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tv   WSJ at Large With Gerry Baker  FOX Business  December 1, 2019 11:30am-12:00pm EST

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and others. every weekday on fox news right hear from six to nine eastern every morning, mornings with maria. i hope you willreat rest of the weekend. thank you for watching. have a beautiful thanksgiving weekend. see you again next time. >> welcome to "wall street" journal, thanksgiving is over. i hope you had a restful and happy holiday. it's that sacred time of year we get to reflect on important things in life, the true meaning of the holiday season. we go shopping, black friday, super saturday, will be spending, spending spending. the traditional idea of retailing at this time of year,
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rushing to stores like walmart at 4:00 a.m. on black friday for that 84-inch tv, it's changed in recent years. the shopping frenzy begins earlier in some ways, inevitably ends. these are days stores and malls are adorned with holiday lights, santa claus look-alikes and like friday sales are advertised long before anyone has even purchased a turkey. amazon and other online retailers, important for money is handed online sales. digital retailing has been so rapid and extensive in recent years, there's been widespread talk on a retail apocalypse. in recent years, famous names like toys "r" us, and borders book had filed for bankruptcy and money more have stroke. it's overdone. nine out of ten retailers in physical stores. recently online retailers,
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including the mighty amazon itself has been opening those stores and street. after visit almost 300 apple stores in the country this weekend to get a sense of how that human urge to stand with millions of other people waiting to buy something is not going away anytime soon. consumption still accounts for two thirds of economic activity. what consumers want and how to respond to it are key factors not only for retailers but for the economy as a whole. we are going to take a look at the future of retail and consumption in america. the overall retail industry and how it's changing from chief global contact officer, largest gathering of retailers in commerce in the world. before we get started, tell us what shop talk is. >> we are a large scale conference focused on innovation
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and retail. we were started with the idea that there's no single event that brought together the different parts of retail industry. one from established brands and retailers to venture backed startups, investors, real estate developers, agencies, everyone said to have significant impact in retail. we hold the event once a year, march 22 -- 25th this year in las vegas. they talk about all the different ways retail is changing. retail apocalypse, there are two sides. i think the one thing we can all agree is that retail is fundamentally changing. everything about how consumers discover shop is set to change. >> what kind of ideas, innovations or things have come up from this. >> i have been a number of new business technologies that we see, to change how we are
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shopping for products online and off-line. traditional retailers, you are seeing the explosion today of experiential retail, you are just going into stores to buy products but going into experience them. >> talk about that. learning how to cook and, how important is that for existence to continue? >> i think the experiential piece is incredibly important. experience is some kind of functional to entertaining. you can walk into experience how cold their jackets can withstand. >> then pay $900. >> exactly or you can go to the nike store test out your running shoes but ultimately, they are making these places people want to go. the stores that are not drink while are the retailers who
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haven't adopted. >> are the any experiential once it's helping maintain traffic and actual sales? >> yes, in many cases they aren't necessarily meant to direct sales, they are meant to expose shoppers to their products and introduce the brands to consumers. you seek the digital age watching stores these day and they are not looking to drive substantial sales through that one store but rather looking to attract new consumers to their brand. >> will go into a store, try out a product an event go home and order them online. that's okay? they are happy with that? >> yes. retailers are not just looking at the transactions that take place at the store but what they
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are driving in terms of online transactions. did they going to that store and ultimately make the purchase on their phone or laptop? >> we've seen these famous nam names, anybody can shopping visit shopping malls online, there's a sense that physical shopping is disappearing. i'm a typical man, 80 hated walking into a store, i like sitting at home and going online. but is that the general picture? >> no, is the short answer. it's not dying. department stores are being hit heavily. the apparel sector offer all is going through a lot of change. you look at the younger consumers, you are seeing new business models emerging. we commerce or the sale of preowned items, it's doing incredibly well right now.
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macy's and jcpenney, you've got the real one the has on public. #which involves social shopping. consumers will be hesitant to buy preowned. >> what we learn from those stores that are succeeding into those failing? what's the secret to survival and thriving? >> you are seeing retailers on the high end doing well and some on the lower end doing well. you take companies like lulu continuing to excel. >> i have learned that. >> you see companies like dollar general opening thousands of stores these year. >> they are doing well. discount stores similarly are doing well? >> yes. nursing companies like target continuing to do extremely well. they are one of the ones
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targeting the middle and doing a good job. >> you mentioned closing, can you tell us what's going on the? >> i think what's interesting in closing and apparel is younger shoppers are up approaching it different than older generations. rentals, subscriptions and we commerce and preowned goods resonating with younger shoppers. in many cases, they are doing it because of the cost or environmental impact but also social media. choppers are looking to pick out outfits that they might not need to own permanently but they want to use for their next instagram shop. >> rent aware. people don't require formal clothes for work, more casual fridays tooth now casual everyday. >> correct. one for the weekend one for the weekend, your seen companies like goldman going more casual when they move offices recently, they found hundreds of suit left behind which they are giving to
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charity. >> somebody is benefiting at least. up next, a closer look at the changes in retail, what's working and what isn't. stay with us. (chime) (shaq) magenta? i hate cartridges! not magenta! not magenta. i'm not going back to the store.
