Jerry Storch, chairman and chief executive of Toys ‘R’ Us, debunked the “myth” that the growth of internet shopping is bringing about the demise of "big box" retailers in his keynote address at the Shop.org Annual Summit, which took place in Denver, Colo., Tuesday.
In a presentation called Episode III: The Stores Strike Back, Storch dismissed supposition that the future of retail belongs to internet-only companies and said that successful brands will be those that build the best consumer-facing network across all channels.
"While there has been much focus on online-only shopping, and our own e-commerce sites have grown to a $1 billion business, the reality is that the vast majority of sales still occur in physical stores," says Storch. "The successful brands will be those who offer the best products and services across all channels. As an omni-channel leader, Toys ‘R’ Us is intensely focused on integrating stores, internet, mobile, social and local components, and leveraging our many operational assets to offer new services is an ongoing strategic initiative. To compete in this changing world, retailers must be aggressive and seize the day."
To Storch the key to retail success lies in not one delivery method but in providing multiple shopping opportunities that allow consumers the to buy wherever, whenever and however they choose.
Storch announced further expansion of Toys ‘R’ Us’ omni-channel model including the addition of a free “Ship to Store” option for online shoppers and the creation of merchandise pick-up kiosks for consumers buy products online.