weaknesses helped them work effectively together, aligning their shared values and visions for the company's ethical growth.4.    Sustainable Growth Strategy: Bombas adopted a deliberate, focused growth strategy rather than chasing rapid expansion. They avoided excessive fundraising and maintained profitability from the outset. They prioritized methodical growth, aiming for sustainability and quality over immediate scale. This approach allowed them to retain control and avoid unnecessary stress associated with continuously raising capital.5.    Multi-Channel Distribution Strategy: Despite primarily being a direct-to-consumer (D2C) brand, Bombas strategically entered the wholesale market after reaching a certain revenue milestone. They carefully selected appropriate retail partners, ensuring the brand fit and maintaining their status as the top-selling sock brand in every store they entered. While primarily D2C-focused, they've recognized the value of being present where customers shop, gradually expanding into various channels without diverting too many resources from their core business.6.    Product Distribution Strategy: Dave Heath emphasizes a focus on strategic distribution channels like Nordstrom rather than vending machines, as the latter may not significantly impact Bombas' growth due to low sales volume.7.    Brand Strategy & Collaborations: Bombas values collaborations that align with their mission. Dave highlights partnerships with Sesame Street, Disney princesses, and LGBTQ+ initiatives, showcasing the brand's commitment to giving back and staying mission-driven.8.    Marketing Approach: Bombas employs a multi-channel marketing strategy, using various platforms like TV (including connected TV), Facebook, Google, and more. They leverage different channels to reach diverse audiences, considering each channel's effectiveness for specific demographics.9.    Competition Perspective: Bombas sees larger commodity incumbents like Hanes, Fruit of the Loom, and Gildan as primary competitors. They aim to capture market share from these established brands by positioning Bombas as a premium mass-market brand known for comfort and quality.10. Tech Integration: While Bombas utilizes technology, such as AI tools for customer service and site merchandising, they prioritize being an apparel company that uses technology, not a technology-driven company. They cautiously approach integrating tech, focusing on customer experience and efficiency without compromising their core values. 

Ken Pilot interviews Dave Powers, Presidet & CEO of Deckers Brands, a global footwear and apparel company based in Santa Barbara, Calif.His current role includes prioritizing strategic initiatives and investments to expand the global distribution footprint of Deckers Brands, while also ensuring consumers have a seamless experience when engaging directly with each channel or brand. He focuses on long-term growth and Omni Channel strategies for the company’s five high-performing brands: UGG®, Teva®, Sanuk®, HOKA One One® and Koolaburra®.Since 2012, Dave has served in various roles at Deckers Brands, including spearheading growth initiatives for the company’s brand portfolio as President of Brands and leading direct-to-consumer strategies as President of Direct-to-Consumer.Dave is passionate about consumer-led insight and innovation as well as doing great in business and doing good for people and the planet. His passion for innovation as well as improvement led by consumer insight has resulted in gains in operating margin and revenue. Dave also remains committed to sustainability as well as making a positive societal impact and leading a strong company culture.Under his leadership as President & CEO since 2016, Deckers Brands has received accolades for stellar financial performance and sustainability efforts. In 2019, Deckers was selected by Investor's Business Daily® as one of the 50 Best ESG Companies: A List of Today's Top Stocks For Environmental, Social and Governance Values. The company was also recognized by Footwear News as 2020 Company of the Year for its financial performance and commitment to diversity, equity and inclusion as well as significant charitable giving for COVID-19 relief. Most recently, in 2023, Deckers was named on Newsweek’s list of America’s Greenest Companies and Just Capital’s Most Just Companies list.In 2020, Dave was named a 2020 Businessperson of the Year by Fortune, ranking number 13 on their list of top executives. Dave