On October 15, the 2024 CEO Summit unfolded in New York City, co-hosted by the RLC Global Forum and Wharton School’s Baker Retailing Center. For another year, this exclusive event gathered an elite group of over 150 executives from the retail and brand sectors, with the Summit’s theme, “Innovate for Impact,” echoing across each session.
This unique gathering was a compelling combination of thought leadership and practical insights as attendees explored innovative solutions designed to navigate the shifting consumer landscape. Its strategic programming ignited meaningful dialogues and explored pathways for the retail industry to embrace innovation and change.
Through the perspectives that influential industry figures shared, each session unpacked pressing topics that shape the future of retail—addressing sustainability, AI, evolving consumer expectations, and more.
Session Highlights
- The State of Retail: Adapting to a New Consumer Reality
In the opening session, John Furner, CEO of Walmart U.S., joined NRF’s Matt Shay to discuss the recent shifts in consumer habits and the rapid rise of digital grocery. Furner highlighted that Walmart’s fastest-growing service is now sub-three-hour deliveries, a clear indication of consumers’ increasing demand for convenience. These evolving preferences, paired with inflationary pressures, were examined as factors shaping a new phase of retail. “Inspiration has become a key factor,” said Furner, as more consumers seek ideas and products through digital media and influencers.
- Rethinking Fashion’s Footprint: Inside the Battle for Sustainability
Author and sustainability advocate Dana Thomas explored the fashion industry’s impact on the environment in a session moderated by the journalist, Teri Agins. Dana Thomas presented sobering statistics, such as the fact that garments are worn on average only seven times, with 20% of all clothing produced going unsold. Thomas also emphasized that overproduction is deeply intertwined with labor and environmental issues, making it impossible for fashion to be fully sustainable without curbing overconsumption. Legislative efforts in the EU and California are now pushing for stricter regulations on sustainability and greenwashing, aiming to force greater accountability across the industry.
- AI Transforming Retail Through Creativity and Efficiency
In this tech-forward session, Wharton’s Ethan Mollick provided an in-depth look into AI’s transformative role in retail. Mollick outlined how AI has enhanced operational efficiency, from generative AI tools in customer service to personalized shopping experiences tailored to each consumer. “AI has shifted from buzzword to baseline,” Mollick shared, noting that many in retail are embracing AI tools not only for creative engagement with consumers but also to optimize supply chain logistics and inventory management, creating a seamless experience that drives conversions and boosts ROI for advertisers.
- Shareholder Activism: Redefining the Power Balance
Mark DesJardine, Professor of Business Administration, explored the rising wave of shareholder activism and its implications for retail governance. With activist interventions at an all-time high, he discussed the need for retailers to proactively assess their vulnerability. “Independent vulnerability assessments and transparent communication with shareholders can serve as strong deterrents against activist disruptions,” he emphasized, illustrating with examples how companies like eBay quickly contained shareholder pressures, thereby maintaining stability and growth.
- The Power of Women’s Sports: Building Brands and Impacting Bottom Lines
The rise of women’s sports took center stage in this session with WNBA’s Colie Edison and New Balance’s Naveen Lokesh and moderated by the journalist Daniela Pierre-Bravo. They highlighted how the WNBA has expanded its reach, with Gen Z viewership surging by 247% in the past year. Edison pointed out the loyalty of WNBA fans and their strong alignment with sponsors’ values. Lokesh noted that the partnership with the WNBA has yielded significant brand visibility for New Balance, with their Gen Z audience engaging more deeply with their campaigns that feature women athletes. This session underscored the powerful synergy between brand identity and women’s sports.
- Election Economic Crossroads: What Budget Models Mean for Retail’s Future
The event wrapped up with insights from Wharton’s Kent Smetters on the upcoming election and its potential economic impact. Smetters provided an analysis of the proposed budget models from leading candidates, weighing how each approach might influence retail, particularly regarding taxation, regulatory changes, and spending priorities. He emphasized that both models offer unique challenges and opportunities, urging retail leaders to remain vigilant as these economic policies evolve.
The 2024 CEO Summit wrapped up with impactful insights and forward-thinking strategies, highlighting the role of innovation in shaping retail’s future. We look forward to gathering again next year.