The Retail Revival: Reimagining Business for the New Age of Consumerism
Format: PDF / Kindle (mobi) / ePub
Traditional retail is becoming increasingly volatile and challenged as a business model. Brick-and-mortar has shifted to online, while online is shifting into pop-up storefronts. Virtual stores in subway platforms and airports are offering new levels of convenience for harried commuters. High Street and Main Street are becoming the stuff of nostalgia. The Big Box is losing ground to new models that attract consumers through their most-trusted assistant—the smartphone. What’s next? What’s the future for you—a retailer—who is witnessing a tsunami of change and not knowing if this means grasping ahold of new opportunity or being swept away?
The Retail Revival answers these questions by looking into the not-so-distant retail past and by looking forward into a future that will continue to redefine retail and its enormous effect on society and our economies. Massive demographic and economic shifts, as well as historic levels of technological and media disruption, are turning this once predictable industry—where “average” was king—into a sea of turbulent change, leaving consumer behavior permanently altered. Doug Stephens, internationally renowned consumer futurist, examines the key seismic shifts in the market that have even companies like Walmart and Procter & Gamble scrambling to cope, and explores the current and future trends that will completely change the way we shop.
The Retail Revival provides no-nonsense clarity on the realities of a completely new retail marketplace— realities that are driving many industry executives to despair. But the future need not be dark. Stephens offers hope and guidance for any businesses eager to capitalize on these historic shifts and thrive.
Entertaining and thought-provoking, The Retail Revival makes sense of a brave new era of consumer behavior in which everything we thought we knew about retail is being completely reimagined.
Praise for The Retail Revival
“It doesn’t matter what type of retail you do—if you sell something, somewhere, you need to read Doug Stephens’ The Retail Revival. Packed with powerful insights on the changing retail environment and what good retailers should be thinking about now, The Retail Revival is easy to read, well-organized and provides essential food for thought.”
— Gregg Saretsky, President and CEO, WestJet
“This book captures in sharp detail the deep and unprecedented changes driving new consumer behaviors and values. More importantly, it offers clear guidance to brands and retailers seeking to adapt and evolve to meet entirely new market imperatives for success.”
—John Gerzema, Author of Spend Shift and The Athena Doctrine
“The Retail Revival is a critical read for all marketing professionals who are trying to figure out what’s next in retail… Doug Stephens does a great job of explaining why retail has evolved the way it has, and the book serves as an important, trusted guide to where it’s headed next. ”
—Joe Lampertius SVP, Shopper Marketing, Momentum Worldwide and Owner, La Spezia Flavor Market
“Doug Stephens has proven his right to the moniker ‘Retail Prophet.’ With careful analysis and ample examples, the author makes a compelling case for retailers to adapt, change and consequently revive their connection with consumers. Stephens presents actionable recommendations with optimism and enthusiasm—just the spoonful of sugar we need to face the necessary changes ahead.”
—Kit Yarrow, Ph.D., Consumer Psychologist; Professor, Golden Gate University; Co-Author, Gen BuY: How Tweens, Teens and Twenty-Somethings are Revolutionizing Retail
“Doug Stephens doesn’t just tell you why retail is in the doldrums, he tells you why retail is a major signpost for the larger troubles of our culture and provides a compelling, inspiring vision for a future of retail—and business, and society.”
—Eric Garland, author of Future Inc.: How Businesses Can Anticipate and Profit from What’s Next
have a number of workshops on how to tap this high-value consumer cohort—a cohort that was, by the numbers, spending 500 percent more than their parents did at the same age. By most accounts, members of Gen Y had more discretionary income than their parents, and were gaining an unusually early appetite for the finer things in life. And even if they weren’t the ones making the purchase directly, they appeared to influence family buying patterns on everything from peanut butter to Porsches. Gen Y,
chains that I meet with have any defined path laid out for how to treat the issue of aging among their customers. Most are continuing to do exactly the same things they’ve always done, while hoping a strategy of some sort will present itself. Sure, we’re seeing some shrinking of store footprints and tightening of product selections, but much of this is the retailer’s response to tough economic times, not a sincere desire to provide a better shopping experience for aging consumers. The truth is
Ironically, retailers attempting to replicate the Apple experience fail to realize that there’s no one thing that defines it. It’s not merely the merchandising, the training, the product, the stores, the Genius Bar or anything else. It’s the totality—the gestalt of all of these unique customs that culminates in what we know as the Apple experience. It’s as unique as a fingerprint. Attempting to replicate Apple is like a neighborhood in Texas pretending to be Queens, New York. The culture is
then creates an out-of-stock and out-of-place list for management, and a 3-D map of the store to help customers easily locate the products they’re looking for. Further up the supply chain, logistics companies like Quiet Logistics, whose customers include retailers like Zara, Gilt and Bonobos already employ a team of 75 robots that work alongside human staff in the company’s Devens, Massachusetts, e-commerce fulfillment facility, picking and packing orders over 20 hours a day. Scan this to watch
find yourself in the middle of a colossal game of road hockey. “We have a WestJet road hockey league with more than a dozen teams. Our people really love it,” says Richard Bartrem, WestJet’s vicepresident of communications and community relations, as he leads me through the company’s bright, airy offices located outside Calgary, Alberta. What you very quickly realize about WestJet, however, is that road hockey isn’t the only thing WestJet employees are passionate about. In an industry