From Department Stores to GLP-1s and Back Again: Annual Retail Predictions Reckoning (Part 2)

In this special bonus episode closing out Season 11 of The Remarkable Retail Podcast and the year 2025, hosts Steve Dennis & Michael LeBlanc complete the second half of their annual predictions review—one of the most popular and anticipated episodes of the year. 

The episode opens with brief but timely discussion on two high-profile retail-adjacent experiences. First us Dennis shares insights from Amazon’s first-ever grocery analyst day in Seattle, offering a clearer picture of the company’s “one grocery” vision and it's already substantial online presence, now being accelerated as they invest in same day deliver of perishable items.

The conversation then turns to Netflix House, following Dennis’s visit to the newly opened Dallas location, the second of three that are planned. Positioned in a former department store anchor, Netflix House blends immersive experiences, branded merchandise, gaming, and a restaurant. While customer traffic was encouraging, Dennis offered a frank critique of execution, citing confusing layouts, weak wayfinding, and inconsistent merchandising. The takeaway is cautiously optimistic: the concept has potential, but it is not yet operating at the level that would warrant significant expansion.

The core of the episode is Part 2 of Dennis' annual predictions reckoning. Dennis revisits his forecast that department stores would continue “running to stand still,” awarding himself an A-minus as most banners remain stuck in negative or flat comps with limited progress on profitability. His prediction of significant change at Target earns a B-plus, correctly anticipating leadership transitions and the end of the Ulta partnership, though anticipated store closures did not materialize.

Dennis also scores highly on his prediction that store closures would once again exceed store openings in the U.S., driven by bankruptcies and retrenchment across drugstores, mid-market apparel, and specialty retail. Predictions around Amazon’s physical grocery strategy are largely validated, while expectations for a surge in retail dealmaking and IPO activity fall short, earning a candid C-minus.

The episode closes with a nuanced reassessment of the so-called “Ozempic recession.” While the term itself overstated the impact, Dennis and LeBlanc agree that GLP-1 drugs are reshaping consumption patterns—particularly in food, alcohol, and apparel—with long-term implications retailers can no longer ignore.

 

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About Us

Steve 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 authro 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 the president and founder of M.E. LeBlanc & Company Inc, a senior retail advisor, keynote speaker and now, media entrepreneur.  He has been on the front lines of retail industry change for his entire career. 

Michael has delivered keynotes, hosted fire-side discussions and participated worldwide in thought leadership panels, most recently on the main stage in Toronto at Retail Council of Canada’s Retail Marketing conference with leaders from Walmart & Google.  He brings 25+ years of brand/retail/marketing & eCommerce leadership experience with Levi's, Black & Decker, Hudson's Bay, CanWest Media, Pandora Jewellery, The Shopping Channel and Retail Council of Canada to his advisory, speaking and media practice.

Michael produces and hosts a network of leading retail trade podcasts, including the award-winning No.1 independent retail industry podcast in America, Remarkable Retail with his partner, Dallas-based best-selling author Steve Dennis; Canada's top retail industry podcast The Voice of Retail and Canada's top food industry and one of the top Canadian-produced management independent podcasts in the coun