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Retailers fighting for relevance in a rapidly changing industry must embrace technology — or risk losing everything.

“Retail was the same for 4,000 years,” says retail technology expert Cathy Hotka. “You put stuff out, and then you waited for people to come to you. It was all about location.”

But technology changes everything. Online retail, mobile and other innovations, Hotka says, have significantly reduced the historical advantage of a good location.

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