Steve Peters

Here are some interesting stories from the world of retail for Monday, May 20: ⚫️ Bruce Nordstrom, who along with three other members of the Nordstrom family transformed a small chain into an international retail giant with more than 150 locations worldwide, died on Saturday at his home in Seattle. He was 90. 🖥️ Working from home and spending billions shopping online. On our remote days, it turns out, we shop while we work. Researchers say it’s driving billions in online sales. 🥫 Creeping price hikes have become all too common, and Costco Wholesale has generally been a safe haven due to its bulk buys and competitive prices. However, it has recently upped the prices on some of its popular goods. ✂️ Layoffs and bankruptcies continue to plague the fashion industry. Converse is the latest brand to be hit with layoffs. And across the industry, it’s clear the macroenvironment is forcing difficult choices. 🏬 Manhattan’s retail scene is such a mixed bag as to defy generalization. The Real Estate Board of NY reports fewer available storefronts than last year and rising rents, but overall, conditions are all over the map. 🧶  Etsy is at a crossroads as it tries to balance declining gross merchandise sales, a tumbling stock price and high inflationwith the needs of its 7 million sellers. 💄 America’s boardrooms have a problem as E.L.F. BEAUTY sees it: “So Many Dicks.” The tagline is part of an attention-grabbing marketing campaign the ompany is launching in an effort to point out inequities in representation 🥗 The UK's Marks and Spencer is upgrading almost 1,000 of its best-selling food hall products over the next year as it attempts to attract shoppers from its middle-class rival Waitrose & Partners. 👕 A number of Gildan Activewear executives are urging investors to support an activist shareholder that’s trying to win control of the board and reinstate fired chief executive Glenn Chamandy. 📌 Some brands are adding Pinterest back into their advertising budgets as the scrapbook-style social media company intensifies its online shopping push. The revival of advertiser demand comes as CEO Bill Ready revamps the app. 🤖 Amazon has faced calls from investor abrdn to step up monitoring its use of AI ahead. The investor is concerned about the risk of scandals or oversights at Amazon hitting its investment. 💰 Americans with deep pockets have played a growing role in powering the US economy with their spending. But their days of splurging like there’s no tomorrow might be coming to an end. 💳 US consumers now carry fewer than four credit cards on average, according to Experian, a decline from 2017 when the typical wallet held 4.2 active credit cards. 🍕 More consumers are saving their workday lunch money to burn when they’re off the clock. The rise of hybrid work has kept many bars’ and restaurants’ lunchtime business from recovering to pre-pandemic levels. #retail #retailnews #economy #DailyRetailNews

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Great analysis by C-Store Dive on inside store sales, the shifting competitive landscape and independent C-Stores.

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My CNBC video interview on Abercrombie & Fitch's blowout sales and profits illustrates the competitive advantage of having a retail merchant as the CEO! Fran Horowitz is a savvy CEO offering Great Fashion for Real Consumers and everybody wins!! #abercrombieandfitch #fashion #cnbc #retail

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Foot Locker's newly redesigned store doesn’t solve all of its problems, but it is a very good start at remedying some of the ills that have plagued the brand.   Most of the estate looks tired and shops are not conducive to driving sales as they are too functional and don’t always allow Foot Locker to showcase product effectively. This deters customers, especially younger ones who like modern and exciting environments. However, it is also a turn-off for brands like Nike which are conscious about how their products are displayed.    The refresh also brings Foot Locker into line with other retailers. The bar for store design has been set far higher thanks to companies like Lululemon or Vuori, and even Dick’s is investing more in its stores – especially the new House of Sport locations. Its commitment to updating 900 shops shows that Foot Locker does not want to be left behind.    In my view, the plans will also help CEO Mary Dillon, as they are solid evidence to investors that things are changing. Foot Locker has had a string of very bad numbers so Wall Street is now keen to see signs of material change.   However, new stores also need to be accompanied by better sales numbers. This might be more difficult to deliver quickly in a sneaker market that is still very soft and where several brands are still trying to push direct to consumer sales. Thanks to Insider Retail for including more of my thoughts in this piece... https://lnkd.in/eYNiB5vM #retail #retailnews #sneakers #stores #design #sportinggoods

