The Business of Fashion Podcast
10 Retail Archetypes for the Post-Pandemic Era

10 Retail Archetypes for the Post-Pandemic Era

April 9, 2021

As retail stores begin to re-open this summer after a year of lockdown, Doug Stephens shares strategies for post-pandemic success from his new book, Resurrecting Retail.

 

Retail’s Darwinian shakeout over the last year has consolidated market power in the hands of dominant e-commerce players. But a brand, even if small, can still be mighty. The key is focus and finding a relevant niche, Doug Stephens said at VOICES 2020, previewing his new book, Resurrecting Retail, out on April 13.”

In the post-pandemic retail era, purpose will be the new positioning,” Stephens said. “What will be your brand’s reason for existing?” he asked.Stephens outlines 10 reasons why retail should exist in 2021 and beyond, from product education to activism.

  • “I see Covid-19 not as a mere accelerator, I see it as a threshold,” said Stephens. “As a unique wormhole in time where society as a whole is being pulled out of the industrial era and across the threshold of the digital age.” Though 2020 was challenging for a lot of retail companies, it has made the big ones like Amazon, Alibaba, JD.com and Walmart even stronger and better prepared to capture more of the global retail economy.

  • Brands must think about purpose: what is the question your brand answers? Companies that succeed in the marketplace do this well. “When we buy Nike products, we’re buying a cultural point of view, and Nike answers a very specific consumer question. The question, of course, is ‘Who inspires me?’” Stephens said.

  • In the post-pandemic world, the media will no longer be just the message. “Every form of media now, that the consumer has exposure to, is no longer simply a call out to go to the store,” Stephens said. “Every form of media must be the store.”

 

Related Articles:

Take a Look Inside The Post-Pandemic Store

The New Rules of Brick-and-Mortar Retail

Tapping Into the Future of Physical Retail

 

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What Extended Lockdowns and Slow Vaccine Distribution Mean for the Fashion Business

What Extended Lockdowns and Slow Vaccine Distribution Mean for the Fashion Business

January 21, 2021

BoF’s Imran Amed and McKinsey’s Achim Berg discuss what the fashion industry can expect as the world continues to battle Covid-19.

With coronavirus cases surging in most of Europe, extended lockdowns show no immediate sign of easing, while in the US ongoing political and social unrest is set against a backdrop of widespread Covid-19 infections. For fashion, the repercussions will be felt for years to come, but the extent of the impact will largely depend on the handling of such crises over the course of the next year.In the latest episode of The BoF Podcast, BoF editor-in-chief Imran Amed and Achim Berg, global leader of McKinsey’s apparel, fashion and luxury group, discuss the key trends laid out in BoF and McKinsey’s joint annual report, The State of Fashion 2021, in light of recent developments.
  • While experts had warned that the winter months would be challenging, super-spreading virus mutations in Brazil, South Africa and the UK have further complicated matters. “It’s fair to say that we expected lockdowns, we expected restrictions, but we didn’t expect them that early, and we didn’t expect them to take that long,” said Berg, adding that these developments might indicate a slower-than-anticipated recovery for fashion.
  • The closing of physical retail and low consumer confidence has hit retailers both with and without e-commerce hard. “Even if online is growing at 50 percent, you cannot compensate for physical retail,” said Berg. But it’s not all bad news. “The moment things normalise, I think people want to have the shopping experience again,” he added.
  • Stores reliant on tourists for a large portion of their sales are reeling from losses as flights stay grounded, but there is also cause for optimism. “It’s a whole new game, but it’s also an opportunity” said Berg. “I would argue that because in some locations it was easy to serve international customers, they didn’t put [enough] emphasis on serving local consumers.”
 
 
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Big Tech’s Threat to Fashion

Big Tech’s Threat to Fashion

January 12, 2021
It’s hard to imagine running a successful brand in 2021 without advertising on Instagram, buying search ads on Google or selling on Amazon. At BoF VOICES, H&M’s Christopher Wylie and venture capitalist Roger McNamee talked about why that’s probably not a good thing — and how the industry can reduce its reliance on tech giants.
 
Before the pandemic, social media and e-commerce giants like Facebook and Amazon were ascendant. The physical isolation caused by the ongoing global health crisis has only consolidated their power. Nevertheless, fashion brands can’t rely on a handful of Silicon Valley firms to run their businesses, venture capitalist Roger McNamee said at BoF’s VOICES.
 
In an interview with Christopher Wylie, who blew the whistle on Cambridge Analytica’s improper use of Facebook user data during the 2016 election, McNamee outlined how big tech has touched off a “cascading series of catastrophes going from the online world into the real world.”
In fashion, Facebook, Amazon and Google have inserted themselves between brands and their customers. Though they offer unparalleled marketing and commerce capabilities, McNamee noted their clients pay a steep price in the long run by ceding control of such crucial elements of their businesses. But all is not lost.
 
“The fashion industry has a superpower,” he said. “You’re actually connected to culture, so people care what you have to say. You have to recognise as an industry that these guys are changing the rules and you have to fight back.”
 
 
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How to Master Sleep During the Pandemic

How to Master Sleep During the Pandemic

December 3, 2020
Good sleeping habits have been linked to higher productivity and better health. At BoF VOICES, Imran Amed discusses the secrets to a good night’s rest with neuroscience Professor Matthew Walker and Oura Founder Harpreet Singh Rai.
 
