Oliver helps retailers to change and transform their business and operating models. He's the host of the 'Retail Transformation Show' podcast and author of 'Driving Retail Transformation: How to Navigate Disruption & Change'.
Retail Transformation Briefing – 5th July
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Have you checked out my new podcast, The Retail Show? The second episode is waiting for you now, full of insights about the latest retail news. Be sure to subscribe to tune in every week to dive deeper into the ever-evolving retail sector. Each show will be made up of segments, so it's fast-paced and with plenty of ground covered. This week's episode includes 3 segments: 📰 News You Can Use - a review of the key headlines with additional perspective and actionable points to take away. 📖 The Book Club - this week, we're learning from Harry Gordon Selfridge's book, Romance of Commerce. Over 100 years old but still with valuable insights to help us. 😁 And Finally - a good news story to make you smile or feel good. If you missed the first episode, be sure to go back to learn more from the "Shopping Trip" segment with a fascinating recent store experiece. You'll find The Retail Show on your usual podcast app - just search for "The Retail Show" and click to subscribe, or listen online at TheRetailShow.uk. Oh, and in case you were worried - The Retail Transformation Show is not going anywhere! You get to enjoy 2 podcasts from me now! Retail transformation news headlines👟 Nike is looking to release a new budget line of sneakers in response to slow performance vs financial targets. The shoes will be priced under $100 / £80. The move is in response to a tough market. The whole company seems to be struggling right now, from wholesale, DTV and even sub-brands like Converse. The 20% reduction in share price suggests investors are not impressed with prospects. 🚚 JD.com and the Alibaba Group are reportedly looking to battle it out to acquire parcel courier, Evri. Polish locker suppliers, known for their InPost brand, are also in the running. The deal is expected to be valued at around £2bn. Previously Evri had drafted in advisors who have been exploring options, including the sale of the business. 🧵 M&S is launching a new repair proposition called M&S Fixed in partnership with Sojo. Customers can book repair services online for repairs and alterations. As part of this initiative, there will also be a number of video tutorials to encourage consumers to try minor repairs themselves. As sustainability creeps up the agenda, repairs are one of the new business models we must embrace as an industry, including elements like training relevant skills, unlocking spares supply chains, and adopting design for repair principles. 🎀 M&S has unveiled plans to open two new flagship stores in Bath and Bristol. In Bath, they’re relocating and CEO Stuart Machin says “We’ve seen great results so far where we have relocated stores, in city centres like Liverpool and Birmingham, helping us to attract new customers and giving us the confidence to go faster with the strategy.” With ever-evolving shopping habits and trends, it’s sensible to regularly reconsider your store locations and sites to ensure they’re convenient and relevant for your target customer base. 📦 Amazon offering Prime at 50% discount for 18-22 year olds. The subscription includes the usual Prime benefits as well as exclusive additional bonuses tailored to young people, for example discounted groceries, travel tickets and other promotions. It’s a smart move to get customers hooked at an early stage, forging long-term loyalties and shaping some of their shopping habits. However, depending on the overall targeting, it’s important to not solely focus on a young demographic, nor to repel or reject other customer segments. Consider how you can be more customer-centric to different generations and customer segments. 🚁 Sportswear brand On is now utilising drones at its warehouses. Powered by Verity, the drones can check stock and enable real-time inventory tracking to minimise stockouts, misplacements, and shrinkage. 🍺 Co-op reported a massive sales uplift enabled by their retail media network. For a specific beer brand, they’ve seen a 4x increase in sales growth. Through a series of test and control stores, the test stores showed a 12% increase in sales relative to a 3% increase in the control population. Retail media is a white-hot trend right now, bringing revenue benefits for retailers and brands, whilst consumers have not yet become accustomed or acclimatised to this, yet. ❌ Walgreens has retracted from the proposed sale of Boots. This is the second time that Walgreens has explored selling the 175-year-old UK health and beauty retailer, withdrawing the first attempt in 2022. Meanwhile, Managing Director of Boots, Seb James is stepping down to take on the top job at eyecare clinic Veonet. 🪙 Walmart is being taken to court in Chicago over $100m's of overcharges per year through poor price integrity. The case suggests that Walmart is knowingly allowing a discrepancy between the price at shelf and the price at the checkout. Walmart recently announced a huge investment programme into electronic shelf labels over the next 2.5 years. New on the Retail Transformation Show podcast: Looking inside ‘Driving Retail Transformation’ - #301Curious about what’s inside my book “Driving Retail Transformation”? In this episode, join me and take a chapter-by-chapter journey through the book, to discover the insights, strategies, and tools you’ll find in each section. Learn more about the style of the book and how this can be your guide to successful retail transformation. Tune in to get an insider’s look and see how “Driving Retail Transformation” can progress your business forward. Listen to episode 301 of the Retail Transformation Show and discover:
Plus, check out these recent episodes: #300: Reflections and evolutions #299: Why simplifying is hard (and how to approach it) #298: Flagship stores: strategic play or vanity project Stay well and keep transforming better, Oliver |
Oliver Banks of OB&Co
Oliver helps retailers to change and transform their business and operating models. He's the host of the 'Retail Transformation Show' podcast and author of 'Driving Retail Transformation: How to Navigate Disruption & Change'.
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