The American retail landscape has changed dramatically over the past few years.
This includes the closure of thousands of brick-and-mortar drugstores, consolidation within the luxury department store ecosystem, and growth across off-price channels.
These changes are set against an environment where many consumers are trading down to navigate inflation or seeking more convenient options online. Ironically, many reports show that younger consumers prefer shopping in-person, which has left brand leaders unsure of the right retail strategy.
This was the topic during this week’s quarterly digital Town Hall meeting. The member-only event was led by Modern Retail and Glossy editor-in-chief Jill Manoff alongside Modern Retail senior reporter Gabi Barkho and Glossy senior fashion reporter Danny Parisi.
“What brands are telling me is that the old rules of retail are out the door,” said Manoff. “We know that consumers are prioritizing convenience, people want things quick. … [While retailers] want brands to show that you’re putting in the effort to be in the store [because] it’s all about the buyer meeting their numbers for the quarter.”
On Wednesday, the team welcomed brand executives, investors, analysts and consultants to the digital discussion to talk about their latest business challenges and best practices when it comes to expanding retail distribution.
Glossy’s team walked through their latest reporting, seen in the below video, before brand leaders anonymously shared unique considerations and anecdotes around their retail journeys. As a member benefit for Glossy and Modern Retail subscribers, the full town hall dug into the importance of brand awareness, the growing importance of retail media networks, the evolving role of sales associates, and the power of Walmart and Target as retail leaders. To wit: It’s estimated that 90% of Americans live within 10 minutes of a Walmart, and 75% live within 10 minutes of a Target store.
Brand leaders shared anecdotes around entering Target and Walmart, including one hair-care brand that successfully transitioned from DTC to Ulta Beauty darling. Of course, the team also discussed, and fielded questions about, big box grocery retailers and changes felt within the department store channel, including the comeback of lower-cost department store brands.
Press play below to listen to recent reporting from Manoff, Parisi and Barkho, and subscribe to Modern Retail or Glossy to receive Town Halls like this directly in your inbox.
