How the tech industry is shaping retail
Department stores like Macy's, Kohl's and Nordstrom recently released feeble first quarter results. What can the retail industry do to amp up sales? This CEO has the answer, according to the Chicago Tribune.
At ShopTalk, a technology and retail conference, Steven Lowy, co-CEO of Australia-based mall operator Westfield Corp., advised those in the retail sector to take hints from the technology industry.
"Clearly, there's a shake-up going on," he said, according to the report. "Amazon is having a massive impact. ... We understand the need to change and adapt."
Mr. Lowy has been adapting some of the tech industry's initiatives at his own company. For example, shoppers can now visit Westfield's website and peruse 4 million product offerings from 250 retailers. The company is also testing ways to allow shoppers to remotely order food at one of the mall's restaurants.
Finally, Mr. Lowy hinted at the need to collaborate: "We have to work together," he said, according to the report.
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