How to Avoid the Retail Graveyard? As I sadly reflect on the news of troubles at Bed Bath & Beyond, I’m reminded of my days at the iconic omnichannel retailers; #Bestbuy, #Petsmart and #TheVitaminShoppe. All three faced similar challenges but, fortunately, have successfully navigated the changing consumer landscape over the years.
What can we learn from the Bed Bath & Beyond journey?
In the media, they say, “Content is King.” In retail, I say, “Innovation is Everything.”
Success in retail and retail lgrowth requires constant innovation. Innovation is hard. Innovation is risky. Innovation is expensive…but without it, especially in retail, you are just four walls full of the same stuff lots of other companies are selling.
Always be innovating! Successful omnichannel retailers are dedicated to it.
Keep an eye out for my next blog about building and fostering a culture of innovation, from startups to huge multinational brands.