STORES Magazine - January 2008 - (Page 79)

NUTS AND BOLTS / FORUM Retailers on Retailing CEOs discuss issues of the day during NRF/Oracle roundtable etail CEOs agree that sameness is the bane of their existence, reinvention is an ongoing initiative and innovation is tantamount to success. Those were just a handful of key takeaways from the NRF & Oracle Retail Innovation and Leadership Roundtable held late last year in New York City. The event brought together a small group of retail CEOs and industry thought leaders to discuss the current state of retail. The dialog addressed topics ranging from industry challenges and trends to how internal and external factors affect the financial performance of retailers. R Myron Ullman, Chairman and CEO, JCPenney Bill McComb, CEO, Liz Claiborne Jane Elfers, CEO, Lord & Taylor Stephen Sadove, Chairman and CEO, Saks David Jaffe, CEO, Dress Barn Walter Loeb, president of Loeb & Asat the role of technology, sometimes it is sociates, opened the discussion with this a catalyst to innovation and sometimes industry imperative: “Every retailer it is an enabler. Localization is an exammust innovate every day because if they ple; technology can help to balance cost don’t, they will die on the vine.” Loeb and complexity.” pointed out that innovation takes many Angove believes that the next wave of forms, from unique store experiences to process innovation and technology will groundbreaking uses of technology and be led by analytics. “The real key,” he fast fashion. said, “is to start to connect today’s cen“Among the most creative are compatralized merchant with actionable infornies like Apple Store or Uniqlo,” he said. mation about customer preferences by “In other instances we’ve seen that by location, and leverage that understandexpanding technology … companies ing about customer demand coupled have been able to drive change. There is with all the science. more immediacy to new ideas and how “That’s the big opportunity for the next they’re translated to stores. Every retailfive years,” he said. “It is the blending of er who innovates creates the art of retailing with excitement for everyone science. We are really in “Every retailer who involved — from the the foothills in terms of store associates to the this proposition in retailinnovates creates customers.” ing today: other indusexcitement for Duncan Angove, genertries are further along.” everyone involved.” al manager and senior Following are the high—Walter Loeb, vice president of Oracle lights of comments from Loeb & Associates Retail, offered a pragthe participating retail matic view. “If you look CEOs. WWW.STORES.ORG Myron Ullman, Chairman and CEO, JCPenney Planning. It’s a false economy to assume that you have time to focus on short-term performance and ignore the overall agenda of what your sustainable proposition is. You have to have something that resonates with [your customer] — a reason for being her preferred choice. Innovation. Penney’s thought they were very responsive by being localized and by having every store manager buy the merchandise for their store. But they were terribly risk-averse The success of the company has been to say, “The biggest risk you are taking is taking no risk.” Having a centrally driven business model that allows people to take risks, take responsibility, make mistakes — and live through it — encourages innovation. STORES / JANUARY 2008 79 http://WWW.STORES.ORG

Table of Contents Feed for the Digital Edition of STORES Magazine - January 2008

STORES Magazine - January 2008 Contents Executive Editor's Page President's Page Build a 'Bot Sneak Peek at Fashion Trends What Shoppers Think 10 Things You May Have Missed Numbers Worth Counting Full Price/Markdown Retail People Cover Story: Fishing for Talent Retail CEO Compensation Research Concept2Watch E-Commerce Payment Solutions Online Merchandising POS LPInformation LP Vantage Point Newsbeat Industry Watch Cover Story: Making LP PCI-Compliant Mall Security Video Surveillance Industry Perspective Forum RFID Business Intelligence Data Management Logistics Turning Green into Gold Love of – and for – the Outdoors Loeb Retail Letter ARTS Update Point of View NRF News Retail Industry Calendar Last Laugh

STORES Magazine - January 2008

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