Columbus Business First has a piece about Leslie Wexner, CEO of L Brands (which owns Victoria’s Secret and Bath & Body Works), telling attendees at the company's annual meeting that he does not obsess over competition from the Internet, saying that "humans are pack animals. People still want to get together. They want a social experience.”
According to the story, Wexner "pointed to restaurants, movies and sporting events, alongside shopping, as social pastimes that continue to serve important roles to the public, provided those stores and eateries and attractions continue to give the public a reason to come out.
"Sure, the Internet has turned some products into commodities – Wexner cited cameras and cars – but when it comes to Victoria’s Secret, customers still want to touch the fabric and at Bath & Body Works, shoppers still want to smell the soap. That’s a physical and social experience that still has value."
According to the story, Wexner "pointed to restaurants, movies and sporting events, alongside shopping, as social pastimes that continue to serve important roles to the public, provided those stores and eateries and attractions continue to give the public a reason to come out.
"Sure, the Internet has turned some products into commodities – Wexner cited cameras and cars – but when it comes to Victoria’s Secret, customers still want to touch the fabric and at Bath & Body Works, shoppers still want to smell the soap. That’s a physical and social experience that still has value."
- KC's View:
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I don't disagree with this … the key phrase is "provided those stores and eateries and attractions continue to give the public a reason to come out."
If you don't do that, of course, you have no reason to complain and no reason to survive.
