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Retail Therapy: Trends from the NRF Show

1 Mins read

Welcome to February! One of my favorite weekly reads is Bob Phipps’s blog on retail topics. It’s typically packed with smart, actionable advice.

This week Phipps covers insights from last month’s 2023 National Retail Federation Big Show and looks at 16 retail trends retailers should be aware of.

A few Phipps mentioned:

Authenticity. To attract younger consumers, businesses need to provide a “value add” and  create trust in an authentic way.”

Optimizing Operations

There was a lot of discussion about how retailers can optimize their operations and help their employees be more productive while providing a positive workplace environment. Retailers were looking into how technology could help them do just that.

Web3

Phibbs couldn’t cover the event in person, but his colleague Ricardo Belmar reported on Web3. He says, “ Web3 was still around…with more focus on how it, and blockchain, can help in the supply chain to authenticate merchandise and enhance loyalty programs.”

Practical Measures

James Tenser, another colleague of Phibbs, noted that while there was plenty of talk about inflation, labor, the supply chain, and the economy, “there was no sense of doom. Instead, there was talk about practical measures, such as operating cost control, streamlining the supply chain, right-sizing inventories, improving jobs, and downsizing store footprints.”

This is just a small sampling of what Phibbs covers. Check out his newsletter to learn more.

Retail stock image Yuriy K/Shutterstock

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