In this podcast, the NRF speaks with senior leaders at Chewy, CVS, Five Below, McDonalds, and The RealReal – all of whom make up the NRF Foundation’s 2022 List of People Shaping Retail’s Future. Collectively, they provide compelling insights into the current and future state of retail. Podcast insights and take aways include:
- The pandemic, more than at any other time, has highlighted the important role stores play for customers.
- After restrictions were lifted, many brands doubled down on physical retail.
- Great leaders bring calm when there is chaos.
- Split decisions made during the pandemic were critical, including how brands engaged leaders in the field to feed into decision making rather than centralizing decision making at the corporate HQ level.
- Honesty, transparency, and innovation dominated decision making during the pandemic.
- The future of retail will centre around three key themes: the experience, value, and technology. To be an industry leader in the future, brands will need to embrace at least two of those three.
- Accessibility will be key in the future, including making things simpler and more affordable for consumers.
- The future of retail will include omni-channel at its core and providing consumers with a unique and joyful experience.
- Retail has always changed and evolved, but is changing now faster than ever.