Future of Department Stores

PREFACE A new future for department stores 7
Christopher Knee (IADS)

INTRODUCTION From one revolution to another 13
“Managing a department store is like solving a Rubik’s cube” Maarten de Groot van Embden (M3Cube) 19

ESCALATOR 1 The authority of a rich heritage 25
“The biggest threat for department stores? Mismanagement!” Maurizio Borletti (Borletti Group) 30

ESCALATOR 2 How to remain a pioneer in shopping experience 39
“Don’t try to sell products, sell memories” Vittorio Radice (Central Group) 45

ESCALATOR 3 Food deserves a prominent place 55
“Food becomes the new fashion” Franco Savastano (ex-Jelmoli, now Globus) 60

ESCALATOR 4 Surfing on the wave of international tourism 65
“Department stores are the love of my life” Debbie Klein (Leen Bakker) 71

ESCALATOR 5 Embrace digital technology 75
“Department stores should become the omnichannel hubs of the future” Olivier Van den Bossche (Metro) 82
“No one better than a woman to run a department store” Raymond Vaxelaire (ex-Inno) 88

ESCALATOR 6 Invest in human capital 91
“Retail? Actually, we are in show business!” Jeanette Aaen (Illum) 98
“Make your shoppers feel that they are being spoiled” Giovanni Colauto (De Bijenkorf) 102

ESCALATOR 7 Create remarkable retail spaces 108
“We don’t sell socks, we sell dreams” André Maeder (KaDeWe Group) 114

ESCALATOR 8 Of paramount importance: a solid financial basis 118
“We are experiencing the biggest revolution since the early days of shopping” Adam Fenwick (Fenwick Limited) 124
“A lot of customers still miss V&D” Ronald van Zetten (vd.nl) 130

ESCALATOR 9 Join the platform economy 136
“The future of our department stores is phygital” Philippe Houzé (Galeries Lafayette) 142

EPILOGUE Department stores of the future: palaces of entertainment 149