What Was The Biggest Retail Story Of 2017?
This week, Retail TouchPoints released its Top 10 Stories of 2017. These articles chart the state of the industry, in particular the recurring “retail apocalypse” chatter, as well as noteworthy topics like off-price retailing, personalization and the growth of Gen Z’s buying power.
The RTP editorial team shares what they think were the biggest and most influential stories in retail throughout 2017.
Debbie Hauss, Editor-in-Chief: For me, the most significant retail story of 2017 is a celebration of opposites: retail is dying and thriving at the same time. We saw more bankruptcies than ever last year, and apparently we need to be bracing for more of the same in 2018. But at the same time that stores are closing, stores also are opening. Holiday sales were impressive, reaching close to $600 billion, based on early reports. In fact, Fortune suggested the 4.9% increase in holiday sales could be the beginning of “Retail’s Big Comeback.” I am looking forward to the vibe at the annual NRF Big Show in a few weeks…that is typically telling of how retailers and their solution partners are expecting to fare in the coming year.
Adam Blair, Executive Editor: I wanted to identify what I felt was the biggest retail story of 2017 without mentioning that Seattle-based-company-named-after-a-South-American-river, but it’s simply not possible. Amazon’s purchase of Whole Foods was a major event — not so much for itself, but because it supercharged the always-busy Amazon rumor mill. In retail circles, “What will Amazon do next?” is a guaranteed conversation-starter, and no guess is too far-fetched. Whatever Amazon does do next — whether it’s buy Nordstrom, buy Target, create its own private drone Air Force or announce same-day delivery to the moon — that will be a strong candidate for the top news story of 2018.
Marie Griffin, Managing Editor: CVS Health’s agreement to acquire Aetna is important and impactful because it would redraw the lines that have traditionally defined retail. The drug store has long been considered a second-class citizen within health care because its highly educated and knowledgeable pharmacists must practice behind a counter, but CVS challenged that status by opening more than 1,000 in-store MinuteClinics staffed by nurse practitioners and physician assistants. With Aetna’s network of doctors, specialists, hospitals, labs, surgical and rehab facilities and so forth, CVS has the potential to be a force in the health care world. I have no doubt that other chains and insurers are planning to do something similar. But don’t expect any of the drug, supermarket or mass chains that are looking to expand further into health care to give up retail. With the anchor of community-based health care services, you’ll see them chart a dynamic new course for the long term.
Glenn Taylor, Senior Editor: While not the biggest individual story of the year, the continued decline of Sears is a perfect example of how retail has drastically changed over the last decade. Sears embodies all the struggles that retailers have dealt with in adapting to the digital/consumer experience age, seeing declining sales every quarter, closing more than 350 stores in 2017, cutting costs upwards of $1.25 billion and selling its iconic Craftsman brand — all while CEO Eddie Lampert desperately keeps it afloat with millions of dollars in cash infusions. Whether Sears gets the basics right at this point doesn’t even seem to matter, given the long-term damage to the retailer. Unfortunately for Sears, it will be the poster child for industry mishaps going forward, being known most as the company that remained stuck in the 20th century for far too long.
Klaudia Tirico, Features Editor: There were so many great retail stories in 2017 — our Top Stories of 2017 article barely made a dent in the pile of trending topics we covered throughout the year. Even “smaller” stories such as Patagonia’s inspiring stance against the Trump administration to the beauty industry’s inclusivity deserve a spotlight. I was personally fascinated by the rise of influencers and how much of an impact they have on brands (when the partnership is authentic, of course). One story that especially stood out to me was this article in Women’s Wear Daily, titled: ‘Superinfluencer’ Something Navy Soars at Nordstrom. I follow Arielle Charnas of Something Navy on social media and saw the hype of her line at Nordstrom first-hand. I was astounded to learn that Charnas apparently drove more than $1 million in sales for Nordstrom with her exclusive line. It just goes to show that influencers are not to be taken lightly. I’m looking forward to seeing how influencer marketing evolves this year.