{"id":651,"date":"2020-12-20T14:19:45","date_gmt":"2020-12-20T14:19:45","guid":{"rendered":"https:\/\/www.retailprophet.com\/?p=651"},"modified":"2022-03-22T15:37:56","modified_gmt":"2022-03-22T15:37:56","slug":"the-most-memorable-year-we-all-long-to-forget","status":"publish","type":"post","link":"https:\/\/www.retailprophet.com\/2020\/12\/20\/the-most-memorable-year-we-all-long-to-forget\/","title":{"rendered":"The Most Memorable Year We All Long to Forget"},"content":{"rendered":"\t\t
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It\u2019s difficult to believe that just shy of a year ago we and 37,000 of our colleagues in the global retail industry crowded into the Jacob Javits Center in New York City for the annual Coachella of retail, known as the National Retail Federation\u2019s \u201cBig Show\u201d. Amid the relative optimism of a new year ahead, little did any of us know that thousands of miles away, in a city most couldn\u2019t point to on a map, a microscopic entity was about to turn our entire world inside out \u2013 and the retail industry with it. As if to drive the point home, in only a matter of weeks following the conference, the Javits Center itself was converted into a makeshift field hospital to care for patients in the New York City area.<\/span><\/p>

With that, like many of you, we here at Retail Prophet found ourselves pivoting during the Covid-19 crisis. We embarked on writing a new book, recorded new podcasts, and had entirely new sorts of conversations with a wide range of fascinating people \u2013 all with their own unique take on what the future holds for our industry, as it rises from the ashes of the crisis.<\/p>

As we approach the end of 2020 and look to the promise of a new and brighter year ahead, we wanted to share some of the work, research and conversations born out of the pandemic, and our vision for the retail industry of the future.<\/p>

Retail Reborn<\/h2>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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In mid-2020, in partnership with The Business of Fashion and Brookfield Properties, Retail Prophet embarked on developing, writing and presenting a new podcast series called Retail Reborn.\u00a0 Comprising over 20 hours of expert interviews, the series provides a view of retail\u2019s post-Covid future. From shifting consumer behaviors and rapidly changing technologies, to sustainability and human rights, the series tapped into some of the best and brightest minds, to shine a light on the industry\u2019s horizon.<\/p>

Episode 1: How Trauma Transforms the Consumer Psyche<\/b><\/a><\/p>

Episode 2: Building Smarter, More Sustainable Supply Chains<\/b><\/a><\/p>

Episode 3: The Future of Digital Commerce<\/b><\/a><\/p>

Episode 4: Will Covid-19 Kill Experiential Retail? Not So Fast.<\/b><\/a><\/p>

Episode 5: The Earthshot: A New Sustainability Mindset For Fashion Retail<\/b><\/a><\/p>

Resurrecting Retail<\/h2>

When Covid-19 hit our Founder, Doug Stephens was already in the midst of writing a new book. By early March, however, it became apparent that there would be only one story worth writing about in 2020. So, after a call with his publisher, Doug embarked on researching and writing\u00a0Resurrecting Retail: The Future of Business in a Post-Pandemic World<\/em>. The book, which will be released Spring 2021, examines the crisis and its unique impact on the global industry \u2013 positing a vision of the future retail landscape that is simultaneously daunting and inspiring. Moreover, the book provides a road map for all businesses to navigate an intensely competitive post-pandemic market.\u00a0\u00a0You can pre-order your copy here<\/a>\u00a0or wherever you get your books.<\/p>

Retail Prophet AMA\u2019s<\/h2>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Information is the best vaccine for chaos. So early into the pandemic we tapped our network of insightful and inspiring retail colleagues to explore different facets of the industry.\u00a0 From luxury goods and shopping centers to technology and customer experience, we ran the gamut to illuminate the future of retail.<\/p>

Episode 1: The Future of Retail In A Post-Pandemic World<\/b><\/a><\/p>

Episode 2: The Future of Physical Retail In A Post-Pandemic World<\/b><\/a><\/p>

Episode 3: Demystifying China\u2019s \u201cNew Retail\u201d<\/b><\/a><\/p>

Episode 4: The Future of Shopping Centers In A Post-Pandemic World<\/b><\/a><\/p>

Episode 5: The Future of Beauty In A Post-Pandemic World<\/b><\/a><\/p>

Episode 6: How Digital Will Transform Retail<\/b><\/a><\/p>

Episode 7: How To Execute Experiences<\/b><\/a><\/p>

Articles<\/h2>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Covid-19 forced us to explore a range of new topics, from the treatment of frontline retail workers during the pandemic to the potential exodus of consumers from major global cities. Like you, we sought to understand how Covid is changing not only retail but also the global communities it depends on and serves. We dug below the headlines to truly understand why some brands have faired decidedly better than others during the pandemic and how all businesses can effectively confront the challenge of a vastly larger and more powerful Amazon.<\/p>

