Episode 11

full
Published on:

15th Mar 2021

Steve Dennis on the Shifting Retail Space

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

Links:

Learn more about Steve Dennis, and connect with him on Twitter and LinkedIn.

Access Steve’s book, writing for Forbes, and podcast (especially the episode with Seth Godin!).

Learn more about Andy Murray.

Learn more about the “It’s a Customer’s World” podcast.

Learn more about the University of Arkansas and its Customer Centered Leadership Initiative.

Learn more about the University of Arkansas’ business school, 

Walton College

.

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About the Podcast

It's a Customer's World with Andy Murray
Equipped with more than 30 years of experience in retail, most recently as the Chief Customer Officer for Walmart Asda in the U.K., host Andy Murray is sharing his expertise through his new role as the founder and executive chair of the Customer Centric Leadership Initiative at the University of Arkansas Sam M. Walton College of Business. Now more than ever, retailers and brands are accelerating their quest to be more customer centric, but to be truly customer centric, it requires both a shift in mindset and ways of working, not just in marketing but in all parts of the organization. Through his initiative and this podcast series, Andy will be talking with practitioners, thought leaders, and scholars to hear their thoughts on what it takes to be a leader in today’s customer centric world.

About your host

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Walton College