John Lewis boss on future of retail
As the high street continues to struggle, the boss of John Lewis has outlined his vision for the future of retail.
Steve Rowe, who has been at the helm of the partnership since 2014, told the BBC he believed there was a "bright future" for the sector, but it would require a fundamental shift in the way retailers operated.
"We need to stop thinking about ourselves as retailers and start thinking about ourselves as service providers," he said.
Mr Rowe argued that the rise of online shopping had created a "massive opportunity" for retailers to focus on delivering excellent customer service and creating memorable experiences for shoppers.
He cited the example of John Lewis's new London store, which features a range of interactive displays and a "magic mirror" that allows customers to try on virtual clothes.
"We're not just selling products, we're selling experiences," he said.
Mr Rowe also highlighted the importance of investing in technology to help retailers stay ahead of the curve.
"We're investing heavily in artificial intelligence, machine learning and data analytics," he said.
He added that retailers needed to be more agile and adaptable, and to be willing to experiment and take risks in order to stay relevant.
Mr Rowe's comments come as the high street continues to face significant challenges, with many retailers struggling to compete with online giants such as Amazon.
However, he remained optimistic about the future, saying: "I think there's a bright future for retail, but it's not going to be the same as it was."
"We need to be ready to change and adapt," he added.
"We need to stop thinking about ourselves as retailers and start thinking about ourselves as service providers." - Steve Rowe, John Lewis boss
Mr Rowe's vision for the future of retail is centered around creating memorable experiences for shoppers and delivering excellent customer service.
He believes that retailers need to be more agile and adaptable, and to be willing to experiment and take risks in order to stay relevant.
As the high street continues to evolve, one thing is clear: the future of retail will be shaped by those who are willing to innovate and adapt.
Author's summary: In an effort to stay relevant in the face of online competition, retailers must shift their focus from product sales to customer experiences and invest in technology to stay ahead of the curve.