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retail specialist, daniel, shop talk is my guest. talk about the trends in retail, the ones that are doing well and successful. health and wellness. tell us how that is working. >> i think everyone is looking to get a piece of the health and wellness trend right now. it's happening globally, not something that is unique to the u.s. but rather around the world
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promote products that are more natural and organic. everything from food to beauty products to the peril they buy. i striving a number of new brands emerging as software looking to challenge those who are slower to jump on some of these trends. >> what does this mean, department stores are the particular target, is the concept of the apartment store for you by more, is that really dying? >> i don't think that concept is dying because again you look at retailers like target and fay are doing very well. their online sales are growing as well. clearly the idea that they go to a store and shop for different products is not dying. i think the department store is being hit hard by some of the things we've talked about within apparel, younger consumers shopping for clothing has changed. >> another area that seems to be interested in both stores that sell products, stores themselves
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and retailers themselves or two principles, how does that work? >> i think it's been interesting because i think particularly among the younger generation, they are looking to businesses to lead in these areas. they don't expect them to be followers and go along with governmental policies, they expect them to be out there taking a stand. you see companies that have long been trailblazers in this space. we seen others like rei, the ones you would expect to play a role the are also some bigger brands looking to address their supply chain, ensuring they are becoming more sustainable because they know if that's what they're shoppers wealth demand. >> i mentioned the apple store, they are realizing physical retailing makes a huge amount on mind but they still have enormous traffic to their stores.
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microsoft opens stores and others are looking to do so. how much do you expect that to grow? >> the tech sector overall will grow into what i think is interesting is how technology is playing out in stores, online in terms of changing the whole experience. you're starting to see new technologies really starting to hit the sectors -- >> augmented reality would allow you to upload a photo of yourself and be able to try out different colors of lipstick or foundations. different eyeshadow colors and be able to see what they look like on your. another example would be in furniture, home grid where you can picture that couch in your living there. hold up your phone and see it or picture that. >> that's a wild reality. i've done it myself a little bit but i'm assuming that technology has improved over time. >> exactly, it's easy to pan
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technology into the first generation but i think what we are seeing is a complete shift again and how choppers are going to consume and discover products as well. you are seeing things like the voice systems, another one in the early stages where your not seeing a lot of commerce taking place. >> might uses for an emergency. we need to take one more break. and more about the future of shopping and more about the digital revolution and how that's changing the way in which retailing works. stay with us. ♪ only one thing's more exciting than getting a lexus... wow! giving one. how did you guys...? >>don't ask. the lexus december to rembember sales event get 0 percent apr for 60 months
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we are talking about the future of retail. let's talk more about technology. everybody every company the vigil is accessed with billions of bikes, how is that transforming the retail experience? >> it's put transforming just about everything. shopping in stores, transforming shopping online, everyone these days has a strategy. rightfully so. it's one of those things that is capable of shifting a lot of retail. your seeing it being used not just in the customer experience month supply change and across all. >> you've got certain items, the retail company knows your interest and where you've been. sometimes it gets a little scary from privacy perspective but i can use that information to target and personalize your.
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>> absolutely. the poster children, netflix. you've seen companies like mcdonald's getting into a space, they are providing personalized menus. it certainly is happening, not just in retail but qs are and variety of different industries. >> should anybody be scared by that? you don't want somebody to know you, or exactly what you want to be buying. >> i think the privacy concerns are real but the retailers are figuring out how to address it. when something last week does facial recognition, he walk into a store so the store will know who you are. you have to say yes, i would be willing for this retailer to recognize me and provide me with a better expense. you see this with ddp are being rolled out, having too often and
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using cookies and consumers are being more aware of how their data is being used but i still like that personalize expense. >> how is the physical distribution of stores changing parks we just got too many stores. as we become more urban and small towns, how is the change in nature and geography going to change the experience? >> we are very much over start, we have far more square footage than any others like canada. >> why is that? >> they built up substantially for many years, the strategy was to build a new store or set of stores for a number of years and only now are they really starting to take a hard look at that approach, leading to the small format stores like target experimenting with them and
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urban areas. you're starting to see a number of retailers and focus on the remaining months so we will continue to see shrinkage in terms of total retail footprint and a much smarter footprint. >> is it possible we just got too much stuff, we have become overconsumption? people worry about this from an environmental perspective, or week just to the point were we have enough of what we need and we should maybe think about saving or giving or other things? >> i think yes, a lot of people feel that way and that has given rides to rentals and three commerce where you can still wear something new, experiment with new things but you don't feel quite so guilty having something manufactured. they are estimating three commerce will take over in terms of total revenues. >> will save more as a country.
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we don't save enough as a country. as much as we like to spend, we should spend less. thank you for joining me. our next, why it's important this holiday season more than ever rush to take a lesson from those through history who found peace and harmony despite living in times of conflict. stay with us. ♪ ♪ oh, ho! oh, ho, ho, ho!
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shaping up to be a somewhat unusual holiday season this year. christmas used to be a time for unity, hostility was suspended. people turned their minds to the higher things in life as opposed to unite us all. 1914 during world war i, german childers declared a truth in their fighting. staying sick christmas carols today and played soccer. recognition of the season celebrating the advent of the savior of the world after all demanded something from them transcended on partisanship. at least for one day. happy, that isn't much evidence here that holly season not even for one day. democrat will bring their impeachment inquiry to a completion in the house of representatives. republicans will denounce it and democrats will drive it.
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forces will continue to howl at each other across the no man's land of national politics. just because the confrontation goes on, doesn't mean we have to despise each other. thanksgiving holiday we just celebrated was inaugurated by abraham lincoln in the middle of the civil war in the country course really tearing itself apart. we confronted the nation to remember then as we surely should today, that the gratitude americans have for the many blessings should far exceed any resentment or hostility they may have toward each other or others. the message of that first thanksgiving proclamation is as much today as it was back then maximum peril. that's it for us this week, the latest show, be sure to follow me on twitter, facebook and instagram. next week, one of the country's most prestigious universities, the university of notre dame here on the "wall street journal". thank you for joining us.
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