also ranked on the list of Barron’s Top CEOs of 2023.Dave has over twenty years of experience in merchandising, concept development and leadership of global retail operations at some of the industry’s top brands. Prior to joining Deckers Brands, he held executive leadership roles at Converse, including four years as Vice President of Global Direct-to-Consumer where he successfully guided the expansion of the brand globally, and Timberland, where he led worldwide retail merchandising, marketing, visual and store design as well as the creation of a sustainable line of footwear and apparel.A native of New Hampshire, Dave graduated Cum Laude from Northeastern University with a bachelor’s degree in marketing. Now residing in Santa Barbara, Calif., he enjoys spending time outdoors with his wife and two sons.Some Key Takeaways of the Podcast Episode are:1.    Career Evolution: Dave Powers began his career journey with a background in designing apparel and marketing. He transitioned from a rough patch working odd jobs to eventually joining Levi's and later the Gap. His experience ranged from starting in the stores to moving up the ladder, gaining valuable knowledge in merchandising, apparel, and visual marketing.2.    Transition to Footwear: Despite not considering himself a footwear guru initially, Dave found his passion for brands and discovered his knack for merchandising, apparel, and visual marketing during his tenure at Gap. His journey ultimately led him to Deckers, where he became CEO, transitioning from the apparel side to focus on footwear brands.3.    Strategic Moves and Career Choices: Dave's career choices were influenced by both the brand and location. He made decisions based on brand appeal, creative aspirations, and opportunities presented, including moving from Timberland to Converse and finally landing at Deckers, overseeing brands like UGG, Teva, and Hoka.4.    Emphasis on Direct-to-Consumer (DTC): Upon joining Deckers, Dave was tasked with creating a direct-to-consumer function for the company. He highlighted the profitability of e-commerce and UGG stores, focusing on bolstering this aspect of the business, investing in global expansion, and aligning strategies for different brands within Deckers.5.    Hoka's Rise to Success: Hoka, one of Deckers' brands, experienced a significant turning point around 2018. The brand initially focused on run specialty, establishing authenticity in that market before expanding. Its success was driven by a unique combination of comfort, performance, and a growing fan base that ranged from serious athletes to individuals seeking comfort and style.6.    Brand Evolution and Staying Relevant: The discussion highlights the evolution of the UGG brand over its 25 years of existence. To keep the brand fresh, relevant, and appealing, the company focused on leveraging the brand's DNA, introducing new products, and diversifying its marketing strategies. They achieved this by introducing various styles beyond the classic UGG boot, embracing diversity in marketing, and repositioning the brand's image.7.    Marketplace Strategy and Scarcity of Inventory: A significant part of UGG's strategy involves marketplace management and creating scarcity of inventory. By limiting inventory and leveraging the brand's DNA, they've successfully created a demand for their products, ensuring that anything they create with the right UGG DNA and uniqueness sells well.8.    Transition to Direct-to-Consumer (DTC) Model: There's a shift towards a Direct-to-Consumer model (DTC) away from wholesale. The goal is to achieve a 50-50 balance between the two sales channels, emphasizing the importance of having the right partners in wholesale. They aim to attract customers to DTC if they can't find products through traditional wholesale channels.9.    International Expansion: International markets, particularly in Europe and Asia, hold significant potential for growth. The company recognizes the growth opportunities in these markets, particularly in China, and is strategically focused on expanding its presence globally.10. Utilization of PR and Emerging Marketing Trends: The company has found success in PR and authentic marketing strategies, particularly through platforms like TikTok, which has become a significant game-changer, especially for UGG. Additionally, they're exploring innovative marketing techniques like connected TV and sponsorships with events like Ironman and UTMB to gain global reach and authenticity. 

