The RealReal’s Post

Such a wonderful article about Rati Sahi Levesque, our leader at #TheRealReal. "Our job is to educate people on resale, because 50% of consigners have never consigned before. We really are having to teach people about what holds its resale value and what doesn’t, so they’re empowered to make better shopping decisions. As we do our awareness studies every year—we take more of a macro view of our consumer base—one of the stats I’m really proud of is that we are replacing fast fashion. So instead of buying fast fashion, consumers are thinking about The RealReal, because they can buy and then resell an item. It’s totally different." #resale #resalefashion #secondhandfashion #consignment

When Tony Spring was told he was going to be the next CEO of Macy's, he was so excited that he had to pinch himself to see if he wasn't just dreaming it while asleep. He then began his first 100 days staring out the window of his office, asking himself a scary question: Can a once legendary company get back its mojo after it is long gone? As one of the oldest and largest department stores in the nation, Macy's is a legendary icon of American retail and one of America's most beloved companies. It was known for its famous Thanksgiving parade and Fourth of July fireworks. It was the first store that had a Santa Claus with a knee kids could sit on. It was a must-see for anyone taking a trip to New York City. They came also to see Macy's heart-stopping window shopping displays with their hidden promise of attainable luxury. R. H. Macy started his business (a dry goods store) in Haverhill Mass or Merrimack Street, before opening a store in New York City in 1924. It was soon to become the dominant retailer in America for decades, R. H. Macy was a real entrepreneurial innovator who created the modern department store as we know it today in an age where America was a nation of small shopkeepers. Macy's always keeping his ICP in mind (ideal customer profile), newly prosperous Middle Americans, implemented a series of policies never seen before in retail, including a store charge card and creating a one-price system rather than bartering. He and his team also introduced then-revolutionary products to the New York City market, such as the tea bag, the Idaho baked potato, and colorful bath towels. The company was a growth-oriented and highly profitable retailer for decades but lost its shine and competitive edge. Macy's started to go downhill when it changed its philosophy from "Small is beautiful" (meaning one store) to "Bigger Is Better." They started opening stores all over the place that there wasn't a market for, and its supply chain couldn't support. This resulted in being sold to Federated Department stores and a mountain of debt. Today, Macy's is in the middle of selling off 150 stores as a result of thinking again about Peter Drucker's question: What is our business and what should it be? The CEO of Macy's believes the company can become legendary again if it recaptures its original entrepreneurial spirit and becomes an innovator, rather than just another "me too" competitor in a crowded marketplace. In the future, it will focus on building its business around a group of 100 key stores in parts of the country that are natural high-growth markets, fashion-forward trends by low-cost designers, and online retailing where it has a big business. Are you running a once-legendary company that has lost its mojo? Would you like to get it back? Book a 1:1 #Macy's #BusinessTransformation #CEOJourney #RetailIndustry #InnovationInRetail #EntrepreneurialSpirit #MarketStrategy #FashionForward #RetailTrends #CEOChallenges

Tough love is rarely appreciated at the time: Turnaround expert, Pippa Wicks, leaves John Lewis. I’m a big fan of Pippa Wicks. She has a fantastic record as a top turnaround practitioner and when she was appointed to lead the John Lewis Partnership’s turnaround in 2020, I thought they were in safe hands. As such I was surprised to learn that she had exited the position in February of this year. Although the details on why she left are scant, one article (linked below) cites a culture clash between her “hard charging management style” and the more genteel partnership. If so, my sympathies go out to Pippa because this is one of the hardest parts of any turnaround. Making the tough calls often means disrupting the familiar, which can be met with resistance from employees and stakeholders. Deciding on the strategic and operational changes needed is actually the easy part. Making that journey into a team project that everyone can get behind is the challenge. Through this process you are painfully aware that drastic change is needed to turn the ship around and delaying this process is only hurting the people you have been brought in to help. With the best of intentions, this generates a sense of urgency and this tough love isn’t always appreciated at the time. There will be much more to this story but no doubt this is a thread that will have been running through their three years together. So here is wishing both Pippa and John Lewis the best for whatever comes next. Link to the article: https://lnkd.in/eGHyjHma   #BusinessTurnaround #ChangeManagement #CompanyCulture #K2BusinessPartners

