George Minakakis’ Post

“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.” Alvin Toffler - Futurist This is what I am also discovering when it comes to business and its leaders. The organization must learn, unlearn and relearn at a faster pace. In other words adapt and adopt and do it all over again. That is the nature of AI this fast paced learning curve with each iteration that rises. The risk of believing you know all there is to know is the first human mistake. Businesses relying on services and advisors who know nothing or offer no experience with AI are the most at risk. If an advisor tells you AI is not necessary for them to help you. My advice think twice about signing that contract. When I think about retailing AI is more than just data it is a form of communication with humans who will use AI to be served because of the lack of service. And more challenging a wall will exist between retailers and consumers and their AI Assitants will determine based on human preferences whether or not they will want to do business with you. These walls will not be impenetrable but a business will have to pay to connect with their customers and targeted consumers. In time making search engines as we know them less frequented and buying online even anonymous. How do you compete in that world? And as for entrepreneurs a place where many friends and family reside for work. They are all asking the same questions what is missing in my business plan and skill sets that could prevent me from having a successful start up. Last which AI service provider? Are the scaleable? Can they provide you with cutting edge real-time capabilities? Competing for work and business competition have just gotten a lot more challenging. #business #retailing #economy #management #technology #innovation

This book isn’t just about AI and its transformative powers. It is about the complexities involved in achieving such transformations. There are five parts to the book: Human Intelligence Machine Intelligence Organizational Intelligence Competitive Intelligence Political Intelligence Everything will seem like it happens at once. And it is because we will always live in a world of competitive threats from business to business and on a geopolitical level. It has taken me over a year to write this book, and here’s why. Even if AI were to stop its evolution here at its current development, there is enough innovation at this point to cause massive revolutions in how we compete, serve, and deliver innovations. I could have released it six months ago. However, I realized that anyone trying to get ahead of this curve will be behind. I’ve listened to many experts and attended many conferences I can tell you that it keeps changing and advancing. I don’t mince my words in this book. You will find parts of it entertaining as you read about our human past. Some of the prospects our quest for intelligence will create will either inspire you or worry you. Then, there is the geopolitical and economic aspect of this technology. Is it an equalizer and peacemaker or another threat? What makes this book different? I am not focused on what AI is or why we need to pursue it. I am focused on how you need to think and work at deploying and evolving with this technology. How is the most important question every executive and board member must ask? #retailing #strategy #ceo #technology #innovation #management

Fascinating Is Retail’s New Future Forward Devolution? - The Backlash is about TSCs - Diversity, Equity and Inclusion are being attacked and retracted. As as are Carbon Emission Goals. Basically they backtracked to appease disappointed consumers. - I come from a world where everyone is welcomed and their money is as good as anyone else’s. - when you take a stand and digress from values you claimed to have. It’s time for a change in leadership from management to the board. Simply you don’t know your customers and or your business! - missteps like this happen because not enough diligence and planning to manage this effectively overtime were planned. - but let me point out that an inclusive brand is the way future forward. It’s the actions of the brand that alienate or disappoint customers from all walks of life. #retailing #strategy #ceo #technology #innovation Tractor Supply Company

This week in The Business Brief. As you can see, the Pug mascot looks a little shocked. 1. The Personal Log: How to avoid the ranks of the unemployable mind. 2. The markets: Consumers are concerned about interest rates, inflation, elections, and economic reality. 3. Changing of the Guards: We all must be mindful of the difference between political promises and actions regarding our expectations of elections. 4. The Unemployable and AI, potentially similar to the 1930s. 5. The Environment: Will the next elections choose to let it burn? 6. HBC and Nieman Marcus: It's like reading about what elephants do when they near the end of their lives. 7. At the end of the day..how to defeat your dragons within. I also include an update on my new book. The PR campaigns will begin in a few weeks. #retailing #strategy #Management #Technology #Innovation #Ecommerce

LETS BE REAL FOR A MOMENT Is the LCBO really a retailer? I have never seen them as a retailer. There has been no competition for decades. They are in effect a Monopoly. Why bother spending money on marketing or even prime Real Estate. They are in fact a dispensary of alcohol as much as Cannabis stores and Drug Stores are of medicine. It’s not often I agree with any government, but the expansion of the sale of alcohol to convenience stores, grocers and superstores like Costco couldn’t come fast enough. As for the LCBO they will lose nothing and will survive. The idea that they will be sold off to the private sector is a stretch. Stand alone, they would be no more profitable than Cannabis stores are. Perhaps they should be allowed to sell cannabis, snacks, and lottery tickets and throw in a small lounge and outdoor patio with small menu for food. #retailing #strategy #ceo #technology #innovation

