In this file:
· Walmart.com CEO Marc Lore addresses 'frustration and tension' between him and the company's head of stores
· The head of Walmart's invite-only shopping service dishes on what wealthy customers want out of the future of shopping
Walmart.com CEO Marc Lore addresses 'frustration and tension' between him and the company's head of stores
· Walmart e-commerce CEO Marc Lore on Monday addressed "frustration and tension" between himself and Greg Foran, the company's head of stores.
· "Greg's a great operator, and they're generating a lot of cash," Lore said during a live interview at Recode's CodeCommerce conference in New York. "Over on the e-commerce side, we're investing in it, we're losing money, and we're taking a bet on the future."
· He said the tension provides a diversity of thought and is "not unhealthy in any way."
Hayley Peterson, Business Insider
Sep 10, 2019
Walmart e-commerce CEO Marc Lore on Monday addressed "frustration and tension" between him and Greg Foran, the head of the company's physical stores.
"Greg's a great operator, and they're generating a lot of cash," Lore said during a live interview at Recode's CodeCommerce conference in New York. "Over on the e-commerce side, we're investing in it, we're losing money, and we're taking a bet on the future. A lot of the time those don't mesh as seamlessly as you might hope they would, so I'm not surprised by it. I understand the frustration and the tension."
His comments marked the first time that Lore has publicly addressed his relationship with Foran since Recode's Jason Del Ray reported in July on rising tensions between the two executives.
Lore went on to say that he has "learned a ton" working with Foran and that he appreciates the diversity of thought between them.
"I have much more appreciation for the store business and I think there's a real future with brick-and-mortar stores, specifically for Walmart," he said.
"That tension, I would argue, is actually good and it's not unhealthy in any way," he said. "And we're aligned on the strategy going forward."
In response to a question about his tenure at Walmart, Lore said he plans to fulfill a commitment he made in 2016 to stay at Walmart for a full five years...
The head of Walmart's invite-only shopping service dishes on what wealthy customers want out of the future of shopping
· Jennifer Fleiss, cofounder and CEO of Walmart's text-based personal-shopping service Jetblack, says that brands can win over wealthy customers through curation, experience-focused modes of shopping, and being able to "save the day."
· Fleiss, who also cofounded Rent the Runway in 2009, spoke about trends among affluent consumers on Tuesday at the Business of Home's first Future of Home conference in New York City.
· For Fleiss, Jetblack is about making shopping an experience "you want to Instagram" or at least talk about.
Áine Cain, Insider
Sep 10, 2019
For Jetblack CEO Jennifer Fleiss, staying "a few steps ahead" of e-commerce trends is key, especially when it comes to affluent consumers.
After all, wealthy urban customers are the target demographic for Jetblack, Walmart's members-only, text-based personal-shopping service. The e-commerce service costs members $50 a month and requires prospective shoppers to join a waitlist.
Jetblack remains exclusive, operating in New York City and only admitting customers who "are willing to commit to a new shopping lifestyle," Business Insider's Dennis Green previously reported.
Fleiss sat down with Business of Home editor-in-chief Kaitlin Petersen at the home industry outlet's first Future of Home conference in Manhattan on Tuesday. Their conversation delved into the preferences of affluent shoppers. Fleiss outlined a number of core trends, including unique and luxurious splurges, curated, experiential shopping, and retail services that are able to "save the day" in a pinch.
Fleiss cofounded Rent the Runway in 2009. In 2018, she took the helm at Jetblack, a subsidiary that grew up in Walmart's startup incubator Store No. 8.
"We're trying to drive more enjoyable, efficient shopping experiences for consumers," Fleiss said. "We are looking ahead five to seven years, so we're not just thinking about what people want today."
According to Fleiss, securing the loyalty of wealthier shoppers isn't as simple as offering luxury goods like Gucci bags and $50 Aesop soap, although it's important to mix those more exclusive items into more standard merchandise offerings.
The CEO said that her company is constantly thinking about how to create a shopping experience "that feels somewhat enjoyable and emotionally connected," adding that it should be "something you want to Instagram or talk about."
At Jetblack, that also means...