Connections as Important as Content at NRF 2023

Connections as Important as Content at NRF 2023

NRF 2023: Retail’s Big Show drew record crowds following last year’s more muted turnout due to COVID concerns and the retail industry leaders in attendance were noticeably ready to reconnect with each other. We hosted and participated in several events throughout the week where making new (and old) connections were the top priority.

On Sunday evening, I led a conversation with Forever 21 CEO?Winnie Park?and members of?The Z Suite?at the?FrenchFounders?retail party, where we spoke about?Gen?Z shopping behaviors and how Forever 21 is adapting to keep these consumers engaged.

At our annual?Retail Influencer Network?CEO Dinner at Le Bernardin,?Forbes’?Steven Bertoni?led a discussion with?nearly?70 retail CEOs and business influencers on the new consumer mindset, the evolution of the luxury market, and how retailers are investing in marketing technologies.

We also partnered with the?NRF?to hold our annual press breakfast, where?Steve Sadove?and?Stacey Widlitzmoderated a conversation spanning consumer sentiment, the state of the supply chain, the need for brands to leverage marketing technologies, and the future of work.

To close out our events, we held a dinner event at Saks on Tuesday evening with?The DealmakeHers?that focused on women and their personal investment strategies and?featured CNBC’s?Sharon Epperson?and?ForbesWomen’s?Maggie McGrath.

Below are some of our top takeaways from the discussions at our NRF events this week:

·???????Connections valued over content.?Retail leaders used to go to industry trade shows mainly to learn about the latest technology and trends, but attendees seemed just as interested in networking and dealmaking this year as they were in listening to the presenters on stage. At the events we hosted and participated in, guests were focused primarily on fostering introductions, meeting potential investors, and exploring partnerships and deals.

·???????Companies are reimagining how they show up at industry events.?Exhibitors at NRF put their creativity and hospitality on display in fresh, impressive ways this year. Post-purchase pioneer?Narvar?created an unmissable and highly memorable presence at the show with an enormous lounge featuring a candy wall right at the entrance to the convention center. The lounge had comfy couches with pillows and was so visually and sensorially inviting that even attendees who weren’t looking to meet with the company felt compelled to sit down and chat in the space.

·???????While the term “metaverse” has lost some of its shine, virtual selling is alive and well.?Meta’s tech challenges last year (the company was widely criticized when it debuted human avatars with no legs in its virtual world) made the word “metaverse” decidedly less buzzy and showed that achieving the full potential of Web 3.0 will take longer than most anticipated. But consumers don’t really care what these spaces are called and?Sarah Willersdorf, Partner and Managing Director at Boston Consulting Group, noted at our Retail Influencer Network CEO Dinner that?next-gen virtual experiences will be an increasingly important part of retail.Brands like Forever 21 are already seeing significant success selling in virtual environments: last year, the brand sold so many of its “Forever” digital beanies on Roblox that it decided to launch an IRL version, too.

·???????Gen Z is redefining fashion resale.?The Z Suite panelists who shared their insights at the FrenchFounders event Sunday night noted that they tend to carefully curate outfits that express their individuality and that they’re willing to hunt for pieces they love across shopping channels and formats. Where older generations might shop for a complete outfit from a single retailer or brand, Gen Zers are not looking to be marketed to or told what to wear by brands. They pride themselves on their shopping savvy and are happiest finding unique pieces they treasure and mixing and matching premium brands and mass-market labels, different patterns and colors, and vintage pieces they’ve thrifted with items from their parents’ and friends’ closets.

·???????People are investing in fewer, better things.?Luxury was one of the first categories to see a big slowdown at the start of the pandemic, but it’s rebounded strongly, albeit among a shift in the consumer mindset. As people decluttered while stuck at home during the height of COVID, many reevaluated their priorities and decided to invest more intentionally in their well-being and their wardrobes. One result is a newfound focus on legacy investment pieces, even among younger shoppers. Instead of choosing the latest buzzy collab piece, many of today’s luxury shoppers are investing in classics that will hold their value or appreciate over time.