Predicting the future of retail
Business Daily
BBC
4.4 • 796 Ratings
🗓️ 6 January 2021
⏱️ 17 minutes
🧾️ Download transcript
Summary
With much of the world going back into stringent lockdowns and people warned away, or even outright banned, from physical stores and malls, some observers are suggesting this might be the moment online retail takes the dominant position. Others, however, say this is just the last of a long line of challenges for high street retail, and they’re not giving up without a fight. We’ll hear from branding consultant and futurist Karinna Nobbs as well as the self-styled “Retail Prophet” Doug Stephens.
(Image credit: Getty Creative)
Transcript
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| 0:00.0 | Hello there, I'm Ed Butler and welcome to Business Daily from the BBC. |
| 0:05.6 | Coming up, the brave new world of fashion retail. |
| 0:09.3 | Contactless couch-based consumption, I'm calling it. |
| 0:12.2 | We've seen people like Selfridges and Gucci move to personal selling appointments with video, |
| 0:17.2 | and that's been hugely successful. |
| 0:19.3 | Yep, from in-store gaming to the selling of virtual |
| 0:22.3 | designer gear, all the things that brands are going to be doing to get you spending again. |
| 0:27.7 | What we are moving into is a new era of retail that won't necessarily be won by the company |
| 0:34.3 | that has the most resources. I think ultimately it's going to be those brands that |
| 0:39.1 | create the best and most creative content and build a relationship with their audience. |
| 0:43.8 | That's all to come in Business Daily from the BBC. |
| 0:48.8 | It has been a year like no other for the world's high streets. |
| 0:57.3 | So Philip. like no other for the world's high streets. Sir Philip Green's retail empire, Arcadia, has collapsed, putting 13,000 jobs at risk. |
| 1:03.8 | Its sales have been seriously affected by the pandemic. |
| 1:07.5 | In many ways, this is the worst week for High Street retail that we've ever seen. |
| 1:12.8 | The pandemic has created nightmare conditions for our strongest traditional retailers. |
| 1:19.1 | Dozens of brands have already gone under. |
| 1:22.3 | J.Crew is just one of the names on many retail watchers' bankruptcy warning list. |
| 1:27.1 | It is the first name to file during |
| 1:28.6 | the crisis, but it very likely will not be the last. COVID-19 has really accelerated trends and in this |
| 1:34.2 | case made the week weaker. The week weaker. And it's not over yet. Brutal new lockdown or |
| 1:42.3 | stay-at-home orders just introduced in Europe, Japan, Russia, |
... |
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