The Future of Retail Innovation: Needs vs. Wants

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Retailers can be separated into needs versus wants categories, with the latter expected to be more innovative and leading.
Retailers selling needs can be complacent and not innovators because guests need what they sell.
The food industry is an example of a needs-based industry that could be more innovative but may not need to be.
Innovation is necessary for retailers in the wants category to be successful and competitive.
The 'omni revolution' and seamless experience between stores and digital is becoming an expected standard for guests.

While many retail businesses have struggled to cope with a wave of disruptions — from pandemic to supply chains to inflation — Lululemon has continued to scale, even when retail sales elsewhere dipped. CEO Calvin McDonald shares how mid-term strategic planning, control over inventory, and a culture that climbs mountains together has fueled agility and versatility. When it comes to brand-building and community building, Calvin says, it’s critical to lean into listening, so you can amplify what makes your business truly distinctive.

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