EPISODE SUMMARY Why do so many companies defend the status quo even when it becomes increasingly obvious that their business model is losing customer relevance and remarkability? Why do others think they can cost cut and store close their way to prosperity? In this episode we look at the roots causes of how and why retailers sink into irrelevance and risk a mass extinction event. Then we flip these questions on their head to explore ways to defy conventional wisdom and create a culture of experimentation. Along the way we touch on why "the opposite is risky" and why quitting is often underrated (hint: it has to do with understanding opportunity cost). Nordstrom's Local strategy gets a shout-out, as does Apple's new Express concept. We also dub JC Penney the "world's second longest liquidation sale." Our special guest is Deborah Weinswig, one of retail's leading analysts and thought leaders, and the founder & CEO of Coresight Research. Deb enlightens us on on how "New Retail" has challenged the status quo in China, what separates the winners from the losers when it comes to innovation, and how shopping festivals (or "Festivization") is bringing fun, joy and excitement back to retail at just the right time.
"How did you go bankrupt?" Bill asked.
"Two ways," Mike said. "Gradually, then suddenly."
- Ernest Hemingway, The Sun Also Arises
Why do so many companies defend the status quo even when it becomes increasingly obvious that their business model is losing customer relevance and remarkability? Why do others think they can cost cut and store close their way to prosperity? In this episode we look at the roots causes of how and why retailers sink into irrelevance and risk a mass extinction event. Then we flip these questions on their head to explore ways to defy conventional wisdom and create a culture of experimentation. Along the way we touch on why "the opposite is risky" and why quitting is often underrated (hint: it has to do with understanding opportunity cost). Nordstrom's Local strategy gets a shout-out, as does Apple's new Express concept. We also dub JC Penney the "world's second longest liquidation sale."
Our special guest is Deborah Weinswig, one of retail's leading analysts and thought leaders, and the founder & CEO of Coresight Research. Deb enlightens us on on how "New Retail" has challenged the status quo in China, what separates the winners from the losers when it comes to innovation, and how shopping festivals (or "Festivization") is bringing fun, joy and excitement back to retail at just the right time.
Learn more about Deborah here. Her firm-- Coresight Research--is a tremendous resource for all things retail and innovation, including industry deep dives and the legendary store tracker.
Steve's written a Forbes article that touches on "optimizing to extinction" and a blog post pointing out that quitting is underrated.
You can learn more about Steve on his website here . His new best-selling book is available in hardcover, audiobook at ebook at Amazon or just about anywhere else books are sold.
Steve shares his insights in his role as a Forbes senior contributor and on Twitter and LinkedIn. You can check out his speaker "sizzle" reel here.
You can learn more about Michael here ( www.meleblanc.co) or here on LinkedIn ( https://www.linkedin.com/in/michaeleleblanc/ )