This week, Retail
TouchPoints released its Top
10 Stories of 2017. These articles chart the state of the industry, in
particular the recurring “retail apocalypse” chatter, as well as noteworthy
topics like off-price retailing, personalization and the growth of Gen Z’s
buying power.
The RTP editorial team shares what they think were the biggest and most
influential stories in retail throughout 2017.
Debbie Hauss,
Editor-in-Chief: For me, the most significant retail story of 2017 is
a celebration of opposites: retail is dying and thriving at the same time. We saw more
bankruptcies than ever last year, and apparently we need to be bracing
for more of the same in 2018. But at the same time that stores are closing, stores also are opening. Holiday sales were impressive, reaching close to $600
billion, based on early reports. In fact, Fortune suggested
the 4.9% increase in holiday sales could be the beginning of “Retail’s Big Comeback.” I am looking forward to the
vibe at the annual NRF Big Show in a few weeks…that is typically
telling of how retailers and their solution partners are expecting to fare in
the coming year.
Adam Blair, Executive
Editor: I wanted to identify what I felt was the biggest retail story of
2017 without mentioning that
Seattle-based-company-named-after-a-South-American-river, but it’s simply not
possible. Amazon’s purchase of Whole Foods was
a major event — not so much for itself, but because it supercharged the
always-busy Amazon rumor mill. In retail circles, “What will Amazon do next?”
is a guaranteed conversation-starter, and no guess is too far-fetched. Whatever
Amazon does do next — whether it’s buy Nordstrom, buy
Target, create its own private drone Air Force or announce same-day
delivery to the moon — that will be a strong candidate for the top news story
of 2018.
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Marie Griffin,
Managing Editor: CVS Health’s agreement to acquire Aetna is important
and impactful because it would redraw the lines that have
traditionally defined retail. The drug store has long been considered a
second-class citizen within health care because its highly educated and
knowledgeable pharmacists must practice behind a counter, but CVS challenged
that status by opening more than 1,000 in-store MinuteClinics staffed by
nurse practitioners and physician assistants. With Aetna’s network of doctors,
specialists, hospitals, labs, surgical and rehab facilities and so forth, CVS
has the potential to be a force in the health care world. I have no doubt
that other chains and insurers are planning to do something similar. But
don’t expect any of the drug, supermarket or mass chains that are looking to
expand further into health care to give up retail. With the anchor of
community-based health care services, you’ll see them chart a dynamic new
course for the long term.
Glenn Taylor, Senior
Editor: While not the biggest individual story of the year, the continued
decline of Sears is a perfect
example of how retail has drastically changed over the last decade. Sears
embodies all the struggles that retailers have dealt with in adapting to the
digital/consumer experience age, seeing declining
sales every quarter, closing
more than 350 stores in 2017, cutting
costs upwards of $1.25 billion and selling
its iconic Craftsman brand — all
while CEO Eddie Lampert desperately keeps it afloat with millions of dollars in
cash infusions. Whether Sears gets the basics right at this point doesn’t even
seem to matter, given the long-term damage to the retailer. Unfortunately for
Sears, it will be the poster child for industry mishaps going forward, being
known most as the company that remained stuck in the 20th century
for far too long.
Klaudia Tirico,
Features Editor: There were so many great retail stories in 2017 — our Top
Stories of 2017 article barely made a dent in the pile of trending topics we
covered throughout the year. Even “smaller” stories such as Patagonia’s
inspiring stance against the Trump administration to the beauty
industry’s inclusivity deserve a spotlight. I was personally fascinated by
the rise of influencers and how much of an impact they have on brands (when the
partnership is authentic, of course). One story that especially stood out to me
was this article in Women’s Wear Daily,
titled: ‘Superinfluencer’
Something Navy Soars at Nordstrom.
I follow Arielle Charnas of Something Navy on social media and saw the hype of
her line at Nordstrom first-hand. I was astounded to learn that Charnas
apparently drove more than $1 million in sales for Nordstrom with her exclusive
line. It just goes to show that influencers are not to be taken lightly. I’m
looking forward to seeing how influencer marketing evolves this year.
