FT Live: Future of Retail 2024 review: CEO panel focuses on importance of tech and their changing roles

The importance of being a custodian of a business for the long-term was discussed at the FT Live: Future of Retail 2024 event in London by Alex Gourlay, Executive Chair at Holland & Barrett after its past financial struggles, and of having a “North Star” guiding your strategy by Lyssa McGowan, CEO at Pets at Home.

“We focus on people, pets and the planet as our ‘North Star’,” said McGowan, pointing to its £50 million donation to pet charities and the vital role of CX, during the FT event, which was held yesterday at Convene in the City of London.

Technology and delivering a good customer experience is obviously a part of any effective retail strategy these days.

“The omnichannel offer from us is vital,” said McGowan, alluding to the growing importance of online sales, alongside physical stores that attract additional business rates and expense. “Our stores act as distribution centres as well now [to maximise productivity –Ed.].”  

Going online

Another CEO panel member at the FT event, was Dan Finley, CEO at Debenhams, which came out of administration three years ago when its department store model hit hard times.

“We are principally a platform [online] business now,” he said, while explaining that Debenhams looks to build a community and work with partners to meet their needs, such as value, green, or any other consumer expectations they identify.

“We’re essentially stockless now,” said Finley, alluding to the dropshipping like model that the retailer is now following. This means that it doesn’t own its supply chain anymore. But it can use its strong hundreds of years old brand to attract online customers for third parties to fulfil the orders.

“The only direction we can go in now is forward,” said Finley, adding “It’s a privilege to be in charge of Debenhams and to be a CEO that can now respond positively when colleagues say: ‘I wish we could change this’? Now, we can change things.”

“Consumer needs are fluid,” he continued. “Customers go to brands that meet their price, delivery or other needs. We want to offer choice and be like Spotify [in our ability to meet any requests –Ed.].”   

“Our mission is to find out what consumers want to buy [using data –Ed.] and to meet that need. Technology and personalisation are super important in this context.”

Battling the Amazon death star 

According to Gourlay: “50% of our customers go to Amazon within 24 hours”. That is the challenge facing those with physical stores and their own, smaller online operations.

“We are responding to the challenge by refurbishing our [limited] online offering and also our stores to emphasise the experience,” said Gourlay. “We need to play to our strengths.”

Undoubtedly it is not easy battling Amazon in the wellness marketplace. But all of the CEOs on the panel at the FT event maintained that they wouldn’t have it any other way, arguing that they enjoyed their job.

“I love being a CEO, especially the ability to lead teams and people to success and to serve customers,” said McGowan. “The rewards outweigh the gripes.”