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Aloha Friday! 🤙🏼 Here are some interesting stories from the world of retail for Friday, April 26: 👟 Skechers' stock soared 10% in after-hours trade Thursday, after the athletic footwear company swept past earnings estimates for the first quarter. Sales rose 12.5% to a quarterly record of $2.252 billion. 🚜 New stores helped drive Tractor Supply Company's first-quarter net sales to $3.39 billion, up 3% from $3.3 billion a year ago. Comps grew 1% versus 2% year over year led by transaction growth. 🏷️ An upcoming online-only sale will give members of the Walmart+ paid subscription program first crack at limited-edition and Walmart-exclusive items. The Early Access event runs for 24 hours from April 29 at noon. 📧 The Federal Trade Commission alleges top Amazon executives, including founder Jeff Bezos and chief executive Andy Jassy, erased text messages that the agency could have used in its antitrust case. 👜 Resaler Rebag is adopting a new membership model to try and boost sales and bring back dormant customers. Members pay $50 a month or $500 a year to join, Rebag converts that money into credit they can use. 👰🏼 Forever 21 launched its first bridal capsule. The 22-piece collection features sleepwear, lingerie and accessories such as cowboy hats, statement hair pieces and embellished sunglasses. 🌟 Rob Walton, longtime Walmart director and son of the retailer's founder, will retire from the company’s board in June. Walton, 79 years old, is the longest-serving director at Walmart after more than 40 years in post. 🛒 Amid a surge in thefts across Washington DC, Harris Teeter has made policy changes it hopes will deter shoplifters. Backpacks are banned and customers need to show receipts to exit. 🎃 Spooky season may not be upon us, but that’s not stopping The Home Depot from selling Halloween decor in April. It's selling its highly sought-after Halloween decorations much earlier than previous years. 🏬 UBS analysts have suggested that e-commerce isn’t done with the brick-and-mortar store just yet. They predict that around 45,000 retail stores will close over the next five years. 💵 Following the US Department of Labor’s announcement Tuesday that it’s set to finalize new overtime pay regulation, two key retail industry groups expressed concerns about their effect on retailers and their employees. 🏗️ Amazon ’s cloud computing unit Amazon Web Services (AWS) plans to invest $11 billion to build a data center in northern Indiana that will create at least 1,000 new jobs, state and company officials announced Thursday. 🌯 Chipotle Mexican Grill has no plans to open another Farmesa Fresh Eatery after its initial ghost kitchen location closed. Chipotle’s primary focus now is on growing its own brand. 💊 Weight loss drugs like Wegovy are reshaping the US health and fitness industries. Even established diet companies like WeightWatchers and brands like Lean Cuisine are getting makeovers. #retail #retailnews #economy #DailyRetailNews

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A really insightful read, a wonderful capture of why great leadership matters. https://lnkd.in/gmBu3Xum

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If It Ain't Fixed Don't Broke It Macy's announced another round of 150 store closures 3 years after closing 100 stores The closures and layoffs are part of a streamlining effort to better align with the ever changing consumer and marketplace Best Buy is closing 15 stores in 2024 after closing 25 stores in 2023. Additionally, Geek Squad layoffs abound as Best Buy expands the use of A.I. New Gap CEO, Richard Dickson, has stated that marketing has lost sight of the differentiation between its Gap, Old Navy, Banana Republic, and Athleta brands Three large struggling companies with similar turnaround strategies Cut costs, improve inventory mix, align symmetries, yada yada yada One thing these companies never talk about? How do we improve the lot for our employees? How do we get our employees to care? How do we get our remaining employees engaged in our success when all we've done is beat them down Okay, that was 3 things, but you get the point Companies don't know how to engage their employees, and they don't care Why should they? The Institution of Leadership has not moved the employee engagement needle since the 1990’s, which is surprising since the same tired old solutions have been recycled as new for decades Servant Leadership hasn't improved engagement Authentic Leadership hasn't improved engagement Emotional Intelligence hasn't improved engagement The Point? Just because others continue to fail to improve employee engagement doesn't mean it can't be done Better ideas, higher engagement It really is that simple The Illusion of Competence #leadership #innovation #tech #management #emotionalintelligence

