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I like to shop. Why you may ask. On the assumption you are intrigued, let me tell you: I enjoy it for the discovery process. I also like to talk with friends. We talk sometimes about our day, our life, and our families and about the best value we have recently found in a particular category. When I walk around the malls today, I see a changing landscape. In Panama City, Panama, I have seen beautiful, expensive malls opening near more established malls with entertainment and promotions geared to lower income families. Whereas in the United States I see malls transforming from principally upscale to mixed use.
I think it has to do with the changing global economy and that has to do with finances and technology. For those interested in the United States and its place in the global economy, I recommend “Commanding Heights”, a PBS produced program that follows the history of changing global sovereign power structures.
Today, the global economy has amassed a mountain of debt in some parts of the world, while others are fiscally sound, yet challenged by the threat of rising inflation. The doctor’s prescription to cure the problem is different for each. One calls for debt consolidation, another for growth constraint.
Where does that leave me thinking the global economy is headed? I think the best outcome is coordinated slow growth globally, which means choices on consumption. To me that means choices will be based on value. Value is found in variable factors including technology that gives people and companies increased capabilities (Apple, for example), customer service excellence (Chase Bank, in my experience), and a breadth of product and service under one company roof (Nordstrom fits that bill for me). I hope for this outcome, as I believe the alternative leads to economic chaos. It will be the global village united through technology that makes the difference in which companies succeed at building a competitive advantage globally.
For the record, I miss listening to Andy Rooney at the end of 60 Minutes on Sunday evenings. In just a few words, so often I was left with much to ponder.
Julie Bryan, Director of Research
