We asked CEOs from leading retailers around the world how they believe leadership will evolve and how organizations should navigate this changing landscape. Here is some advice they gave:
1. Create a culture that inspires creativity and courage.
“The challenge is to create added value for the consumer. There should be no restrictions on thinking.”
-John Cloppenburg
Speaker of executive board, Peek & Cloppenburg
2. Always be a learner.
“Through the course of the pandemic I’ve met a lot of really interesting people and been able to pick their brains. In times of change you really need to be a learner, to step out and have an outside-in view. It’s more vital than ever before.”
-Erik Nordstrom
CEO, Nordstrom
3. Don’t confuse digital with strategy.
“Digital does not equal strategy. Digital is an important channel of communication, and access to the consumer, from a sales point of view. But there are other elements of traditional marketing — like value proposition, pricing, margin, etc. — that should not be forgotten.”
-Jaume Miquel Naudi
Chairman and CEO, Tendam Retail S.A.
4. Be a role model when it comes to diversity, equity and inclusion.
“Inclusiveness is an attitude of corporate leaders, and diversified cultures are a result of that. Fairness is in the foundation.”
-Liang Pei
Chairman, China Chain Store & Franchise Association
5. Widen your talent pool.
“If you look at the emerging talent pool for the next five, 10 or 15 years, it’s going to be increasingly diverse from a number of perspectives. You’re going to miss out massively as a business if you don’t look at the widest possible pool of talent. You also won’t know your customers. This should be at the top of every business’ agenda.”
-Ken Murphy
Group Chief Executive, Tesco
6. Don’t discount the in-store experience.
“We’re seeing a desire for human experiences that add value to people’s lives which gets us thinking about how to evolve our business in a world where physical retail seamlessly works with a world-class digital presence and shapes retail today and for a long time to come. Today, it’s a bigger hurdle for guests to get in their car and come to your store, so when they do, you need to make sure you’re delivering a great experience.”
-Dave Kimbell
CEO, Ulta Beauty
7. Above all, keep purpose as your North Star.
“Be clear in your purpose and culture, combined with agility and innovation. We have 225,000 co-workers at IKEA and an additional 800,000 people working at our suppliers. I think I could wake any of them up in the night and they’d know the vision: Create a better everyday life for the many people.”
-Jon Abrahamsson Ring
CEO, Inter IKEA Group
Read more in our full report, The Future of Retail: How CEOs are rebuilding for a strong sustainable future.