The second day of the world’s largest retail conference and expo concluded Monday with plenty to reflect upon. Retail leaders shared words of wisdom, thoughts about the state of the economy and special announcements about previously unheard-of company initiatives.
Leadership
“The right decisions are never tough decisions,” said Dick’s Sporting Goods Chairman and CEO Ed Stack. He and other leaders had messages of inclusion, leading with conviction and giving back to the community. Marvin Ellison also had career advice for “anyone trying to do more.”
.@Lowes CEO Marvin Ellison’s career advice:
— NRF Foundation (@NRFFoundation) January 14, 2019
• Don’t let people kill your dreams.
• Have an insatiable appetite to learn.
• Don’t be afraid to make lateral moves.
• If your leadership + results aren’t enough to move up with a company -you’re in the wrong company. #NRF2019 pic.twitter.com/MLCYoxV56n
Fashion designer Nicky Hilton joined a panel at the Girls’ Lounge to discuss how women are disrupting the way we shop.
Enjoyed being a panelist at #TheGirlsLounge discussing the evolution of retail- how tech and women are disrupting the way we shop #NRF2019 pic.twitter.com/yqutlL4RhD
— Nicky Rothschild (@NickyHilton) January 14, 2019
Lessons
In case you missed some of the great lessons from the show, check out these summaries:
- 5 Ways To Get Retail Experiences Right In 2019 (Forbes)
- Kroger and Walmart outline digital transformations (Grocery Dive)
- What drives retailers to seek supply chain visibility? (Retail Dive)
- Think peak season was hard work? UPS exec says 2019 will be harder (Supply Chain Dive)
- What to Watch: Retail’s FashTech Providers (WWD)
In the main stage session that concluded the day, Scott Galloway looked back at his predictions for last year and adjusted them for 2019:
RT @YoungHeike: Most consumers are committed to a monogamous relationship with Amazon prime. The “rundle” is key to retailers/brands looking to compete. #NRF2019 @profgalloway pic.twitter.com/cCmELLhvOz
— NRF (@NRFnews) January 14, 2019
NRF and IBM released a report on Automation and the future at a panel on the Innovation Stage:
1. According to an IBM/NRF report released today, 2 out of every 5 #retail executives already have some form of #intelligent #AI #automation agenda underway. That’s set to double to 80 percent by 2021. Read the full study here: https://t.co/OPjjYVr9Fj #NRF2019 @NRFnews
— IBM Industries (@IBMindustries) January 14, 2019Many retailers shared info and stats that were surprising:
Eye-opening stat of the day (so far) from @NRFBigShow: 3 out of 4 of Target's digital sales were fulfilled by a store -- CEO Brian Cornell. #NRF2019 @Target @NRFnews pic.twitter.com/ZCugdjRFHd
— Mike Cassidy (@mikecassidy) January 14, 2019Economy
Early in the morning, NRF President and CEO Matthew Shay appeared on CNBC’s “Squawk Box” to discuss how the consumer is in a good place post-holiday season. Target CEO and Chairman Brian Cornell and former Federal Reserve Chair Janet Yellen echoed the sentiments, although Yellen warns about unresolved trade issues holding back spending.
Leading retailers like Kroger and Walmart are ramping up various strategies to adapt to a rapidly evolving industry, and Chain Store Age had a summary of findings about the new male shopper.
Missed the first day? Read a recap of day one.
Don't miss the last day of the show! We’ve saved the best for last. Hear Chip and Joanna Gaines share business lessons learned while building their empire, and check out the official recap.