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As a Founding Member of the Dan Mack Elevation Forum, today in Palm Beach I had the opportunity to attend the 50th Forum Event. Today's discussion included some great conversation around building better retail partnerships and understanding what are the 7-Lapses in Judgement in Working With Your Retail Customers. The Forum also including a panel of retail leaders who came together to discuss the needs and mindset of today's modern retail merchant. It was a fabulous discussion on the key topics retailers consider in growing sales, increasing margin & winning the hearts, minds and share of their shoppers. So much discussed, with some important takeaways and quotes from the panel: "The role of the merchant has evolved from packaging, product, product, price and promotion to social media, sustainability , personalization and retail operations." "In considering a "focused assortment," you must also consider inventory levels, delivering just in time & cost management" "Understand our business model inclusive of our constraints around labor, shrink and inventory management." "In finding a way to win together, get to know us, be honest, and understand what we are trying to accomplish." "Focus on courageous conversations, the opportunity cost of not having a courageous conversation is lack of success." "What are the 1 or 2 things you want me to do , stay focused on your retailer asks." "Today's CPG sales leaders are like symphony conductors, bring the right players (cross functional departments) in at the right time." "In thinking about our retail KPIs, our most important consideration is Net Promoter Scores (NPS), how our customers track with us, then we consider the sales, profit and other business metric KPIs." "Simplicity is critical, our store associates are critical, make it easy for us and them to deliver to execute our goals? If you are a brand or retailer and would like to get involved in this fabulous platform, ping me. I'd be happy to make an introduction.

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If you're not familiar with Terence Reilly, it's time to take note. Monitoring the stock market performance of Crocs and Stanley during his leadership, I’m convinced to invest wherever this marketing genius goes next. Under his guidance as CMO at Crocs, the brand achieved unprecedented market gains and cultural relevance. Then, as global president at Stanley, he helped transform a century-old mug into a viral TikTok sensation, making it the new must-have for the youth. Now, as he steps into the role of brand president at HEYDUDE—a brand recently acquired by Crocs—I can only expect an upward trend for CROX. Consider this my public service;) #crocs #heydude #crox #terencereilly

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Are you looking for retail growth results and are tired of waiting and waiting and waiting for them to happen? The Leadership Accelerator Method is a proven strategy that will help you map out your career goals and give you a clear pathway to achieve them! Retailtrainer.pro to learn more!

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When the leading voice for #retail in Canada, Retail Council of Canada, endorses your program, 3 things happen: 1. You know you're onto something great 2. You blush 😊 3. Retailers everywhere start to sign up their District, Territory and Area Managers! Here's the reality: District Managers get less role-specific training than any other position in retail. Yet, they are the most important roles for every retailer. This has to stop. Give your DMs the training they need and deserve. You won't be disappointed. https://lnkd.in/gDmerEmz

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ELEVATING RETAIL MANAGEMENT : LEARNING FROM WALMART Running a Walmart store isn't just about managing products and employees—it's a multifaceted role akin to being the CEO of a small business combined with the responsibilities of a local leader. With 'Supercentres' larger than some competitors and a diverse array of services, Walmart's store managers manage a significant scale of operations, supervising hundreds of employees and generating over $100 million in annual sales. However, Walmart faced a major challenge : High attrition rates among store managers, which is an expensive affair. Losing these leaders also meant losing valuable institutional knowledge and community influencers. To address this, Walmart implemented a series of initiatives aimed at enhancing retention and reducing turnover rates, ultimately improving the work-life balance for its managers. Here's how Walmart tackled the issue: 1) STREAMLINING OPERATIONS WITH TECHNOLOGY : a) Introduced the Me@Walmart app , transforming managerial tasks by tracking sales, inventory, and staff schedules efficiently b) Implemented the VizPick app for scanning hard-to-reach shelves and flagging product availability statuses: in stock, low, or out of stock. c) Deployed a P&L app for simplified tracking of sales, profits, and other vital metrics, replacing manual recording methods. 2) ENHANCED COMPENSATION & INCENTIVES : This year Walmart revamped compensation for its store managers, offering higher pay and stock incentives. The change includes substantial pay increases, with an average base salary raised to $128K from $117K, along with an annual stock grant of $20K Notably, Walmart now factors in store managers' profit generation, not just sales, when calculating bonuses 3) MERCHANDISING :  While decisions are managed from HQ, Walmart shifted gears, empowering store managers to shape product selection and sales strategies. This move helped drive a culture of innovation, creativity, autonomy, and adaptability at the store level. RESULTS SPEAK VOLUMES : These initiatives improved staff retention, lowered turnover, and enhanced managers' work-life balance, setting the stage for expected surge in store sales. Walmart is set to launch new 'Supercentres' for the first time in approximately two years and has ambitious plans to expand 150 stores within the next five years. In today’s competitive landscape, Walmart's strategy serves as a beacon for many retailers, emphasizing the importance of investing in and prioritizing the well-being of management teams, while also embracing innovative technology to drive sales. #RetailManagement #Leadership #EmployeeRetention #Walmart #InnovationInRetail