Mark Fenwick, rock star manager and former chairman of the family-run department store empire, was our Lifetime Achievement winner at Drapers Awards 2023. He tells us about modernisation, management and battles in the boardroom at the 140-year-old Fenwick business. Subscribe to Drapers to read more. #Fenwick #DrapersAwards #DrapersAwards2023 #DrapersAwardswinners #departmentstore #retailnews

📢This is no surprise Frasers Group and Next eye Ted Baker takeover - TheIndustry.fashion 🎯 💼 With Ted Baker's UK and European operations in administration, high street titans have emerged as potential saviours. As retail aficionados, their track records speak volumes - Frasers Group and Next are not strangers to breathing new life into faltering fashion labels. 🧐 The closure of 11 Ted Baker stores brings an air of urgency to the table. With jobs on the line and a heritage brand at stake, all eyes are on the resilience of brick-and-mortar retail. 🕒 Time is ticking with a six-week window for bids. This acquisition could mean a revitalized Ted Baker presence, keeping the high street's unique touch intact. 📊 Industry watchers, stay tuned as the next three weeks could unveil the next chapter in this iconic brand's story. Will it be Frasers Group or Next writing the headlines? Surely the brand will be saved.... #FashionRetail #TedBaker #BusinessStrategy

📢This is no surprise Frasers Group and Next eye Ted Baker takeover - TheIndustry.fashion 🎯 💼 With Ted Baker's UK and European operations in administration, high street titans have emerged as potential saviours. As retail aficionados, their track records speak volumes - Frasers Group and Next are not strangers to breathing new life into faltering fashion labels. 🧐 The closure of 11 Ted Baker stores brings an air of urgency to the table. With jobs on the line and a heritage brand at stake, all eyes are on the resilience of brick-and-mortar retail. 🕒 Time is ticking with a six-week window for bids. This acquisition could mean a revitalized Ted Baker presence, keeping the high street's unique touch intact. 📊 Industry watchers, stay tuned as the next three weeks could unveil the next chapter in this iconic brand's story. Will it be Frasers Group or Next writing the headlines? Surely the brand will be saved.... #FashionRetail #TedBaker #BusinessStrategy

🛍️ House of Fraser may vanish from the high street! Frasers Group CEO, Michael Murray, reveals plans for a massive rebrand, shifting away from traditional department stores to a premium concept model filled with the group's brands. Murray emphasised the need for change, stating, "House of Fraser was a broken business when we bought it." The future envisions Frasers growing while House of Fraser diminishes. Murray plans to downsize larger stores, believing most department stores could maintain the same turnover with half the space. With Frasers' success, including recent profits doubling to over £660m, the retail giant is navigating a transformative path. Stay tuned for the evolution! 🏬 https://bit.ly/3trmxNL #HouseOfFraser #RetailRevolution #FrasersGroup #BusinessTransformation

It is generally all doom and gloom when business media write about department stores. This article by the FT strikes a more positive, balanced tone. I particularly like the quotes by ex-Selfridges employee and current Fenwick’s CEO, John Edgar: “When I first started working at Selfridges . . . it was like a stage set being reset every morning for the performance of the day and that’s a different mentality to somebody just unlocking the door and saying ‘Right, now we’re open, can we take some money?’” “That’s what we try and do in this type of business and that’s what department stores are about — it’s about a performance for the day to entice people to excite themselves.” “We’re trading on experience . . . exclusivity, uniqueness, and hospitality.” …to which I would add sustainability. There is something about the theatre, longevity and community-building powers of department stores that simply cannot be replicated by any other type of business. Don’t write us off just yet.

Mark Fenwick, rock star manager and former chairman of the family-run department store empire, was our Lifetime Achievement winner at Drapers Awards 2023. He tells us about modernisation, management and battles in the boardroom at the 140-year-old Fenwick business. Subscribe to Drapers to read more. #Fenwick #DrapersAwards #DrapersAwards2023 #DrapersAwardswinners #departmentstore #retailnews

Mark Fenwick, rock star manager and former chairman of the family-run department store empire, was our Lifetime Achievement winner at Drapers Awards 2023. He tells us about modernisation, management and battles in the boardroom at the 140-year-old Fenwick business. Subscribe to Drapers to read more. #Fenwick #DrapersAwards #DrapersAwards2023 #DrapersAwardswinners #departmentstore #retailnews