Ken Pilot interviews Stephen Yalof, President and CEO of Tanger, Inc. Stephen Yalof is the President and Chief Executive Officer of Tanger Factory Outlet Centers, Inc., a leading operator of upscale, open-air outlet centers with 37 locations and an additional center currently under development across 20 states and Canada. Steve joined in April 2020 as President and Chief Operating Officer before succeeding Steven B. Tanger as CEO in January 2021, bringing with him over 25 years of experience in the commercial real estate industry, with a primary focus on the retail space. He oversees the operations of the executive and senior leadership teams, emphasizing evolving the customer shopping experience, and sits on the board of directors.Before joining Tanger Outlets, Steve served as the Chief Executive Officer of Simon Premium Outlets, where he drove forward the expansion and development of their real estate portfolio. He previously served as Senior Vice President of Real Estate for Ralph Lauren and Senior Director of Real Estate for The Gap, Inc.Steve serves as a Trustee of the International Council of Shopping Centers (ICSC), as well as on the advisory boards of HeadCount and the Center for Real Estate & Urban Analysis (CREUA) at George Washington University, his alma mater, where he earned a B.S. in Business Administration.Key takeaways from this podcast are:1.    Holiday Optimism: Yalof expresses optimism about the holiday selling season, citing it as one of the biggest weekends for retail sales. He emphasizes the importance of monitoring traffic, sales, and anecdotes in gauging success.2.    Career Journey & Industry Connections: Yalof reflects on his career journey, starting from New Plan Realty Trust to working with the Gap and Ralph Lauren. He highlights the growth and accomplishments of individuals he's worked with who are now in influential roles in different companies within the retail industry.3.    Outlet Centers & Retail Success: He delves into the outlet business model, highlighting how outlet centers differentiate themselves from traditional retail spaces. Yalof emphasizes how retailers in outlet spaces offer lifestyle-focused brand experiences and attract customers seeking brand-specific items.4.    Tanger's Approach & Evolution: Tanger, now Tanger Inc., has redefined itself to adapt to changing consumer behavior, focusing on the local community and tourism. They've expanded offerings beyond just shopping to include better food options, amenities, and even entertainment to enhance the overall experience.5.    Team Building & Field-Led Approach: Yalof emphasizes the importance of his team, the changes made to the leasing and operational structures, and the decentralization of the decision-making process. He values field-led management, considering each location's uniqueness and tailoring strategies accordingly.6.    Leadership Transition and Vision: Steve Yalof has stepped into a prominent leadership role at Tanger Inc. after Steve Tanger's departure. Yalof's leadership, vision, and ability to attract talent are highlighted as crucial factors impacting the company positively.7.    Challenges Faced: Yalof outlines three significant challenges: talent retention due to increased competition, security concerns related to organized crime affecting shoppers, and the impact of global economic fluctuations on consumer spending and disposable income.8.    Diverse Growth Opportunities: Beyond organic growth strategies like adding new shopping centers, Tanger Inc. explores various growth avenues. These include expanding food and beverage offerings, integrating community-focused spaces in shopping centers, and considering adjacent properties for development.9.    Evolution of Shopping Center Experience: Yalof emphasizes the shift in shopping center dynamics towards a balanced mix of retail and amenities, drawing an analogy to sports stadiums. The goal is to offer an experiential blend that encourages people to engage beyond shopping.10. Reflections on Leadership and Learning: Yalof mentions the importance of managing pace and expectations in implementing changes within the company. He emphasizes the value of a strong board of directors as a crucial support system and learning resource, contributing significantly to Tanger Inc.'s growth trajectory.