This Elephant’s Grave Yard Is Growing! There is no foundation for survival. My late supplementary comments were added to this article. Thanks to Craig Patterson Salesforce and Amazon have taken a stake. Clearly it’s an accommodation for current or future business. But why put risk capital on the table? The only way this works for them is the return is equal to or greater than the money invested. There is no question that without an AI-Technology First Strategy they will fail. This doesn’t promise they won’t fail but someone in the deal making process tied it to a covenant for debt and that any service providers had to have skin in the game. Nothing else makes sense to me because this just isn’t a business I would rush out to invest in. Hudson's Bay Company Saks Fifth Avenue Nieman Marcus But if you were daring and could raise any kind of capital needed to build a new company, what would tgis look like in the future? Well a lot less physical locations and an AI-Commerce platform that will be needed to compete in the next 2-3 years. Perhaps Salesforce amd Amazon want to show what that can look like for other retailers. I am certain of two things. One is that AI -Commerce is going to shake up the fabric of retailing and second this collection of elephants (bankrupt or struggling retailers) is a milking strategy of whatever life these brands have left in them. Don’t be fooled that this is some kind of revival strategy. #retailing #strategy #NiemanMarcus #Technology #innovation Gary Newbury, Supply Chain Performance Improvement Liza Amlani David Ian Gray Roslyn Griner Lisa Goller, MBA Nicholas Di Cuia

Do You Have A FORMULA X For Retail Survival, or is it Formula ABC? News of SAKS buying Neiman Marcus prompts this post. My view is that department store survival depends on finding refuge in an infrastructure that allows for a sustainable business model to exist and compete. However, the opportunity of M&As has always been believed to be synergies. Most come with changes to the back of the house and operations. As much as organizations try to keep brands separate, cultures merge, and one brand can lose to others in the portfolio. And the size of organizations shrinks. Other changes in these environments include marketing, merchandising, buying, and design in the name of synergies, but that doesn't always work; in fact, it seldom works. Strategies overlap and are ineffective. There is only one formula in retail. It must be a brand that can keep itself relevant with consumers who, in turn, see it as the place for X, whatever that means to them. However, retail brands struggle to find Formula X and settle for other ones that usually don't prevail. They are often not innovative or have become lackluster. Department stores started losing their edge with the Walmart Effect. They felt compelled to mimic what Walmart was doing. Once in that space, there was no turning back. Why did they chase this strategy? Consumer economics were changing, and Walmart could meet them. To meet those prices, Department Stores had to cut costs, and ultimately, service and executive talent paid the price as well. In my experience, struggling retail brands use the same generic formula, ABC, which is "Avoid-Blame-Copy." Avoid the real issues, Blame external factors, and Copy Competitors. After three decades of leading, building, and turning around retail brands, work on finding your own Formula X. #retailing #strategy #ceo #technology #innovation

You Didn’t Know You Had That Problem But Now You Know You Could And There’s A Repositioned Product To Ensure You Have It Under Control For A Higher Price Of Course It seems that many companies are running into an innovation problem they didn’t expect so they will create needs you didn’t know you had! #retailing #Strategy #Ceo #Technology #Innovation #Marketing

8 Reasons Consumers May Unbrand For Utilitarian And Other Reasons. Is this a sign of things to come? I have wondered, with SHEIN and others, what else will undercut retailing and branded retailing. Is unbranding a social message? A message that wearing brands alienates those who can't afford it or makes someone look or appear to be better than others. Here is my list of reasons why it could happen: Cost Savings: Unbranded clothing is often less expensive than branded alternatives because it doesn't carry the added cost of a brand name. Individuality: Wearing unbranded clothing allows individuals to express their style without being influenced by brand identity or logos. Quality Focus: Some consumers believe that unbranded items can offer equal or better quality without the markup associated with brand names. Minimalism: People who adopt a minimalist lifestyle often prefer unbranded clothing to avoid the clutter and distraction of logos and brand names. Ethical Concerns: Concerns about labor practices and environmental impact can lead consumers to choose unbranded clothing from sources they trust. Social Equality: Some individuals choose unbranded items to protest the emphasis on status symbols associated with certain brands. Brands can and do exclude a part of society. Versatility: Unbranded clothing is often more versatile and can be easily mixed and matched with other items, creating a timeless wardrobe. Local Support: Supporting local small businesses that may not have branded their products. Are we on the edge of major changes, where consumers who are engulfed in debt trying to keep up and pending changes in work culture because of technology (AI). Consumers will start researching and asking hard questions about how they fit in. Perhaps fitting in with Branded Fashion may be not as fashionable. What do you think? #retailing #strategy #ceo #technology #innovation #Ecommerce

AI will be your partner in mastering the sea of choices and complexity. Before your first meeting today remember that no single idea has all the bases covered when it comes down to how a brand can compete. A quick scan online this morning yielded the following for these subjects and the number of available options for varied information. Marketing 10.4 Billion Social Media 10.1 Billion Artificial Intelligence 18.4 Billion Data sets 6.1 Billion Customer Experience 5.1 Billion Retail Therapy 209 Million Supply Chains 1.2 Billion E-commerce 1.8 Billion Omni Channel 167 Million Digital Marketing Strategies 1.2 Billion ChatBot 594 Million Consumer Behavior 600 Million Why do we need AI systems? To sift through all of this…humans can’t do it we rarely go past the second page on a search engine. All businesses need better decision making. #retailing #strategy #ceo #technology #innovation #ecommerce