Power of Partnership: Matthew Shay and Telling Retail's Story

The retail industry in the United States is huge – not only is it the country’s largest private-sector employer, responsible for one in four U.S. jobs, but it contributes $3.9 trillion dollars to the annual GDP. Even at such massive scale, it’s also an incredibly supportive and close community thanks to organizations like the @National Retail Federation (NRF). NRF represents the retail industry – from advocating for its policy interests in D.C. to research reports to impactful community moments like Retail’s Big Show.

@Matthew Shay has been leading the NRF for over 13 years as its president and CEO, transforming the organization into a powerful force in Washington and a support system for its members. Throughout the course of his career, he’s seen the retail industry adapt to an ever-changing world and advocated for its digital revolution.

Keep reading for our conversation on the importance of physical stores, how NRF is working to combat retail crime and his best advice for up-and-coming leaders.

Marc Rosen: You’ve been at the helm of the National Retail Federation for over 13 years. In that time, the industry has transformed in many ways. As you reflect, what changes stand out? What’s stayed the same?

Matthew Shay: One transformation that stands out to me is the rise in ecommerce, and how many believed online shopping was going to completely overtake the in-store shopping experience. In reality, as I am sure you are seeing from the data at JCPenney, in-store shopping is more important than ever and continues to dominate the total share of retail sales. Successful retailers have reimagined their offerings to meet consumers both online and in-store, creating an integrated experience that blends channels. Retailers are driving this transformation through innovative thinking and smart investments that improve the customer experience regardless of however, whenever and wherever they want to shop.

Adapting and changing to meet the evolving needs of consumers has always been and always will be a top priority for retailers. Understanding the consumer and anticipating their needs is critical to retail’s success and that’s why no other industry is closer to the consumer than retail. And no other organization is closer to retailers than NRF.

MR: NRF boasts thousands of members ranging from the nation’s largest retailers to small businesses from all around the country. No matter the size or specialty, NRF finds unique ways to equip, amplify and support their work. What’s key to making these partnerships work?

?MS: NRF’s ability to convene retailers of all shapes and sizes has allowed us to build and facilitate some truly special networks and partnerships. Every retailer has a unique story to tell – whether it’s about the innovative products they offer, their role in their community, the people they employ, the convenient shopping experience they provide, or in the case of JCPenney, a rich history of over 120 years in business. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. NRF empowers retailers by serving as a platform to tell retail’s story.

MR: In my time as CEO, I, along with many members of my team, have had the pleasure of working with the NRF team in various capacities. We love being a part of the work you all are doing – from recent podcast and conference appearances to supporting the incredible advocacy work you do on behalf of the whole industry. Are there specific moments that stand out to you in the work we’ve accomplished together?

MS:? The most recent accomplishment that stands out was NRF’s Fight Retail Crime Day on October 26. NRF convened retailers in the nation's capital in support of bipartisan legislation to address organized retail crime. To kick off the day, NRF hosted a press conference on Capitol Hill with congressional sponsors of the Combating Organized Retail Crime Act of 2023 (S. 140/H.R. 895). Speakers included Sen. Chuck Grassley, R-Iowa, Sen. Catherine Cortez Masto, D-Nev., Rep. David Joyce, R-Ohio, Rep. Dina Titus, D-Nev., Rep. Susie Lee, D-Nev., Rep. Glenn Ivey, D-Md., and Rep. Ruben Gallego, D-Ariz.

Fight Retail Crime Day was attended by 70 retail asset protection executives representing more than 30 retail brands including JCPenney. Seventy-three retail companies signed a letter to members of Congress calling on them to support CORCA, and 65 meetings were held with congressional offices by retail delegations. Collaboration with large retailers like JCPenney is critical to our ability to mobilize and influence.

Organized retail crime is about more than retail. Combating it involves a collective effort, and CORCA takes us one step further to increase collaboration among federal law enforcement agencies, retail investigators, state agencies and local law enforcement. This legislation is a critical component in helping to stop these crimes from happening by prioritizing the health and safety of associates and the consumers who shop in our stores.

MR: Career-pathing in retail and beyond has changed dramatically over the years. What advice would you give to up-and-coming leaders finding their way in the industry today?

MS: One of?my greatest mentors was Doc Cohen,?an entrepreneur who ran more than 100 Great American Cookie and Pretzel Time franchises with more than 600 employees. I once told him how impressive it was that he built it all by himself. Doc looked straight at me and said, “The last thing that I ever did by myself was hire my first employee.” He was right – no one accomplishes anything great by themselves. You must engage with and enlist others to achieve true success.

MR: Now for some rapid-fire questions. Favorite thing you’ve watched, read or listened to recently??

MS: I’m not much for the “whodunit” and mystery genre, but I recently read and watched “A Haunting in Venice” based on the Agatha Christie novel “Hallowe’en Party.”?It was entertaining and thoroughly enjoyable.

MR: Do you do most of your shopping in-store or online?

MS: I am a pure, unabashed, 100% omnichannel shopper. There are times when I love the in-store journey of exploration, and other times I know exactly what I want and prefer the instant gratification of digital fulfillment. To me, it’s not an either/or proposition. The online world improves the in-store experience, and the in-store experience enhances the digital online experience.

MR: What piece of advice would you give your younger self?

MS: Enjoy the journey and don’t obsess so much about when you’ll reach the next stop en route to your destination – you’ll get there eventually. There’s no rush.