The historical premise of retail was "more is better". However, science shows that too many choices overwhelms our brain; we get frustrated and cannot decide. Retailers curating choices can achieve more sales.
Retailers in decline tend to define themselves in terms of what they sell. Leading innovators define their business "they are in" as how to best serve customers. Trends indicate that the future of retail is in "the people business".
When you don't have the resources or infrastructure, the best way to compete with Amazon is do something different. Some of the smallest retailers are deploying strategies that other retailers can leverage for differentiation.
All too often senior management view staff as a "cost center" instead of an asset. Investing in store managers can pay many dividends in a store's financial success, as well as making stores stand out with customers.
A couple decades ago, retail was literally a standalone business. Few retailers today have the resources to compete head to head with Amazon. In order to remain relevant, retailers are collaborating with new partners.
NO one is safe or immune from retail transformation. Customer decide what, when and where, not the retailers. The retailers who will thrive are the ones who seek out trends and quickly adapt to stay relevant.
Today's retailers walk a tightrope of defending yesterday's strengths versus innovating for tomorrow. Future success lies in finding ways to be increasing relevant for consumers who have become channel agnostic.
A product centric heritage has perpetuated a focus on purchases. Winning is no longer just about the sale today, but how to reduce the overall customer effort and making it easy to do business across time and place.