Saks Fifth Avenue CEO Mark Metrick is dismissing the concept of retail apocalypse: as retail is not done yet. However he reckons that department stores lost themselves along the way, from their beginning a hundred year ago when going to them was a day event for the customer. By being captive to the fashion cycle, department stores lost track with their customers: they were offering them collection as an inopportune moment, and the cost related to operations prevented investing into the experience itself. But Metrick reminds that department stores stand for fun, escapism, fashion and service, providing an experience well beyond transaction. The solutions he proposes are multiple: investing in supply chain innovation – to deliver products when needed -, in frictionless omnichannel experience – including a personalized customer experience-, and an outstanding experience.

Saks CEO: Department stores are struggling. Here's how to fix them