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Retailers' soul-searching struggle to keep customers
Retailers need to offer customers more services to make themselves indispensable and work with the government to help solve economic and social woes even as they deal with seismic changes in consumer behavior, industry leaders said Monday.
Departing Wal-Mart CEO Lee Scott told retailers they need to get involved in broader issues such as health care, immigration, energy independence and environmental sustainability, and said that doing so would resonate with shoppers and improve the bottom line.
"We need to tackle the hard issues," Scott said at the annual National Retail Federation convention, noting that retailers in particular are close to what consumers are thinking. "As businesses we have a responsibility to society. We also have an extraordinary opportunity."
