Retail's Great Concentration, Tapestry's Comeback, and the Dumbest Story of the Year

Amazon, Walmart, and Costco aren't just winning—they're pulling away. In episode 301, Steve Dennis and Michael LeBlanc dig into what Steve calls "Retail's Great Concentration": the accelerating shift of sales, traffic, and profit toward a small group of super-scalers. Fresh data shows just six retailers now capturing a disproportionate share of industry growth—and the structural forces behind it, from fulfillment economics to consumer migration toward convenience and value, aren't slowing down. The conversation revisits two of Steve's core frameworks—Death in the Middle and the bifurcation between value/convenience and premium/specialty—and traces how the Great Concentration is the logical next chapter. Central to the discussion is the distinction between buying and shopping: buying is about efficiency, price, and speed; shopping is about inspiration, discovery, and emotional engagement. For mid-market retailers, that distinction is existential. If you can't out-Amazon Amazon, where do you actually create differentiated value? Steve also addresses AI—useful, even transformational, but not a substitute for the human side of retail: experience, service, and genuine connection. In the news: Tapestry delivers strong earnings, with Coach standing out on the strength of sharp customer insights and disciplined brand execution. Warby Parker shows continued profitable growth and store expansion, though slowing momentum raises questions about discretionary spending. Then comes the year's most head-scratching retail story: GameStop's bid for eBay. Steve dissects the financial logic—or conspicuous lack thereof. The hosts also examine Saks Global's restructuring and debate whether the luxury retailer has a credible path to relevance post-bankruptcy. Finally, on the radar: soft travel demand around the 2026 FIFA World Cup and what it may mean for hospitality, tourism, and local retail—plus the return of dynamic pricing, and yes, world peace. Join us at the CommerceNext Growth Show in New York June 23rd and 24th with this exclusive discount code for 10% off general admission tickets and FREE retail tickets:  Your code is "REMARKABLE" .  See you in the Big Apple! About UsSteve Dennis is a strategic advisor and keynote speaker focused on growth and innovation, who has also been named one of the world's top retail influencers. He is the bestselling author of two books: Leaders Leap: Transforming Your Company at the Speed of Disruption and Remarkable Retail: How To Win & Keep Customers in the Age of Disruption. Steve regularly shares his insights in his role as a Forbes senior retail contributor and on social media.Michael LeBlanc is a senior retail advisor, keynote speaker and media entrepreneur. Michael has delivered keynotes, hosted fire-side discussions hosted senior retail executive on-stage in 1:1 interviews worldwide. Michael produces and hosts a network of leading retail trade podcasts, including The Remarkable Retail Podcast, The Voice of Retail The Food Professor, The FEED powered by Loblaw and the Global eCommerce Leaders podcast.  He has been recognized by the NRF as a global Top Retail Voice for 2025 and 2025 and continues to be a ReThink Retail Top Retail Expert for the fifth year in a row.