Thanks to the pandemic, people are spending more time in their pyjamas, but their sleep patterns are worse than ever. Job loss or worry about job loss and general anxiety surrounding staying healthy are among the chief causes for why sleep, on the whole, has become worse both in quality and quantity for so many.With “sleep hygiene” more important than ever, BoF’s CEO and founder Imran Amed spoke with Dr. Matthew Walker, professor of neuroscience and psychology at the University of California Berkeley, and Harpreet Singh Rai, CEO of wearable technology company Oura, as part of BoF’s 2020 VOICES conference.Deep sleep is when you refresh your “immune weaponry in your health arsenal,” Walker said. And better sleep has also been linked to making individuals more receptive to vaccines.
  • Singh Rai — whose wearable product, the Oura Ring, helps track sleep and other health information — explained that international stay-at-home orders during the pandemic have made many people less active. That’s bad for sleep quality, especially when coupled with an increase in screen time. “All of us are sleeping less on average and we’re more distracted than ever before,” said Singh Rai. Sleep progress should really be tracked like diet or a workout regimen because “whatever gets measured gets mastered,” he said.
  • A cavalier attitude to sleep can be costly because it is intimately linked to health and productivity. For example, Walker cited a study that found insufficient sleep costs most nations about two percent of their gross domestic product, amounting to $411 billion in the US. “If we could solve the sleep loss crisis within most first-world nations, [we] could almost double the budget for health care or for education,” Walker said. He added: People should consider sleep to be an “investment in tomorrow” rather than a cost on one’s time.
  • Among Walker and Singh Rai’s top sleep hacks: saunas and warm baths are highly effective at helping the body expel heat once you exit those environments, and help set ideal conditions for sleep; setting sleep alarms (those reminders that nudge you to bed at roughly the same time every evening) is just as important as an alarm to help you wake up in the morning; avoiding naps during the day, caffeine in the afternoon and alcohol in the evening allow people to grow tired enough for sleep at night; and finally, abide by the 25-minute rule: if you’re lying in bed for longer than that trying to sleep, then go and do something else (that does not include screen time or food) until your body is tired. “You would never sit at a dinner table waiting to get hungry. Why would you lie in bed waiting to get sleepy?” Walker said. “The answer is, you shouldn’t.”
 
Find out more about #BoFVOICES  here.
 
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Welcome to Retail Reborn from The Business of Fashion | Trailer

Welcome to Retail Reborn from The Business of Fashion | Trailer

September 14, 2020

In an exclusive new series from The Business of Fashion in partnership with Brookfield Properties, Doug Stephens and BoF investigate the seismic shifts transforming the retail ecosystem. From the post-pandemic consumer psyches to increased risk and growing calls for responsibility, BoF identifies the forces transforming the retail market and what they mean for the global industry.

The Retail Reborn Podcast launches on Tuesday 15 September. Subscribe now to never miss an episode.

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Jochen Zeitz on the Power of Fashion to Drive Sustainable Change

Jochen Zeitz on the Power of Fashion to Drive Sustainable Change

May 21, 2020

The former CEO of Puma has been one of the fashion industry’s leading sustainability advocates. As part of our special edition on building a responsible fashion business, Zeitz talks to BoF CEO Imran Amed about finding opportunities in crisis.

  • The former CEO of Puma has spent his career advocating, and sometimes agitating, for change to more responsible business practices. As he steps into a new role at the head of Harley-Davidson, he offers advice about finding opportunities in crisis.
  • “Iconic brands have a tremendous opportunity to contribute to a change in consumer behaviour as a whole,” Zeitz said, mounting a defense of consumer culture when managed responsibly. “Growing while reducing has to be the parameter of the future. We can grow, but we have to reduce our footprint over-proportionately to the impact we are having through our growth.”
  • The current crisis in particular could prove an important catalyst to drive change towards better ways of doing business. “Now you can make the business case for the planet and you can say what we’re experiencing now with the virus is just a fast way of experiencing climate change that will happen over decades,” Zeitz said. “This virus is testament for a needed fast change in order to deal with a much bigger crisis that will be affecting all our lives around the world in 20, 30 years to come.”
  • Companies that fail to move may well get left behind. “I look at every crisis as an opportunity… to look at your business and how you operate and say what can we really essentially change to adjust ourselves to the new normal,” Zeitz said. “If businesses don’t ask themselves that question, you will be part of history, rather than the future.”

 

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Special Edition: Alber Elbaz Is a ‘Zoombie’ Now

Special Edition: Alber Elbaz Is a ‘Zoombie’ Now

May 12, 2020

The designer speaks to BoF Editor-in-Chief Imran Amed about life under lockdown and the future of young designers.

 

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Special Edition: Imran Amed on Finding Opportunity in a Crisis

Special Edition: Imran Amed on Finding Opportunity in a Crisis

April 29, 2020

BoF’s Founder and Editor in Chief joins educator and activist Sinéad Burke to discuss how BoF is forging ahead during the Covid-19 crisis in a live event hosted by Istituto Marangoni.

 

 

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Special Edition: Li Edelkoort Says the Coronavirus Is a Representation of our Conscience

Special Edition: Li Edelkoort Says the Coronavirus Is a Representation of our Conscience

March 27, 2020

In the latest special edition of the BoF Podcast, the Dutch trend forecaster says that the coronavirus pandemic is bringing to light what is wrong with society, teaching us to slow down and to change our ways.

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Special Edition: Luca Solca on ‘The Worst Year in the History of Modern Luxury’

Special Edition: Luca Solca on ‘The Worst Year in the History of Modern Luxury’

March 19, 2020

BoF’s Imran Amed and the Bernstein analyst discuss what the sector should expect as coronavirus threatens sales and supply chains.

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