Harrods' Ward Says Department Stores Are Not Innovating

The video discusses the challenges and strategies in global retail, focusing on innovation and competition with online platforms. Harrods' managing director, Michael Ward, highlights the importance of maintaining relevance through unique in-store experiences and the growing role of online sales. The video also explores Harrods' efforts to engage the Chinese market, emphasizing brand trust and luxury appeal.

What is one of the main issues facing American department stores according to Michael Ward?

• Lack of customer service

• High prices

• Insufficient innovation

• Limited product range

How does Harrods differentiate itself from online competitors?

• By offering discounts

• Through unique in-store experiences

• By expanding globally

• Through aggressive marketing

What role does online shopping play in Harrods' business strategy?

• It is the largest revenue source

• It is a small but growing part

• It is not considered important

• It is the only focus

Why is the Chinese market significant for Harrods?

• It is not a focus for Harrods

• It is a very large market for luxury goods

• It is a rapidly declining market

• It is a small but loyal customer base

How does Harrods ensure its brand appeals to Chinese consumers?

• By maintaining its English heritage

• By offering local products

• By reducing prices

• By collaborating with local designers