By Kelsey Lindsey.
“Innovation” in itself is a broad word, one that joins “disruption” in its attractiveness to retail conference speeches and CEOs’ forward-looking lectures. But while it may be easy to dismiss both of these words as buzzy and nebulous, they are popular for a reason. Retail is being disrupted by a variety of forces, from Amazon to smartphones—forces that are changing the way consumers are shopping and retailers are selling.
Recent earnings reports are the latest signs of these disturbances, where J.C. Penney, Macy’s, Nordstrom and a slew of others all reported dismal sales, even as wages are increasing and gas prices are falling. To combat this instability, innovation is needed. But what does that innovation look like?
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