Ken interviews Veronica Miele Beard and Veronica Swanson Beard, sisters-in-law and Co-Founders of women's lifestyle brand, Veronica Beard. Veronica Miele Beard is from North Caldwell, New Jersey, and hails from the world of finance. She worked in sales and trading at multiple investment banks on Wall Street—and did a stint in ad sales at Vogue—before becoming a partner and COO at technology hedge fund, Coatue, where she learned to take risks and build a business. A mother of five, Veronica loves to travel and take her kids off the grid.Veronica Swanson Beard grew up on both coasts, in San Francisco, California and Naples, Florida. Her career in fashion started at Narciso Rodriguez and Alberta Ferretti, in wholesale, and as a buyer for Marissa Collections in Florida. If not a fashion designer, this mother of three would be flipping real estate and designing interiors.Key Highlights of The Podcast:1. Unique Beginnings and Partnership: Veronica Miele Beard and Veronica Swanson Beard met at a wedding and became sisters-in-law. Both shared a passion for fashion and product obsession, leading them to create a fashion line together.2.Combining Different Skill Sets: Veronica Miele Beard came from a fashion background while Veronica Swanson Beard had a finance background. Their collaboration brought together creativity, fashion connections, business acumen, and an understanding of product, which played crucial roles in their company's formation.3. Identifying a Market Void: Their vision focused on creating a "uniform" for women, beginning with the iconic Dickie jacket. Recognizing the need for versatile, interchangeable pieces that offered style, functionality, and adaptability for women in various professions and stages of life became their foundation.4. Bootstrap Business Start: Starting the company required minimal initial funding. They operated from Veronica Miele Beard's apartment, driving around in Veronica Swanson Beard's car, creating samples, and handling everything themselves, emphasizing a hands-on approach and learning experience.5. Adaptation and Growth: They initially positioned themselves in the opening designer market but repositioned to advanced contemporary, lowering price points by 30% to cater to a broader audience. Their ability to adapt, identify gaps in the market, and create a unique brand around quality products contributed significantly to their success.6. Denim as a Crucial Component: The founders emphasize the importance of denim in their business. They've honed in on perfecting the fit and style of women's jeans, understanding that jeans are a fundamental aspect of American fashion. Denim is considered the casualization of Veronica Beard and is a key element in keeping customers engaged.7. Customer-Centric Approach: They extensively study and understand their customers, considering various body shapes, sizes, and preferences. They recognize that women will go to great lengths to find the perfect pair of jeans and focus on ensuring their brand accommodates diverse customer needs.8. Global Inspiration and Market Adaptation: Travel serves as a significant source of inspiration. They discuss visiting different cultures and markets, observing how women in various parts of the world approach fashion. Adapting their brand to suit different markets, understanding local preferences, colors, and trends, is a key part of their strategy.9. Transition to Direct-to-Consumer and Retail Experience: The founders discuss their transition from wholesale to direct-to-consumer retail. They highlight the importance of owning the brand's narrative, storytelling, and creating an immersive experience in their stores, which serve as community hubs for their customers.10. Challenges and Strategy: They mention challenges such as staying true to the brand while navigating competition and external factors like economic or political changes. They emphasize the importance of being authentic as a brand and the significance of in-person experiences in a saturated online marketing environment.

