Can you believe 2023 is over?

And although 2024 has only just begun, fashion retailers should be prepared with strategies to engage consumers who have been pulling back on spending coming out of a good amount of holiday shopping.

Experts believe retailers will need a combination of good marketing ideas, tech, and a consistent level of quality to survive the year.

Quality is king

While costs are rising whether it’s for the customer or the retailer, whether they’re affordable, mid-tier or high-end, one rule is applicable for all: Don’t compromise on quality.

“As wallets tighten, consumers are pivoting toward value-driven purchases,” Benjamin Bond, principal in the consumer practice of Kearney, told Retail Brew. “Retailers like Uniqlo, which offer high-quality yet affordable products, are likely to capture the market's heart in these challenging economic times.”

Don’t be shy about AI

Of course, maintaining a level of quality while keeping costs low doesn’t come easy. Bond also recommends not being afraid to ask for help, whether it’s from your team or, you know, the computer on your desk. “The future of fashion retail lies in AI’s hands,” he said.

Keep reading here.—JS

Digitally native brands (DNBs) and physical stores take different routes to reach the same goal—sort of like Chicago deep dish and Neapolitan-style pizza.

Even though they start out as solely e-commerce plays, many DNBs are making the move to IRL channels. And Placer.ai’s latest white paper reveals how they’re doing it to grow their businesses and reach new audiences.

There are a few approaches DNBs typically take when bringing their businesses in person. They could build massive store fleets, hone in on a few well-placed stores, or just focus on temporary pop-ups.

Of course, there are different strategies to consider on this route. The main one? Location, location, location.

Learn how DNBs are making the most out of brick-and-mortar. Download Placer.ai’s white paper.

Solving an issue as complicated and multifaceted as shrink is a task that, on the surface, seems impossible. For many retailers, some shrink and shoplifting is accounted for on a yearly basis, but some are hoping new technology and legislation can curb it further.

As Retail Brew previously reported, some retailers are experimenting with more sophisticated loss prevention technology, which can range from locking up products behind plexiglass to implementing facial recognition tech that can collect customers’ biometric information.

• Retailers such as Best Buy and Home Depot have increasingly locked up more merchandise, while the facial recognition technology has faced scrutiny due to its own security concerns.

“I would assume that at the top of every retailer’s mind is a positive customer experience…that is safe, that is secure, and that is as unobtrusive as possible and easy for the consumer,” David Johnston, VP of asset protection and retail operations at NRF, previously told Retail Brew. “But if there are no preventative methods being used, it allows the thieves to walk right in and take what they want.”

Keep reading here.—KM

2023 was a big year for retail executive turnover, and the final month of the year didn’t disappoint, as retailers like Levi’s, Claire’s, and Ulta all announced major C-suite moves to close out the year.

• Levi’s CEO Chip Bergh announced he’s stepping down from his role, passing it over to president Michelle Gass, effective January 29. Gass, former CEO of Kohl’s, was originally tapped to succeed Bergh in November 2022.
• Claire’s named Parade president Chris Cramer, whose career also includes 20 years at Bath & Body Works, as its new CFO and COO.
• Ulta’s CFO Scott Setterson said he’ll retire on April 1 after nearly 20 years with the retailer, set to be replaced by SVP of finance Paula Oyibo.
• Revolution Beauty added Erin Cast as its new president of North America, while CFO Elizabeth Lake left her role, replaced by former Boohoo Group CFO Neil Catto.

Keep reading here.—EC