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“What activities do you have in that store in order to bring people in?” Telsey Advisory Group chief research officer and CEO Dana Telsey said department stores can thrive if they ask themselves that question. “Today, innovation is not just about goods. It’s about experiences.
Telsey joined JLL Americas research director James Cook for his podcast “Where We Buy,” recording on the show floor at ICSC’s New York Deal Making.
“For department stores, it’s all about concept execution and management,” Telsey said. “The most important element of execution today is speed because you have to be seamless for your customer. That’s why buy-online, pick-up-in-store matters. Speed is going to take on an even greater priority for capital investment for retailers.”
Data is crucial, as well. “It’s about using data to provide management with a plan for the future. If you innovate, if you do it with speed and if you have data people can learn from, department stores can work to be better.”
Listen to the full podcast on the Web, or via Apple podcasts or Spotify.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
