In my latest article for Forbes, I explore Marks & Spencer Chairman Archie Norman’s session at the Retail Technology Show, where Norman declared that grocery e-commerce is a “desert of profit.”
He explained that although retailers around the world feel compelled to move into e-commerce, “nobody is really making true profit from food online.”
“There’s been more wealth destroyed in people trying to develop food online businesses than any other industry I can think of.”
In retail today, you need to have a laser-clear understanding of your brand and what it stands for.
But what if what you stand for is no longer culturally relevant? Can you shed your skin and completely reinvent yourself? Can you buy your way out of cultural insignificance?
The lingerie brand Victoria’s Secret tried to do exactly that and it hasn’t worked out so well. They’re now ready to ditch their feminist makeover and re-embrace “sex appeal”. On today’s podcast, we’re going to be exploring what went wrong at Victoria’s Secret, how they tried to fix it, and whether they can go back to their roots in a post-#MeToo world.
TLDL: Victoria Secret’s newfound conscience and subsequent brand overhaul whiffed of inauthenticity. Too much, too soon… alienating both those in favour (who perhaps questioned the integrity of such a radical makeover) and those not.