4.4 • 1K Ratings
🗓️ 16 June 2017
⏱️ 28 minutes
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0:00.0 | This is Exchanges at Goldman Sachs where we discuss developments currently shaping markets, industries |
0:13.9 | in the global economy. I'm Jake Seward, global head of corporate communications here at the |
0:17.4 | firm. Thanks to technology, particularly the rise of the smartphone, the way we shop is |
0:22.1 | changing rapidly, and so naturally retail companies are |
0:25.4 | adapting quickly to that dynamic environment and the changing expectations |
0:29.4 | of their customers. There are no two better people to discuss all things retail related than my guest today. |
0:35.0 | Kathy El Cesar is the global chair of the health care group and the consumer retail group in our investment banking division. |
0:41.0 | And Kim Paznett is the global head of Internet Investment Banking. |
0:45.0 | Kathy Kim, welcome to the program. |
0:47.0 | Thank you. |
0:48.0 | Thank you. |
0:49.0 | Kathy, let's start with you. In the United States, e-commerce's slice of the retail pie is accelerated |
0:53.9 | of late and its average $40 billion in annual growth over the past three years. |
0:58.7 | At the same time, we're seeing retail stores closing in a rate not equaled since the Great Recession. Are we witnessing a |
1:04.7 | permanent shift in the way Americans shop? I think that we are seeing a fundamental |
1:09.6 | shift. I guess I just step back and say that you know global retail sales are about 23 trillion dollars of that about 2 trillion is actually an e-com. |
1:19.0 | So it's a relatively small slice call it 8 to 9% of overall sales. |
1:24.1 | Having said that, as Kim and I talk a lot about, |
1:27.2 | the retail sales are overall growing |
1:29.8 | about 1 to 2% in brick and mortar, but E.com is growing at 14 to 15. So the real question becomes |
1:37.3 | as you have a retail world that's sort of speeding up and slowing down at the same time. |
1:43.6 | And that's creating a lot of turbulence. |
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