Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

World Retail Congress: It’s a whole new world, says former Saks president

“Retail is in an age of disruption and we’re in a period where the old rules don’t apply anymore,” said Steve Sadove, former president and chief executive of US retailer Saks, at today’s World Retail Congress.

Sadove outlined his top 10 ‘disruptors’ to the old ways of retailing, including onmichannel and the blurring of the lines between physical and digital.

He referenced the fact that many US retailers are no longer reporting online sales, but just sales regardless of which platform they come from. He also pointed out that “about 70-75% of consumers use mobile in some form to affect their buying decision”.

Other disruptors include price transparency and cyber security, as well as the changing consumer demographic.

In this context, Sadove said the number one thing retailers must continue to invest in is talent. He said: “Retail is one of the most complicated businesses out there and the requirements are fundamentally different to what they once were.

“Retailers need to attract the right talent and keep them by creating an environment where people want to make a career.”

Sadove concluded his presentation by reminding retailers that, despite the changing environment, the key factors for a successful retailer remain the same.

“No matter what changes we see, fundamentally what matters for a retailer is the products you sell and the level of service you provide. It’s simply about being able to do what the shopkeeper used to do – understanding the customers’ needs on a one-to-one basis.” ​

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.