Richard Branson to Retailers – “Think Like An Entrepreneur”

Today is the last day of the NRF Big Show in New York City, the largest show in retail that kicks off the year here in the Big Apple. While yesterday was jam-packed with people, talks, and demos of the latest and greatest technology impacting the retail world, one event stole the show – the fireside chat with Richard Branson.

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Branson talked a lot about innovation and how he himself had to make some tough decisions along the way while evolving his own retail businesses.

“When we saw the handwriting on the wall for Virgin Megastores we decided, well, we don’t have to keep being a retailer. We looked at what products were selling well in our stores. It was the early days of mobile phones, so we decided to start a mobile phone company.” 

While a lot of topics were covered during the talk, I think it’s fair to say there was one sentence that has resonated through the show ever since it left Branson’s lips, in fact it’s even on the front page of the daily for today:

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In his talk Branson stressed the importance of retailers thinking like Entrepreneurs, embracing all of the technology and change taking place that they’ve traditionally been slower to adopt.

“I know it’s easy to glibly say this, but I think people who own retail stores should not think of themselves as always being retailer. They need to be entrepreneurial, and they need to spin off businesses on the back of their retail can make them money to help the retail stores survive.”

Yesterday I covered three key retail trends emerging from NRF and it’s things technologies like AI, VR, and IoT that the most cutting edge retailers are embracing and using to grow their business and improve the customer experience.

While five years ago it might have been okay for a retailer to slowly dip their toe in the water of innovation, like Branson said, now is the time to think like an entrepreneur and dive right in.

{ 2 comments… add one }

  • joe January 17, 2017, 5:04 pm

    Online sales of these years worldwide clothing, footwear etc., young women and men, do not need you to perfect human body measurements, brands: zara, mango, lacoste, adidas, ralph lauren, armani, etc. have their Own methods for your offline stores to have online connection to sell fast without a mathematical system and algorithm, or use virtual reality and sell millions of pieces a year without your inventions of exact measurements like making a tailor.

    The big brands use easy systems to sell and they themselves are retailers and think from entrepreneurial years, now they have surpassed the words titled by Mr. Branson, these brands have advanced to a market that is in a place and does not move because All think the same.

    If you follow the future of what you want to do with Fashion Metric and new entrepreneur of which your founder friend Morgan, I see that you go blind and not think well, the road is another.

    Now I do not sell how to leave written in the email sent to your email @Fashion Metric I changed thinking because I like the Amazon assistant is so useless that I create and now it is more viable to change the future of the markets, I do not want to be I am the most intelligent I am not like that, I am one among many intelligent people, but I think with an advanced perspective tomorrow, never thinking about today, it is a waste of time.

    Surely thinking that way has hurt me a lot in selling domain names, but for your data Uniregistry do the same as Moniker (I have tests) did all this market is perfectly a place where you must be yourself and sell yourself on your own website with a WordPress marketplace, Is what I am going to do, but I must also say that many will copy what I will do as innovation to earn more money, I am not a patent in marketing, there are no patents only and it is permissible in the US, no other country in the world is made Less as a trademark I will have a force of legality, I will practice it legal with my innovations, it is ahead of tomorrow, today include in my portfolio 50 new domain names of a single word. With the solution know in one of your post http://www.brandbucket.com, I am registered, they hope to value my domains.

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  • Keesha March 9, 2017, 8:29 am

    VC3n#2&0;tha8ks for the insight. You are right, the product is the bottom line. But I do think the Devils have done everything possible to make this an attractive building. And from Seton Hall’s standpoint, I think the building will improve Seton Hall’s product by providing a small but palpable boost in recruiting.

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