CART Weekly Report 7/18/19

CART Weekly Report 7/18/19

CART, Advancing Retail

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MORE STORE CLOSINGS COMING: AN ESTIMATED 12,000 SHOPS COULD CLOSE BY THE END OF 2019 | USA Today

Gary’s Take: A recent report from Coresight Research states that 2019 store closings are already ahead of last year by 20%; they estimate store closures could reach 12,000 by the end of the year. UBS Securities estimate that 75,000 stores could close by 2026 if ecomm sales rise to 25% of retail from current level of 16%. The supermarket channel has largely escaped any significant closings thus far but I do not expect this to continue as online grocery continues to grow and disruption continues sweeping the industry. As happened in the mid 1990s when Walmart entered grocery, triggering a wave of consolidation as bigger players sought to scale up to compete, independent and smaller regional retailers are going to take the brunt of the hit as they can’t keep up with tech innovation and investment. Smaller retailers must quickly find a way to truly differentiate themselves if they have a hope of surviving. The alternative is either going out of business or becoming a glorified convenience store as primary grocery sales are rolled up by the bigger players.

PERSONALIZATION MATTERS: HERE ARE 5 GREAT EXAMPLES | Smart Design World

Gary’s Take: Personalization in retail is rapidly becoming a customer expectation and a need-to-have by retailers. Like other terms that become ‘hot’, personalization is the latest overused buzzword. The scary part is that many retailers are not experts in this space and can fall prey to 'personalization’ capabilities that are really not. I would suggest that retailers should really be focusing on providing contextual relevancy that goes beyond pure personalization and focuses on providing meaningful messaging (recipes, savings, new product intro, etc.) to each customer. And, like some of the examples in this article, state of the art is realtime relevancy. This is very challenging to do and is dependent on deep integration between digital touchpoints and a relevancy engine that processes in realtime.

FLORIDA’S DMV IS SELLING DRIVERS’ PERSONAL INFORMATION TO BILL COLLECTORS AND DATA BROKERS | Fast Company

Gary’s Take: Data privacy? Really? A recent investigation by ABC affiliate has just found that Florida’s DMV has been selling license data to bill collectors and data brokers. This while governments - from state to federal - are increasingly inserting themselves into the ongoing privacy debate. Data privacy is an issue that continues to percolate, boiling over periodically as malfeasance by Facebook or assorted app providers comes to light. I do believe that privacy is going to become an increasingly important issue that is going to threaten digital advertising and marketing initiatives. Retailers would be well served to really focus on driving comprehensive digital engagement with their shoppers ASAP to build their repository of first-party data for the future. 

WHAT MAKES GREAT RETAIL LEADERS | RetailWire

Sterling’s Take: Having a CEO that exemplifies what the company stands for and puts themselves on the line for significant positive change is key to culture. And culture is the key to everything (what it’s like to work there, why everyone is there and what new ideas come up/are embraced, etc). Supporting those same traits amongst the team is a success recipe that transcends any strategy, technology or trend.

WHO OWNS CUSTOMER SERVICE IN AN AGE OF CO-BRANDING | RetailWire

Sterling’s Take: The responsibility for customer service comes down to the person standing in front of the customer (or on the phone with them). It’s definitely a growing issue with all the co-branding and partnerships and ultimately retailers need to ensure great customer service, no matter what agreements are in place behind the scenes. The co-branding can only be as great as the service and customer experience they can provide.

FEATURED BLOG OF THE WEEK: 

FROM THE INNOVATION GAP TO THE KNOWLEDGE GAP
by Gary Hawkins, CEO, CART

I have often written about the growing innovation gap - the divide between the exponential growth of new tech fueled capabilities and the much slower deployment of new solutions in brick & mortar retail. This growing innovation gap is a major challenge to traditional retailers…READ MORE>>

HAPPENINGS:

UPCOMING RETAIL TOMORROW INNOVATION DAYS/EVENTS

OUTLOOK LEADERSHIP - August 11-14, 2019 in Asheville, NC

The convenience industry’s premier, invitation-only event, that you cannot afford to miss. In a world of accelerating change, where we are going and how do we build our organizations to thrive there? Sterling Hawkins will take attendees on a retail journey.
C-Store operators can register today at https://outlookleadership.com/ using Invite Code: power

REFLEXIONS 2019: INTELLIGENT RETAIL - August 12-15, 2019 at Caesars Place in Las Vegas

GROCERYSHOP - September 15-18, 2019 at the Venetian in Las Vegas

Minding the GAPS - CGA Strategic Conference 2019 - Mission Hills Country Club in Rancho Mirage, September 29-October 1, 2019

GMDC Self-Care Summit - October 3 thru 7, 2019 in Indianapolis, IN

X/Specs 2019 - October 15 thru 17, 2019 at the Waldorf Astoria, Orlando 

SPECS Show 2020 - The ForeFront of Physical Retail - March 15-17, 2020, Gaylord Texan, Dallas

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About the Author

CART is Advancing Retail by connecting the industry to innovation. Retailers, wholesalers and brands utilize CART to find, research and connect with solutions appropriate for their businesses. Solution providers use CART as a go-to-market tool that connects them directly to their target retail audience, all the way into the brick and mortar store itself. CART has unparalleled insight into what’s next in retail and shares this information regularly through multiple channels.


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