Navigating the future of retail: insights from NEXT Summit 2024

Industry visionaries on embracing change, finding purpose, and building resilience

In the vibrant city of Miami, over 100 retail visionaries and industry leaders convened at the Brookfield Properties NEXT Summit 2024, igniting conversations about the future of retail. From forecasting emerging trends to sharing personal tales of resilience and purpose-driven leadership, the event proved to be a treasure trove of insights for retail entrepreneurs and burgeoning brands aiming to leave their mark on the industry. Here's an exclusive glimpse into what they had to offer.

Embrace the emergent future

In the fast-paced world of retail, the capacity to anticipate and adapt to emerging trends is paramount. Scott Galloway, renowned speaker and professor of marketing at NYU Stern School of Business, delivered a compelling message on the importance of forward-thinking leadership. His predictions, spanning from the resurgence of experiential travel to the transformative potential of technologies like GLP-1 agonists, underscored the necessity for adaptability and innovation in navigating the ever-evolving retail landscape. Embracing the emergent future isn't merely about foreseeing trends; it's about fostering a mindset of adaptability and innovation to stay ahead of the curve.

Lead with values

In a panel discussion of leaders from values-first brands Cotopaxi, Thirteen Lune, and Rhone, one thing was clear: integrating core values into every aspect of their operations not only helps them resonate with conscious consumers but also fosters a culture of purpose and authenticity within their organizations. From prioritizing sustainability and social impact to addressing systemic issues like racism and mental health, these three brands exemplify a values-driven approach to business. For young retail brands, leading with values isn't just a marketing strategy — it's a fundamental ethos that drives meaningful impact and long-term success.

Resilience in adversity

The stories of resilience from AMC Theatres CEO and President Adam Aron and TS Restaurants CEO Jackie Reed served as poignant reminders of the power of perseverance. Aron's unwavering commitment during the pandemic-induced entertainment industry downturn was palpable in his pledge: "We're not going down... we will figure it out." His leadership, underscored by iconic commercials and groundbreaking deals, breathed new life into AMC Theatres, propelling it into popular culture.

Meanwhile, Reed's leadership at TS Restaurants weathered the dual challenges of the pandemic and devastating wildfires on Maui. When over a third of their workforce lost their homes, Reed's dedication remained steadfast. She founded the Legacy of Aloha Foundation, distributing $1.8 million in grants to affected employees. These narratives underscore that resilience isn't just about surviving tough times — it's about thriving in the face of adversity and emerging stronger than ever before.

The insights and experiences shared at Brookfield Properties' NEXT Summit 2024 serve as a map for emerging retail brands navigating the dynamic industry landscape. From the imperative of embracing the future and the transformative power of purpose-driven leadership, to the vital importance of perseverance through adversity, the event illuminated the pathway to success in retail. For young brands absorbing these lessons and insights, let the inspiration and knowledge help you chart your own course toward success — shaping the future of retail with visionary leadership and unwavering commitment to your values and purpose.

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