In a world where competitive survival has become rarer, one UK retail institution has survived for 175 years, remains a trusted brand, with over 50,000 employees, 2,000 stores and 4,000 pharmacists.
Today Boots is part of the US Walgreens Boots Alliance, an entity with sales of $140 billion (2023/24) and one of the world’s largest purchasers of prescription drugs.
In this episode we aim to explore the future of retail, the big drivers of change, the overload of the health systems, how pharmacies may play a vital role, technology, data, and what customers really want.
Seb James also discusses the demise of the department store, increasing specialisation, how data allows for tailoring of customer preferences and what AI might offer.
He goes on to cover the notable rise in theft since COVID-19, the decline of the UK High Street, and how they’re competing with both the US tech giants and China-affiliated e-commerce challengers.
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TOPICS
00:00 - Introduction
01:16 - Seb’s Background
03:40 - The Death of Conventional Retail
05:46 - Value Recognition
06:24 - Lessons Learnt from Previous Roles
08:23 - The Future of Retail and Department Stores
10:37 - Customers and the Retail Experience
12:32 - Competition
14:40 - Pressure on Healthcare Systems
17:05 - Boots as the Solution
19:57 - Technology and Data
22:22 - Branding
25:05 - Impact of Walgreens on Boots
26:22 - Boots's Strategy
28:40 - Philosophy on Running a Business
31:03 - The High Street
33:38 - Consumption Trends
34:30 - Critical Mentor
35:05 - Boards
36:00 - Education of the Future
37:22 - Shoplifting
38:37 - Seb’s Aim’s For the Future and Career Advice
39:55 - Executive Pay
40:58 - The CEO Community
41:34 - Closing Questions
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