Richard Vorisek’s Post

I think something like this would be terrific for the Gap in the fall! Fashion but not over the top. Very cool for work and #backtoschool #fashion #denim WWD #retail #denim and ideally #recycled #sustainable or #ralphlauren

Macy*s needs the time to execute under Tony Spring leadership. I buyout and sell off real estate is only going to increase an already tough battle. Isn’t this what Eddie Lampert did with Sears in a more complicated fashion? Macy*s is America’s department store and one of the most important brands in our history. The last thing we need is a bunch of suits dictating the game plan when they no nothing about retail. Let Tony and team do their job. Or sell certain locations with a mutually successful lease deal. Don’t sell the brand.

The luxury market is the fastest growing segment in retail with estimated growth rate over next 5 years at 40%. If it’s going to happen the store nameplate’s should have 2 distinct strategies. Perhaps one store focuses on the young consumer and puts in the best technology shops in the world. Puts in cool younger brands and do collaborations with brands for elevated product from Champion, Nike & Addidas. Walk into Kith specialty store - thats what’s needed. Make 30% of the store sustainable product including an incredible pet shop store with only organic food and sustainable toys. Same for kids only sustainable clothes and toys. This would re-invent one of the stores completely and make relevant for younger consumers to get off their phones and get into their cars. And, the other more traditionally luxury more like Begdorf. I would put Linda Fargo over brand/.-assortment strategy. The North America Luxury Goods Market size is estimated at USD 103.10 billion in 2024, and is expected to reach USD 145.08 billion by 2029, growing at a CAGR of 7.07% during the forecast period (20242029). Source: www.mordorintelligence.com I think Neil Saunders makes some good points in terms of what Amazon can bring to the table in terms of back of house support but luxury brands are not going to sell on Amazon. When you search the brands you literally find a style with the quantity of 1. And, luxury good companies would want to push customers and their date to anywhere but their own stores. If I were them I would of gotten Armault in on this. He is the master of luxury. Another good point is that luxury stores want to sell their products In their own stores. And, if they are another store they are concession deals. So a long term strategy needs to be worked. Sit down with Arnault and cut a deal. No big picture growth strategy without Arnault brands is a big problem. Get Arnault brands and others will follow. Under the above scenario I approve. Otherwise I think bad idea. Best Neiman Marcus Group SaksFirst KITH Apple Gucci LVMH Dior Tiffany & Co. #sustainability #organic Amazon #technology

Thanks so sharing Bill Buczak . What I found was that in nearly all these photos were sale driven. I don’t remember as kid that things being on sale was a motivating factor. We wanted a very good product that had and inherent value - not because it was on sale. Never. Although I do remember my grandmother cutting out coupons for things at grocery store! I think Macy's needs to bring back the wow factor in four areas 1) The theatre and wow factor of walking in a store and just being like OMG this is a wonderland fun place to shop (so much so you can’t leave without buying increase traffic conversion, product with head quarter brands and then test/pivot with new brands thus become destination for new designers (maybe there is a once a month pitch day - almost like shark tank. Video it and use for content). 2) Cut the bottom 30% skus and invest those funds in the top 20% skus(make sure in stock and add items similar that could also be best sellers) and 10% for newness. 3) Service. There must be staff to help the customers and actually train, develop and coach selling machine while they maintain standard - in 6 months this should start paying for itself 4) Everyone in organization look at things from the customer point of view - give them exactly what they are looking for coupled with newness. Study #socialmedia and copy and paste exact language. In most cases I don’t see “sale” as a want but value yes. I don’t see people talking about or wanting to run in to get 14.99 swim suit. Weekly meetings should always include customer instead. Tell team to spend 30 minutes learning what customers are saying. 5) learn from past data/customer surveys - learn/take immediate action/pivot/start over. I have VERY rarely seen a poor performer out of the gate that gets better so immediately dispense of that inventory and wasted real estate. Fund best seller s. I was in Herald Square the other day and they didn’t have my size in the classic Stan Smith addidas (UK) Limited or my size in best selling Levis’Store style. I would of spent $200 but couldn’t. This must happen 10-20% of the time. Imagine cutting that to 5% that’s minimum 5% increase in revenue and happy not pissed off customers - I was really angry. And, remember each of those customers will tell at least 1 person. Negative advertising versus positive. I am sure Tony Spring new CEO of Macys and team are working on some of these things but each needs a strategy and tactical plan to fix. And, be reported against weekly. #retail #sale #value #brands #merchandising #buying #planning #brands #instock #visualmerchandising #service #newness

This says it all. The #environment can be saved but only if we all take action NOW. Otherwise in 2 generations there will be full on disaster everywhere.

Important topic.watch Mortimer SingerTraub

This very over view from LinkedIn Meta Facebook Twitter X YouTube TikTok Instagram Reddit, Inc. (I think this might be big hit) OurAxo

#ArtificialInteligence #ai is becoming more and more important every day (please share). This a great summary! This is already affecting all our lives in ways we know but mostly in ways we don’t. Any medium to large companies should have an expert department set-up already. And, smaller ones people will need to roll-up there sleeves and use on-line tools. If we look at impact today vs. 10 years from know I bet it will change the way we live our lives and all businesses 360’ operation. Jump on train know or you won’t compete and be out of business. Think about the difference between before cell phone and then we had (you heard this comparative first here). I estimate that level of change on the positive side and negative. #retail #technology #service #competitivelandscape #macys #wallmart #target #wwd

Starting today Laura Hall will be spotlighting #worldchangingwoman every week…Because “I am no longer accepting the things I cannot change. I am changing the things I cannot accept.” Bravo.