In this episode of Omni Talk Retail, Chris Walton and Anne Mezzenga interview Scott Price, CEO of DFIRetailGroup, live from the World Retail Congress. Price discusses DFIRetailGroup's structure as a Hong Kong-based multi-format retailer and his responsibilities as CEO, including strategy, resource allocation, and talent development. Reflecting on the past year, he highlights the company's shift to an operating company, debt reduction, profit increase, and stock price growth. The conversation shifts to retail growth, with Price emphasizing the importance of "how" (technology and data monetization through AI) alongside "what" (assortment, price, value). He addresses the impact of AI on the nature of work in retail, particularly on entry-level merchandising jobs, and the need to adapt talent development strategies. Price also touches on the balance between the art and science of merchandising, the role of innovation, and the challenges of consumer confidence in an uncertain economic climate, advocating for a pivot towards value and affordable innovation. Finally, Price emphasizes the importance of modernizing tech foundations and choosing the right AI platforms to monetize data and support vendor portals.
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