The Radical Strategy That Drove Nike\u2019s Pandemic Success<\/b><\/a><\/p>

This piece written by Doug Stephens explores the decisions Nike made in the years leading up to the pandemic that positioned them perfectly to handle the disruption caused by Covid-19.<\/p>

The Optics of Altruism: A Brief History of Brand Activism\u00a0<\/b><\/a><\/p>

In May the death of George Floyd was felt across North America and beyond. As protests broke out, the global conversation surrounding race and equality did too. In this piece, Reilly Stephens dissects the new rules on retailers and brands taking a stand on social issues.<\/p>

How To Survive The Future of Retail<\/a><\/strong><\/p>

Doug Stephens believes that Covid-19 is a once-in-a-century event that will eradicate many retail species and accelerate the growth and evolution of what he calls \u2018apex predators\u2019 like Amazon, Alibaba, Walmart and JD.com. What does this mean for everyone else? Only the fittest will survive.<\/p>

Why Branding Matters More Now Than Ever<\/a><\/strong><\/p>

As the coronavirus crisis deepens, companies are slashing advertising budgets but branding might just be the most important thing for brands and retailers.<\/p>

On The Frontlines of Retail There Are No Heroes, Only Victims<\/a><\/strong><\/p>

Many businesses deemed \u201cessential\u201d during the pandemic celebrated their frontline workers as heroes. But as Doug explores in this piece, most are also woefully underpaid, stripped of rights and treated as interchangeable parts in a global retail machine.<\/p><\/div><\/div><\/div><\/div><\/div>

How an Exodus from Cities Will Reshape Retail<\/a><\/strong><\/p>

The pandemic has dulled the allure that cities had pre-pandemic. But what does this mean for retail? Doug argues the work-from-anywhere revolution will accelerate the coming of a post-digital age for shopping.<\/p>

Interviews and Commentary<\/h2>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The silver lining in any crisis is that it often forces you to ask new questions.  For example, what can be learned at the intersection of art and retail? Or, how will women in particular be impacted by the pandemic?  These are just a couple of the topics we were invited to explore.<\/p>\n

[LISTEN] The Lipstick Economy Podcast<\/a> \u2013 Retail In The Age of Coronavirus<\/b><\/p>\n

[LISTEN] Art Angle Podcast<\/b><\/a> \u2013 Futurist Doug Stephens on What Art Dealers Can Learn From the Retail Revolution<\/b><\/p>\n

[WATCH] VOICES 2020<\/a> \u2013 Retail In The Roaring 20\u2019s<\/b><\/p>\n

[READ] Quartz<\/b><\/a> \u2013 Retail Is One Of The Biggest Employers In The US and It Desperately Needs Help<\/b><\/p>\n

[LISTEN] Business of Fashion Podcast<\/a> \u2013 How Covid Will Shape Consumer Behavior<\/b><\/p>\n

[READ] Vogue Business<\/a> \u2013 Paris Reopens, Reshapes Real-Life Luxury Shopping<\/b><\/p>\n

[LISTEN] Floorplate Podcast <\/a>\u2013 Doug Stephens: The Future of Retail Stores<\/b><\/p>\n

[WATCH] #RetailVSCorona<\/a> \u2013 How Brands Used Courage, Creativity and Compassion to Fight Back<\/b><\/p>\n

[READ] Vogue Business<\/a> \u2013 A Bankruptcy Filing Doesn\u2019t Spell The End for Retailers<\/b><\/p>\n

[READ] RetailDive<\/a> \u2013 Brick and Mortars Next Chapter<\/b><\/p>\n

The Good News<\/h2>\n

Yes, there\u2019s good news and not just that vaccines are on the horizon.<\/p>\n

In a way that none could have anticipated, Covid-19 served as a controlled burn of the retail industry, harvesting much of the sector\u2019s dead wood and dying brands. In their place, we\u2019re optimistic that young bright entrepreneurial businesses will gain the water and sunlight they need to thrive, and to grow where their predecessors could not. The pandemic has also forced us, as consumers, once and for all across the digital threshold, prompting companies to explore new platforms for health, education, communication and commerce.  It\u2019s challenged us as business leaders to become creative, dynamic and above all empathetic, in the face of crisis. And perhaps most importantly, it\u2019s shown us the degree to which we are interconnected and interdependent as a global community. That we need one another. They were lessons learned the hard way but invaluable nonetheless.<\/p>\n

And finally, thank you to each and every one of you for following, commenting on and sharing our work. We can\u2019t tell you how much it means to us. Hopefully, in these turbulent times it\u2019s offered a compass heading toward calmer seas.<\/p>\n

Here\u2019s to brighter days ahead.<\/p>\n

The Retail Prophet Team<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Bad retailers will never run out of customers. History suggests that there is always a segment of the consumer population willing to trade down if they believe they can save a dollar or two. Some retailers, like long-beleaguered J.C. 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