NEW YORK--(BUSINESS WIRE)--Expect to see a new wave of retail Chiefs with global expertise and a digital mindset, according to a new study unveiled today by Women’s Wear Daily and Berglass+Associates, an executive search firm specializing in retail and consumer goods. The study, which surveyed 127 retail professionals, 32% of whom were CEOs, found that there will be an overhaul of the C-suite and its boardroom by 2020.
“There are changes happening so fast in our industry that the present feels like the future,” said Les Berglass, founder and CEO of Berglass+Associates, which has placed leading CEOs and C-suite executives throughout the retail industry. “The need for leadership talent that aligns with an increasingly savvy consumer will drive a virtual redefinition of both the C-suite and boardroom.”
What you can expect to find in retail’s C-suite in 2020:
- Expect to see a different breed of Board of Directors. Only 22% of respondents believe their Board of Directors today is very effective. In fact, 60% believe the makeup of the Board (including experience and skillsets) will change by 2020, with 72% of these respondents expecting the Board to add leaders with technology backgrounds, and 64% expecting to add leaders with global expertise.
- CEOs must be more digitally savvy with global expertise. Survey participants recognized merchandising among the top three most important skillsets of a retail CEO both today and in the future. Digital/technology and global expertise round out the top three most important skillsets that will be required of successful CEOs in 2020.
- The Chief Customer Officer will enter the C-suite. The biggest change to the C-suite will be the addition of a Chief Customer Officer (CCO). While only 5% of the companies surveyed have a CCO today, nearly 25% expect to fill this role by 2020.
- Leadership will come from outside the industry. Nearly 70% of respondents believe that C-suite leadership coming from outside of the retail industry will increase by 2020, specifically from Technology (57%), Pure-Play e-Retailers (51%), and Consumer Packaged Goods (43%).
- Product innovation, consumer engagement and talent acquisition remain paramount to success. While great change is coming to the C-suite and boardroom, the survey found that retail’s core performance areas will remain the same. Product innovation (98%), consumer engagement (98%), talent acquisition/retention (98%), and providing consistent consumer experiences across touchpoints (98%) were the top four areas of focus in both 2014 and 2020.
Notes on Survey Methodology and Analysis
Berglass+Associates and Women’s Wear Daily conducted an online survey in July and August 2014 of 127 U.S. business leaders involved in the retail industry (including blended wholesaler/retailers, physical store operators, pure-play e-commerce, and investment community professionals) primarily focused on the apparel, accessories, footwear, beauty and consumer goods sectors. The purpose of the survey was to gauge and compare perceptions of leadership structure and responsibility in the retail industry today versus 2020. To receive a copy of the survey, please contact info@berglassassociates.com or 212.317.8080 x404.
About Berglass+Associates
Berglass+Associates is the premier executive search firm serving both the pure-play and brick-and-mortar retail universe. By combining a substantive history with a commitment to staying ahead of retail’s talent needs, they have successfully completed significant leadership placements. Its clients include Neiman Marcus, Fred Segal, Gilt Groupe, ModCloth, Coach, Restoration Hardware, Fanatics, Stuart Weitzman, Kate Spade, Reed Krakoff and The Fresh Market.
About Women’s Wear Daily
Women's Wear Daily (WWD), a Fairchild Fashion Media brand, is the media of record — and the industry’s voice of authority — for senior executives in the global fashion, retail and beauty communities and the consumer media that cover the market. FFM, a division of Condé Nast, includes WWD (Women’s Wear Daily), Style.com, FN (Footwear News), NowManifest, Beauty Inc, M and Fairchild Summits.
