John Lewis boss on future of retail
John Lewis Partnership, the UK's largest employee-owned business, has been a stalwart of the British high street for over 150 years. As the retail landscape continues to evolve, with the rise of online shopping and the decline of brick-and-mortar stores, the company's managing director, Paula Nickolds, is facing a daunting task: to ensure the future of retail.
“The high street is changing, and it's changing fast,” Nickolds says. “But it's not all doom and gloom. There are still opportunities for retailers to thrive, but they need to be willing to adapt and innovate.”
One of the key challenges facing retailers like John Lewis is the shift to online shopping. According to Nickolds, over 75% of the company's sales are now made online, and this figure is expected to continue to grow. However, this shift has also led to a decline in footfall on the high street, with many stores struggling to attract customers.
So what does the future hold for retail? Nickolds is optimistic about the opportunities for innovation and adaptation. “We're seeing a lot of interest in experiential retail, where customers can come into stores and experience products in a more immersive way,” she says. “We're also seeing a lot of interest in sustainability and social responsibility, with customers wanting to know more about the impact of the products they buy.”
As for John Lewis itself, Nickolds is confident that the company is well-positioned for the future. “We've got a great brand, a great customer base, and a great team,” she says. “We're not afraid to adapt and innovate, and we're committed to making sure that our customers continue to have a great experience with us.”
Author's summary: As the retail landscape continues to evolve, John Lewis boss Paula Nickolds is adapting and innovating to ensure the future of retail. With a focus on experiential retail, sustainability, and social responsibility, Nickolds is confident that John Lewis will continue to thrive in a changing market.
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