Ken Pilot interviews Terry Lundgren for this flight of The Retail Pilot - Leaders & Legends.Terry Lundgren served for 14 years as CEO of Macy’s, Inc., operator of Macy’s, Bloomingdale’s, Bluemercury and one of the largest retail ecommerce businesses in America. He retired from Macy’s, Inc. in January 2018 after serving for 10 months as the company’s Executive Chairman. Prior to becoming CEO of the company in February 2003 and Chairman and CEO in January 2004, Lundgren had been President and Chief Merchandising Officer since May 1997. He is the founder of the Terry J. Lundgren Center for Retail at the University of Arizona where he hosts an annual conference for retail industry leaders and students interested in a career in retail and related industries.Lundgren currently serves on the boards of The Procter & Gamble Company, New DataNetwork, and the Economic Club of New York. He is a former board member of Kraft Foods Inc. the Federal Reserve Bank of New York, Carnegie Hall and has participated in numerous charitable and civic efforts. He has served as co-chairman of the Partnership for New York City and the American Heart Association CEO Roundtable, and as chairman of the National Retail Federation (twice), National Minority Supplier Development Council, and the American Society of Corporate Executives. Lundgren also currently serves as an Executive In Residence at Columbia Business School.Key Takeaways from Ken's conversation with Terry include:Terry Lundgren's Career Journey: Terry Lundgren started his retail career at Bullocks Department Store, which is now Macy's, and worked his way up to become the CEO of Neiman Marcus at the age of 37. Later, he played a key role in the acquisition and transformation of Federated Department Stores into Macy's Inc.Mentorship and Influential Figures: Alan Questrom, a prominent figure in the retail industry, was a significant mentor for Terry Lundgren. Questrom's guidance and influence played a crucial role in Lundgren's career decisions, including taking a lower-paying job at Bullocks, which eventually led to his successful career.Strategic Acquisitions at Macy's: Lundgren orchestrated major acquisitions at Macy's, including the purchase of Marshall Field and the acquisition of May Company. These strategic moves were aimed at expanding Macy's into a national brand and increasing its market presence.E-commerce Initiatives and Early Adoption: Lundgren recognized the potential of e-commerce early on and supported the development of online platforms at Macy's, leveraging the expertise of teams in Silicon Valley. Despite challenges, including the dot-com bust in 2000, Macy's continued to invest in e-commerce, establishing a significant lead over competitors.Challenges Facing the Retail Industry Today: Lundgren identifies three major challenges for retailers:Overcapacity of Physical Retail Space: There is an excess of physical retail space, and the industry needs to adapt by reducing store numbers.Potential Consumer Spending Slowdown: With a potential decline in consumer spending, especially among middle and lower-income households, retailers may face economic headwinds.Department Store Positioning: Department stores need to differentiate themselves to stay relevant. Lundgren advises a focus on offering unique products and enhancing the shopping experience to give consumers a reason to choose Macy's over other options.Department Stores' Future: Terry Lundgren believes that department stores will continue to exist in the future. He emphasizes the importance of adapting to the changing retail landscape by providing differentiated reasons for customers to choose one department store over another.Merchandising Strategy: Lundgren highlights the significance of uniqueness in assortment and in-store experience. He suggests that the best merchants will understand consumer expectations and deliver products and experiences that differentiate them from competitors.Collaboration with Brands: Lundgren shares examples of successful collaborations with brands, such as obtaining exclusivity with Tommy Hilfiger. He suggests that aligning with popular brands can attract customers and drive sales of other products within the store.Shop-in-Shop Model: The discussion touches upon the shop-in-shop model, where department stores collaborate with brands or retailers to create dedicated spaces within the store. Lundgren sees this as an opportunity, especially if the partnering brand can manage and operate the space more effectively than the department store itself.Technology in Retail: Lundgren discusses the impact of technology on the retail industry, including the use of RFID for inventory management and the potential of AI and generative AI in enhancing various aspects of the business. He emphasizes the importance of utilizing technology to improve inventory turnover and reduce markdowns.