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Trending- In recent months, the issue of shoplifting has increasingly become a significant concern across the United States. Retailers are grappling with a surge in theft that not only impacts their bottom line but also affects consumer experience and employee safety. Here are some key points on this pressing topic: **1. **Increase in Incidents: Recent reports indicate a marked rise in shoplifting incidents nationwide. The National Association for Shoplifting Prevention (NASP) notes that more than $13 billion worth of goods are stolen from retailers annually, and this trend is escalating. **2. **Organized Retail Crime (ORC): Unlike petty theft, organized retail crime involves coordinated efforts by professional thieves targeting high-value items for resale. This type of crime is more sophisticated and challenging to combat, often requiring retailers to invest in advanced security measures and collaborate with law enforcement. **3. **Impact on Retailers and Consumers: The financial toll on retailers is substantial, with losses sometimes leading to store closures or reduced staff hours. For consumers, this can mean higher prices as businesses attempt to offset their losses. **4. **Technological Solutions: To counteract shoplifting, many retailers are turning to technology. Innovations such as AI-powered surveillance systems, electronic article surveillance (EAS) tags, and facial recognition software are being implemented to deter and detect theft more effectively. **5. **Legislative Responses: In response to the growing problem, some states are enacting stricter laws and increasing penalties for shoplifting and organized retail crime. These measures aim to provide a stronger deterrent and support law enforcement efforts in tackling this issue. **6. **Community Involvement: Retailers are also engaging with local communities to raise awareness and foster cooperation in preventing theft. Community watch programs and partnerships with local authorities can play a crucial role in reducing shoplifting incidents. As shoplifting continues to pose a significant challenge, it is crucial for retailers, law enforcement, and communities to work together in developing comprehensive strategies to mitigate its impact. By leveraging technology, enacting robust policies, and fostering community engagement, we can better address this growing concern and support the sustainability of our retail industry. What strategies have you seen implemented to combat shoplifting effectively? Share your thoughts and experiences in the comments below- Happy Sunday #RetailSecurity #ShopliftingPrevention #OrganizedRetailCrime #RetailTechnology #CommunitySafety

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Will JCPenney's loyalty and rewards program be the key to its turnaround? It's mind-boggling how many brands and retailers do NOT have a loyalty program. Without a loyalty program, customers are just individual transactions, and there's no way to connect the same person from marketing to physical store to e-commerce. First-party data is gold and shoppers have shown they are willing to share information in exchange for personalization and promotions. What keeps retailers and brands from rolling out a loyalty program? #ecommerce #loyaltyprograms #firstpartydata

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With the takeover bid for Macy’s simmering away, there has been a lot of focus on the merits of public versus private ownership of retailers – especially legacy players like department stores. One of the big problems with public ownership is short-termism. Most investors want quick returns, and they expect fast progress on initiatives. This pressure isn’t always a bad thing, but it can drive short-term decision making where executives are so focused on the next quarter that they lose sight of longer-term goals. Capital investment can also be an issue, especially if it is directed to things that markets don’t hold in favor. The negative reaction of many when Target announced it was investing in stores is a case in point – although Target’s spending has now been thoroughly vindicated. Private ownership allows for more considered decision making, and it allows for longer term planning. But neither is it a savior. Without the pressure and scrutiny of markets it is very easy to become sluggish and complacent. The Nordstrom family is, no doubt, conscious of all these arguments as they finalize their bid for taking the iconic chain private. Their success hinges on convincing the committee assessing the privatization of the fair value of their bid, and that it beats any competing offers. My view is that the family will have to pay a fairly hefty price to make this deal go through. Ultimately, as a private company Nordstrom will face exactly the same issues as it does now. However, the response to those challenges may be different, and more flexible, and that’s what will ultimately determine whether or not privatization improves the fortunes of the chain. More of my thoughts are in this piece by Just Style... https://lnkd.in/gQCDhGa3 #retail #retailnews #departmentstores #Nordstrom

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So, what specifically is the secret sauce of Walmart? For insights, please click on the link!

