The Most Memorable Year We All Long to Forget
It’s difficult to believe that just shy of a year ago we and 37,000 of our colleagues in the global retail industry crowded into the Jacob Javits Center in New York City for the annual Coachella of retail, known as the National Retail Federation’s “Big Show”. Amid the relative optimism of a new year ahead, little did any of us know that thousands of miles away, in a city most couldn’t point to on a map, a microscopic entity was about to turn our entire world inside out – and the retail industry with it. As if to drive the point home, in only a matter of weeks following the conference, the Javits Center itself was converted into a makeshift field hospital to care for patients in the New York City area.
With that, like many of you, we here at Retail Prophet found ourselves pivoting during the Covid-19 crisis. We embarked on writing a new book, recorded new podcasts, and had entirely new sorts of conversations with a wide range of fascinating people – all with their own unique take on what the future holds for our industry, as it rises from the ashes of the crisis.
As we approach the end of 2020 and look to the promise of a new and brighter year ahead, we wanted to share some of the work, research and conversations born out of the pandemic, and our vision for the retail industry of the future.
Retail Reborn
In mid-2020, in partnership with The Business of Fashion and Brookfield Properties, Retail Prophet embarked on developing, writing and presenting a new podcast series called Retail Reborn. Comprising over 20 hours of expert interviews, the series provides a view of retail’s post-Covid future. From shifting consumer behaviors and rapidly changing technologies, to sustainability and human rights, the series tapped into some of the best and brightest minds, to shine a light on the industry’s horizon.
Episode 1: How Trauma Transforms the Consumer Psyche
Episode 2: Building Smarter, More Sustainable Supply Chains
Episode 3: The Future of Digital Commerce
Episode 4: Will Covid-19 Kill Experiential Retail? Not So Fast.
Episode 5: The Earthshot: A New Sustainability Mindset For Fashion Retail
Resurrecting Retail
When Covid-19 hit our Founder, Doug Stephens was already in the midst of writing a new book. By early March, however, it became apparent that there would be only one story worth writing about in 2020. So, after a call with his publisher, Doug embarked on researching and writing Resurrecting Retail: The Future of Business in a Post-Pandemic World. The book, which will be released Spring 2021, examines the crisis and its unique impact on the global industry – positing a vision of the future retail landscape that is simultaneously daunting and inspiring. Moreover, the book provides a road map for all businesses to navigate an intensely competitive post-pandemic market. You can pre-order your copy here or wherever you get your books.
Retail Prophet AMA’s
Information is the best vaccine for chaos. So early into the pandemic we tapped our network of insightful and inspiring retail colleagues to explore different facets of the industry. From luxury goods and shopping centers to technology and customer experience, we ran the gamut to illuminate the future of retail.
Episode 1: The Future of Retail In A Post-Pandemic World
Episode 2: The Future of Physical Retail In A Post-Pandemic World
Episode 3: Demystifying China’s “New Retail”
Episode 4: The Future of Shopping Centers In A Post-Pandemic World
Episode 5: The Future of Beauty In A Post-Pandemic World
Episode 6: How Digital Will Transform Retail
Episode 7: How To Execute Experiences
Articles
Covid-19 forced us to explore a range of new topics, from the treatment of frontline retail workers during the pandemic to the potential exodus of consumers from major global cities. Like you, we sought to understand how Covid is changing not only retail but also the global communities it depends on and serves. We dug below the headlines to truly understand why some brands have faired decidedly better than others during the pandemic and how all businesses can effectively confront the challenge of a vastly larger and more powerful Amazon.
The Radical Strategy That Drove Nike’s Pandemic Success
This piece written by Doug Stephens explores the decisions Nike made in the years leading up to the pandemic that positioned them perfectly to handle the disruption caused by Covid-19.
The Optics of Altruism: A Brief History of Brand Activism
In May the death of George Floyd was felt across North America and beyond. As protests broke out, the global conversation surrounding race and equality did too. In this piece, Reilly Stephens dissects the new rules on retailers and brands taking a stand on social issues.
How To Survive The Future of Retail
Doug Stephens believes that Covid-19 is a once-in-a-century event that will eradicate many retail species and accelerate the growth and evolution of what he calls ‘apex predators’ like Amazon, Alibaba, Walmart and JD.com. What does this mean for everyone else? Only the fittest will survive.
Why Branding Matters More Now Than Ever
As the coronavirus crisis deepens, companies are slashing advertising budgets but branding might just be the most important thing for brands and retailers.
On The Frontlines of Retail There Are No Heroes, Only Victims
How an Exodus from Cities Will Reshape Retail
The pandemic has dulled the allure that cities had pre-pandemic. But what does this mean for retail? Doug argues the work-from-anywhere revolution will accelerate the coming of a post-digital age for shopping.
Interviews and Commentary
The silver lining in any crisis is that it often forces you to ask new questions. For example, what can be learned at the intersection of art and retail? Or, how will women in particular be impacted by the pandemic? These are just a couple of the topics we were invited to explore.
[LISTEN] The Lipstick Economy Podcast – Retail In The Age of Coronavirus
[LISTEN] Art Angle Podcast – Futurist Doug Stephens on What Art Dealers Can Learn From the Retail Revolution
[WATCH] VOICES 2020 – Retail In The Roaring 20’s
[READ] Quartz – Retail Is One Of The Biggest Employers In The US and It Desperately Needs Help
[LISTEN] Business of Fashion Podcast – How Covid Will Shape Consumer Behavior
[READ] Vogue Business – Paris Reopens, Reshapes Real-Life Luxury Shopping
[LISTEN] Floorplate Podcast – Doug Stephens: The Future of Retail Stores
[WATCH] #RetailVSCorona – How Brands Used Courage, Creativity and Compassion to Fight Back
[READ] Vogue Business – A Bankruptcy Filing Doesn’t Spell The End for Retailers
[READ] RetailDive – Brick and Mortars Next Chapter
The Good News
Yes, there’s good news and not just that vaccines are on the horizon.
In a way that none could have anticipated, Covid-19 served as a controlled burn of the retail industry, harvesting much of the sector’s dead wood and dying brands. In their place, we’re optimistic that young bright entrepreneurial businesses will gain the water and sunlight they need to thrive, and to grow where their predecessors could not. The pandemic has also forced us, as consumers, once and for all across the digital threshold, prompting companies to explore new platforms for health, education, communication and commerce. It’s challenged us as business leaders to become creative, dynamic and above all empathetic, in the face of crisis. And perhaps most importantly, it’s shown us the degree to which we are interconnected and interdependent as a global community. That we need one another. They were lessons learned the hard way but invaluable nonetheless.
And finally, thank you to each and every one of you for following, commenting on and sharing our work. We can’t tell you how much it means to us. Hopefully, in these turbulent times it’s offered a compass heading toward calmer seas.
Here’s to brighter days ahead.
The Retail Prophet Team