Here's how retail and fashion CEOs need to think about preparing for what comes next.
It’s confusing.
Retailers spent years trying to get out of a vicious promotional cycle where they were repeatedly loaded up on inventory to maintain market share, but then were forced to cut price and margins to move excess merchandise. “They certainly learned their lessons in terms of reacting quickly and the ability to drive change in a short period of time,” Logan said. “It’s test and learn and fail fast. You get in, you test it, you see if it works. If it doesn’t work, you move on.”
Ron Johnson’s experience at JCPenney is instructive. The Target Corp. and Apple Inc. veteran brought a bold new vision to the traditionally promotional department store — everyday low prices, new marketing, a store redesign — and ultimately tried to do too much, too fast. More recently, another Target vet, Mark Tritton, tried to rework the beleaguered Bed Bath & Beyond in dramatic fashion, but it also proved to be too much.
“What you don’t want to do is have your entire executive team caught up in the shiny object,” he said. “If you’re running a $100 billion company, you don’t want a bunch of people running around chasing new ideas all the time.” Adobe Stock Merchants doubled down on stores after the tech bubble burst in 2000 and powered out of the recession that followed the 9-11 attacks, ultimately using old tools to gain share in the old world while Amazon steadily took over the future. Courtesy Amazon
“It’s the classic story of, ‘What got us here, won’t get us there’,” said Donncha Carroll, cofounder and partner at Lotis Blue Consulting.
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