The Business of Fashion Podcast

The Business of Fashion Podcast

by

The Business of Fashion has gained a global following as an essential daily resource for fashion creatives, executives and entrepreneurs in over 200 countries. It is frequently described as “indispensable,” “required reading” and “an addiction.”

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

To subscribe to The BoF Podcast, please follow this link.

Join BoF Professional for the analysis and advice you need. Get 30 days for just $1 or explore group subscriptions for your business.

Recent Episodes

  • 10 Retail Archetypes for the Post-Pandemic Era

    1 week ago
  • Rethinking the Fashion Rental Model for the Post-Pandemic Era

    2 weeks ago
  • A Crash Course on The BoF Sustainability Index

    2 weeks ago
  • The Multi-Versal Self and the Rise of Virtual Fashion

    3 weeks ago
  • Combatting Anti-Asian Racism in Fashion

    3 weeks ago
  • Sterling Ruby on His Boundary-Bending Work in Art and Fashion

    4 weeks ago
  • The Year That Changed the World

    4 weeks ago
  • Somali Supermodel Iman on the Struggle for Representation in Fashion

    1 month ago
  • The Business of the British Monarchy: What Happens Now?

    1 month ago
  • Norma Kamali on Rebelliousness, Creativity and How She Made a Lasting Business

    1 month ago