Inside the Retail Hurricane with Doug Stephens | Inside Fashion
The Business of Fashion Podcast
The Business of Fashion
4.5 • 813 Ratings
🗓️ 6 July 2018
⏱️ 53 minutes
🧾️ Download transcript
Summary
“It’s like standing in the middle of a hurricane and trying to grab things that fly by you, and hoping you’ve grabbed the right thing that can save your life,” says Doug Stephens. “That’s the way retailers feel.”
The renowned retail industry futurist, advisor and author talks to Imran Amed about how brands can make sense of all the change that’s happening in the fast-evolving retail landscape.
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Transcript
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| 0:00.0 | Before we get started on this week's episode, I want to tell you a little bit about BOF Professional, |
| 0:05.7 | our global membership community from the business of fashion, which keeps you up to date with |
| 0:09.8 | everything you need to know about the global fashion industry. For a limited time, we are offering |
| 0:15.2 | BOF podcast listeners an exclusive 25% discount on an annual BOF professional membership. |
| 0:22.0 | For more details, click on the episode notes. |
| 0:26.9 | If you can be surprising, unique, personalized, engaging, and repeatable as a brand, |
| 0:33.1 | you will stand out. |
| 0:34.5 | It's just simply no longer good enough to say, you know what, |
| 0:37.2 | we'll just take an average |
| 0:38.1 | proposition to market and we'll buy enough advertising to bring people to us. |
| 0:43.1 | Is wholesale really dying or already dead? |
| 0:46.9 | What we are really seeing taking place in the market is a transition whereby media is becoming |
| 0:52.9 | the store. Now I think the role of a store is to become |
| 0:58.1 | media. |
| 0:59.1 | What's the biggest threat facing retailers right now? I mean, wouldn't you be scared |
| 1:04.4 | of Amazon? |
| 1:05.4 | They're a media company, they're an advertising company, their logistics, they're shipping, |
| 1:10.0 | they're whatever they want to be. |
| 1:11.6 | And that's what makes them particularly dangerous. |
| 1:14.6 | Brands, they may make the decision to sell on Amazon. |
| 1:18.6 | My encouragement would be do it with your eyes wide open and pack a parachute. |
| 1:23.6 | You know, you're probably better off to say, how can we be the anti-Amazon? How can we actually |
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