Ken interviews Matt Mueller, Founder and CEO of Knot Standard, the leader in premium custom menswear in the United States. Matt has been one of the most pivotal figures behind tech innovation in menswear over the last decade, creating the unique, AI-powered Style Wall and Fit App for Knot Standard, and holding numerous other patents. He has a 25-year record in global business and technology, having worked with firms such as the Advisory Board Company, Gannett, Harvard, and Dubai Holding. Beyond his professional successes, Matt is the extremely proud father of his five young children, and holds a degree in Finance from the McIntire School of Commerce at the University of Virginia where he is also a Guest Lecturer. When he is not simultaneously working on Knot Standard or advising new startups, Matt and his family enjoy traveling around the globe.Key Takeaways of the Podcast Include:1.    Matt, the CEO of Kot Standard, is a pioneer in tech innovation for menswear. He has over 25 years of experience in global business and technology, and has played a pivotal role in developing AI-powered style solutions for menswear.2.    Kot Standard started as an online-only custom clothing brand based in Dubai. They focused on providing confidence through well-fitting, custom-made clothing. Over time, they expanded their offerings and entered the brick-and-mortar space with successful store openings.3.    Technology has been a crucial component of Knot Standard's success. They developed in-house measuring apps and integrated ordering and supply chain systems, which enabled them to efficiently produce custom clothing without the need for extensive inventory.4.    During the COVID-19 pandemic, Knot Standard introduced virtual appointments, which turned out to be a critical move for their survival. These virtual appointments, along with their technology-driven approach, allowed them to adapt and thrive in a challenging retail landscape.5.    Knot Standard's innovative business model is now being extended to partnerships with established brands. They have partnered with retailers like Brooks Brothers and Nordstrom, leveraging their technology to offer custom clothing solutions within existing stores. This approach minimizes inventory risks and provides a new revenue stream for the partner brands.6.    Knot Standard is exploring international expansion, considering opportunities in global markets. They believe that their technology-driven, custom clothing platform can be successfully replicated in various regions around the world.7.    Business Growth: In the last 18 months, Knot Standard has experienced significant growth, particularly with partnerships like Nordstrom and Brooks Brothers. They now cover about $25 million in annual orders, with half of that coming from their online platform and the other half from physical stores.8.    Revenue Sources: Approximately 25% of Knot Standard's revenue comes from software and wholesale installations. This is a significant portion of their overall business, and it is expected to grow in the coming years.9.    Store Performance: Knot Standard's own stores have been performing exceptionally well, with an average four-wall EBITDA of 32%. This is significantly higher than industry averages, indicating the success of their approach to retail.10. Funding and Investment: Knot Standard has raised approximately $35 million in funding to support their growth. Their lead investor is a group called Provenance, which recognized the value of the brand's loyal customer base and high-end purchase behavior.11. Competition and Differentiation: Knot Standard sees its competition as not just other custom clothing brands, but rather the broader market of brands selling products. They emphasize their low return and remake rates compared to other custom brands, highlighting their unique value proposition.

On Episode 30 of The Retail Pilot, Ken Pilot interviews Stephen Kuhl, Co-Founder and CEO of Burrow, a furniture design brand that’s making it radically easier for people to feel at home through innovative, award winning, furniture and unparalleled customer experience. Launched in 2017, Burrow is one of the fastest growing furniture brands in the world and has raised venture capital from leading venture firms including New Enterprise Associates, Y Combinator, Parkway VC, and Red & Blue Ventures. Mr. Kuhl is an investor and advisor to several startups including Commerce Bear, Suite Plants, and Desk View. Prior to Burrow, Mr. Kuhl was a growth investor at Commonfund Capital and worked in Accenture’s Global Strategy group, specializing in operating model design. Mr. Kuhl earned a B.S. with honors from Cornell University and an M.B.A. from The Wharton School at the University of Pennsylvania.1.    Inception of Burrow: Stephen Kuhl, the CEO and co-founder of Burrow, shared how the idea for the company originated during an entrepreneurship class at Wharton. The inspiration came from the success of mattress-in-a-box companies like Casper, and the vision was to apply a similar concept to furniture.2.    Revolutionizing Furniture Retail: Burrow's innovative approach involves modular, easy-to-ship furniture that can be assembled without the need for tools. This concept was developed strategically to optimize the supply chain for e-commerce, allowing for quick delivery and a wide range of customizable options.3.    