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RILA / McKinsey Knowledge Partners analysis which identified seven imperatives that can give retailers the ability to adapt to a changing consumer landscape while pursuing new opportunities.
Online pet retailer Chewy has seen a surge of growth over the past year as millions adopted new pets. WSJ spoke with Chewy’s CEO to learn how the company handled the pandemic pet boom.
Barcodes have radically changed the world, helping fuel the rise of everything from massive companies like Walmart to major world powers like China. -from Cheddar
DoorDash and Uber Eats, the two largest delivery apps by market share both saw their sales double from the end of 2019 to the end of 2020.
Burberry teams with Tencent to launch luxury’s first social retail store. -from Inside Retail Asia
Learn about how Alibaba’s high-tech grocery chain is pushing the boundaries of the grocery shopping experience.
The pandemic has upended the way people buy—online retail has soared as high-street shops and malls close. Brands are now racing to exploit one of the most important weapons: their customers’ data.
About 70% of tipped workers in the restaurant industry are women and about 45% are people of color. -from CNBC
On this episode of the Prof G Show, Scott Galloway discusses the legacy of entrepreneur Jeff Bezos.
Zara changes clothing designs every 2 weeks on average versus 2 to 3 months for others. It carries about 11,000 distinct items per year.
Lately, supermarkets are switching to a new type of line and that line is much longer. However according to queueing experts that might not be a bad thing.
Costco is one of the biggest and most successful retailers in the country. In this video, WSJ dissects the wholesaler’s unique approach to doing business.
About a quarter of U.S. malls could close over the next three to five years, accelerating a trend that began before the pandemic. -from CNBC
Take a virtual tour of this 4000-sqft hybrid store, where shoppers can choose to shop autonomously (by checking in using an AiFi app) or continue to shop as usual with a cashier at checkout.
The Dubai mall is the second largest mall in the entire world. But when shopping gets old, check out the amusement park, go go-karting or skating on the Olympic-sized Dubai ice-rink, and more.
With consumer behavior changing due to Covid-19, the convenience store industry could be on the verge of a profound change. -from CNBC
RH is now ambitiously trying to turn it into a global luxury brand providing an array of services. -from CNBC
Amidst all the pressures that 2020 brought, there was creativity and innovation taking place across the retail industry, which we thought deserved to be celebrated.
In the midst of the pandemic, Williams-Sonoma has stood out as a company, its stock price reaching a new all-time high in January 2021, despite many businesses declining. -from CNBC
Here’s a glimpse at what the world of luxury has been doing online to usher in the Chinese New Year of the Ox. - From Alibaba Group
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"Die of Success? Give me a break. We've only just started." - Amancio Ortega, Zara's Founder
Continuing our global journey to learn something new our next stop is the retailer Zara. As of January 2023, the Inditex group which includes Zara operated nearly 6,000 stores worldwide.
In 1963, Amancio Ortega opened Confecciones GOA, a small dressmaking workshop in La Coruna in Galicia, Spain. Zara was born in 1975 and originally it was called Zorba, an inspiration from Amancio’s favorite movie ‘Zorba the Greek’. Turns out a bar nearby already had taken the Zorba name.
The Inditex Group was born in 1985 as a holding group to bring multiple companies, including Zara under one banner. Inditex actually stands for ‘Industria de Diseño Textil’.
Zara’s designers create 40,000 new designs annually, out of which up to 12,000 go into production. From the design stage to production, distribution, and appearing for sale in a Zara store, it takes up to 15 days (industry average is 4 to 6 months). Annually, the company produces 500 million pieces of clothing.
Most global fashion brands pump 3% to 7% of their revenues into advertising. For Zara, the advertising budget is 0.3% and most of it is used on store displays. 85% of the clothes are sold at full price.
La Coruna and visiting Inditex stores throughout the world such as this Zara in Milan was one of my favorite retail activities. Their focus on innovation and continuous improvement have also been a core inspiration to my career. As the opening quote from Amancio reminds us, if you truly enjoy what you are doing, every day, you are just getting started.
Retail's AI Revolution
The overall economic AI impact worldwide through 2029 will be $9.2 trillion USD. This impact will vary dramatically by region, by tier, by retail segments, and by solutions. AI/ML has the potential to greatly enhance retail operations by analyzing customer data, providing personalized recommendations, optimizing inventory management, and automating customer service, but implementing these technologies can be challenging and requires extensive data cleansing and tagging. - From IHL Group Read more
How Generative AI is Being Used to Change the World of Marketing
77% of companies are exploring Artificial Intelligence, including Generative AI. This innovative technology involves algorithms fed into existing content to create iterations with new content, including audio, code, text, pictures, video, and simulations. The goal is to 'teach' machine learning systems to 'artificially think' and create innovative content. - From Techaeris
Apple vs. Samsung’s Strategies to Move Manufacturing Away From China | WSJ
China has long been the manufacturing hub for tech giants like Apple and Samsung. But now, a range of geopolitical factors are pushing technology companies to spend billions to relocate their operations to places like India, Vietnam and Latin America. Read more
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