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Episode 12

Steve Dennis on the Shifting Retail Space.

It's A Customer's World Podcast

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Steve’s book is noteworthy for its historical contextualization of retail, as well as for its eight practical principles. After asking Steve about the writing process itself, Andy wants to explore both sides of the book. Together, Steve and Andy discuss the need for retail businesses to be remarkable, the “muddled middle,” and the massive disruptions that have arisen within the retail space in recent years. Businesses have had to navigate unchanging variables, manage pressure on expense budgets, determine how to balance physical and digital spaces, and much more. All the while, the most successful companies have been those keeping the customer central, cultivating empathy, fostering personalization, and improving processes. As the conversation concludes, Steve pitches the retail profession, answers student questions, and shares what gives him hope.

Key Takeaways

 

0:42 - This episode features Steve Dennis, author of “Remarkable Retail”

2:01 - Steve’s decision to write and his book

8:41 - The “muddled middle”

12:40 - Certain variables are constant in the industry

18:08 - Driving sales and managing expenses

22:13 - Authorization of markdowns and the downside of averages

27:17 - The topic of customer-centrism

39:49 - The principle of being personal and methods for learning from customers

46:52 - Making a pitch work in the retail space

51:34 - Harmonized retail

55:14 - Characteristics of success

58:14 - Retailer ratings in 2021

1:00:16 - Steve’s hope for the future and Andy’s episode takeaway

Meet Your Host: Andy Murray

 

Andy is a highly effective senior leader with a passion for growth, creating cultures that unleash talent, and building capabilities through collaboration across functions. He has held leadership roles across retail (Walmart), CPG (P&G), start-ups (Mercury 11, Saatchi X) and global organizations (Asda U.K.). A creative problem solver, innovator, and marketer, he is known for building high-performing teams and delivering results.

Andy is a lifetime Honorary Board member of the University of Arkansas's Center for Retail Excellence where he helped developed the Center's presence and Innovation conferences. He is also an Early Board Member for the Soderquist Center for Leadership and Ethics college. Andy was inducted into the Shopper Marketing Hall of Fame in 2013 for his pioneering work in developing best practices and industry leadership in the emerging field of Shopper Marketing. He currently serves as Chairman of Asda Foundation.