Strategic Branding with Red Antler: Kuhl highlighted the importance of branding in communicating Burrow's value proposition. The company collaborated with Red Antler for naming, visual identity, and storytelling, which played a crucial role in establishing Burrow as a distinctive D2C furniture brand.4.    Business Growth and Model: Burrow has seen significant growth, with over 100 million in top-line sales. The company's primary focus is direct-to-consumer sales, with about 90% of their business conducted online. They also operate showrooms where customers can experience the products in person.5.    Competing with Established Brands: Burrow competes directly with well-known brands like West Elm and Crate and Barrel. The key differentiators for Burrow are the quality, durability, convenience, and speed of delivery they offer compared to their competitors in a similar price range.6.    Transition to Sole CEO: Stephen Kuhl discusses the transition from being co-CEO with Kabir to becoming the sole CEO of their company, Burrow. He explains that early on, they were co-CEOs, but Y Combinator advised against it, leading them to drop the title and become co-founders. Ultimately, they decided on their roles, with Stephen as the CEO and Kabir as the CTO.7.    Importance of Co-Founders: Kuhl emphasizes the significance of the co-founder role, stating that no matter the titles, they both remained co-founders, and the success of the company depended on both.8.    Tech Stack and SaaS Tools: Kuhl shares some details about their tech stack, mentioning that they use BigCommerce for their e-commerce site and NetSuite for ERP. He highlights the importance of leveraging technology throughout their business, including marketing technology, and the potential role of AI in future marketing.9.    Marketing Strategies: The discussion touches on the challenges of marketing, particularly in the post-iOS changes era. Kuhl talks about diversifying their marketing channels, adapting to platforms like Instagram, TikTok, and Reels, and exploring content that resonates with their target audience.10.    Path to Profitability: Kuhl talks about Burrow's path to profitability, mentioning that they achieved profitability in the second half of 2020 but faced supply chain challenges, particularly soaring container costs. He mentions that they are now poised for profitability, with the expectation of a full year of profitability in the next year.

1.    Todd Snyder's Background: Todd Snyder, a retail designer, grew up in Ames, Iowa, with a background in business. Despite his unconventional path, his passion for clothes and fashion ultimately led him to pursue a career in design.2.    Early Fashion Influences: During his high school years, Todd admired designers such as Calvin Klein, Ralph Lauren, and Armani. However, as he transitioned into college and began working in retail (particularly selling Ralph Lauren's Polo clothing), his admiration for Ralph Lauren's work grew, solidifying his aspiration to become a designer.3.    Early Retail Experience: Todd gained valuable experience in the retail industry, working at various stores in Iowa, including Yonkers and The Buckle. He also worked in a store called Bedowers, where he not only sold menswear but also worked in the tailor shop, sparking his interest in the process of creating clothing.4.    Internship at Ralph Lauren: Todd's first significant step into the fashion industry was through an internship at Ralph Lauren. As an intern, he took on various tasks, ranging from fetching coffee to organizing the closet. This experience allowed him to make a positive impression and eventually led to freelance opportunities with the company.5.    Transition to J.Crew: In 1993, Todd transitioned to J.Crew, a pivotal time for the company's growth. While at J.Crew, he contributed to the development and expansion of the business.6.    Challenges of Running a Business Solo: Todd shares the difficulties he faced while self-funding his business, highlighting the limitations of personal credit and the need for external investment. He reflects on the pivotal moment when American Eagle approached him, providing an opportunity for growth.7.    Transition from Wholesale to Direct-to-Consumer: Todd discusses the evolution of his business model, emphasizing the shift from primarily wholesaling to being almost entirely direct-to-consumer. He explains the challenges he faced with wholesale, such as differing seasonal schedules and SEO competition, and the benefits of focusing on direct customer engagement.8.    Diverse Product Assortment and Customer Segmentation: Todd emphasizes his commitment to offering a wide range of products, from sweatshirts to tuxedos, to create a one-stop shopping experience for men. He also shares insights on customer segmentation and the importance of effectively managing a growing customer base.9.    Marketing Strategies: Todd discusses the various marketing channels he utilizes, including influencer collaborations, affiliate partnerships, and social media advertising. He highlights the shift towards mobile-focused advertising and the challenges posed by recent iOS changes10. Embracing Technology for Customer Engagement: Todd reveals his interest in implementing AI-driven tools to enhance customer experience. He expresses the importance of using technology, like CRM systems and AI, to predict and cater to customer preferences, providing a personalized shopping experience.