Recent retail upheavals indicate the need for adaptation among retailers like Macy's, which is closing 150 stores as part of a revitalization strategy. Local establishments, such as Dinghams Cookshop, are also struggling under rising costs. The combination of economic challenges, technological advances, and changing consumer expectations emphasizes the importance of using data analytics and digital technology to enhance operations and customer experiences. As Doug Stephens notes, retailers must shift from merely extracting value to contributing value to remain competitive.
We are crossing over into a new era where competitive advantage for major retailers... will come, not through further extraction of value from society, but through contribution of value to society.
Economic uncertainties, including inflation and supply chain disruptions, have significantly impacted retailers' profitability.
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