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"Tony Spring (CEO) has been focusing on a group of 50 stores where he is testing ideas, such as adding more sales associates, improving the merchandise assortment and providing experiences like fashion shows. Sales gains at these stores far outpaced the broader chain." Agreeably early yet, but encouraging news nonetheless. #retailleadership #retail Macy's #retailtechnology Conversations On Retail Omni Talk Retail Retail Dive https://lnkd.in/guru6HD5

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Here are some interesting stories from the world of retail for Tuesday, June 18: ✂️ The parent company of Bed Bath & Beyond, Overstock and Zulily announced it has eliminated its co-chief executive roles, eliminated its dual chief merchant roles, and expanded the role of its executive chairman. 🧘🏽‍♀️ Athleta bought its first TV ad ahead of the Paris Olympics, featuring Simone Biles. Biles and fellow Olympian Katie Ledecky, both members of Athleta’s Power of She collective, will appear in digital and out-of-home creative. 🔌 Analysts say to buy Best Buy stock for an AI device upgrade boost and a whole lot more. Higher levels of product innovation, including those with features using AI, should drive demand for new electronic products. 🤖 McDonald's has informed franchisees that it is ending an artificial intelligence drive-thru order taking program. More than 100 McDonald’s locations were testing the technology, dating back to 2021. 🎮 Shares of GameStop tumbled on Monday after CEO Ryan Cohen told investors that the videogame retailer plans to operate a smaller network of stores and gave no details on what it plans to do with its cash pile. 🛠️ Canadian home improvements retailer RONA has announced the appointment of a new chief executive, with J.P. Towner taking over from Andrew Iacobucci. 🍎 Apple ending its buy now, pay later service, just over a year after launching it. The service allowed customers to split purchases between $50 and $1,000 into four payments spread over six weeks with no interest and no fees. 💊 Care/of, known for its vitamin and supplement subscriptions, is shutting down due to a lack of funding. As a result, the company is no longer accepting new orders and is canceling all subscriptions. 📺 A growing number of major retailers are creating and operating their own advertising platforms, known as retail media. Amazon leads the way, earning $46.9bn from advertising in 2023. 👎🏼 Customer experience is getting worse again. The average customer experience rating of US companies hits a new low amid inflation and fallible customer-service chatbots. 🚚 Instant delivery apps like Blinkit and Swiggy's Instamart are disrupting India's retail market, offering low prices and speedy deliveries. Experts say the country's 11m small shopkeepers will be particularly affected by the trend. 💰 Australian women's wear retailer City Chic is looking to raise around A$25m ($16.5m) to boost its balance sheet, and will also sell off Avenue, its American brand. #retail #retailnews #economy #DailyRetailNews

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Unlock Your Future: The Incredible Career Opportunities in Retail! Retail is more than just a job—it's a thriving industry full of amazing career opportunities. In my best-selling book, "The Retail Leaders Roadmap," even a colonel in the military and a top trauma surgeon see immense value. Based on my 35 years of real-life retail experience, this book proves that a career in retail is not only reliable but also highly rewarding. And if retail isn't your choice, this book translates equally well across various fields, as praised by leaders from different industries. Don't miss out on this chance to discover why retail is a smart career choice and how it can transform your future. Let's #Getupandgetgoing, and dive into the world of retail! Pick up your copy today https://a.co/d/2qjoAZe #RetailCareers #CareerOpportunities #RetailIndustry #RetailLeadersRoadmap #CareerGrowth #JobSecurity #RetailSuccess #LeadershipInRetail #RetailJobs #ProfessionalDevelopment #BestSellingBooks #RetailLeadership #CareerAdvice #RetailExperience #FutureInRetail #CrossIndustrySuccess YOOBIC RETHINK Retail #TRE

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