The former CEO of Saks, Steve Sadove, says that what’s really fascinating is the convergence that is currently happening with online and brick and mortar stores. You have the Amazon’s of the world adding brick and mortar store options and then you have Walmart and Target and many others growing at 40-50 percent with their online sales.
Steve Sadove, former Saks CEO, discussed the online and physical store convergence on Fox Business:
Brick and Mortar Isn’t Dying
People buy for many reasons and a good part of it is the experience of shopping. About 80 percent plus of shopping is still done in a brick and mortar store. Brick and mortar isn’t dying, people want to touch and they want to feel. Just think about apparel. With apparel, my old company Saks was doing 30-35 percent of the product online but customers still want to touch and feel and meet with the associate and experience it.
What’s Fascinating is the Convergence of Online and Stores
What’s fascinating is this convergence of online and stores. The Amazon’s of the world are now opening up stores. Then you have the brick and mortar guys who are saying buy online and pick up in stores. Walmart is moving much more in the direction of being omnichannel, encouraging online shopping. Amazon is opening up stores. You have the pop-up stores, you have the Warby Parker’s who are online opening up stores.
The Good Retailer Provides the Experience Wherever They Want It
Then you have the brick and mortar people, Target growing 40-50 percent, Walmart growing 40-50 percent with their Internet business. It’s this convergence that really is what the consumer is valuing because they want to buy anytime, anywhere they want to get product. Some of them hate going into a store. Others just want to go into a store. The good retailer is going to provide that experience wherever they want it and they’re going to give them the value that they want.
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