The Great DTC v. Wholesale Debate with guest Simeon Siegel

This episode we welcome Simeon Siegel, the retail rockstar analyst from BMO for a provocative discussion on whether going direct-to-consumer is all it's cracked up to be. In a Masterclass on retail growth strategies, we first clean up some of the often confusing nomenclature, then discuss whether wholesale really is a dirty word and how everything old is often new again.

Mostly we go beyond the clickbait headlines to dig into Simeon's report which countered the narrative that going direct automatically leads to an increase in revenues and profits. And we get his hot takes on Nike's strategy and how we should think about the right mix of wholesale and direct going forward. As an added bonus, Steve reminds us that DTC is hardly new and creates yet another term: "Analog Native Vertical Brands" or "ANVB's."

But first we take on the news of the week, including what to make of Amazon's closing 68 brick-and-mortar locations and Target's blockbuster earnings and continued doubling down on physical retail. We also wonder whether we are moving from the "Great Acceleration" to the "Great Rebalancing" given the tepid growth outlook revealed in earnings reports from Nordstrom, Best Buy and Kohl's.

To get a copy of Simeon's report email him at simeon.siegel@bmo.com

To record a question for us go to speakpipe.com/remarkableretail

Steve's recent Forbes articles related to our news segment:

https://www.forbes.com/sites/stevendennis/2022/03/04/amazons-surprise-store-closings-are-much-ado-about-nothing-heres-why/?sh=147f7e635acf

https://www.forbes.com/sites/stevendennis/2022/02/07/what-we-get-so-very-wrong-about-amazons-retail-profitability/?sh=5523cd2721aa

https://www.forbes.com/sites/stevendennis/2022/02/23/the-stores-strike-back-again-again/?sh=284ab5657a92

Simeon Siegel, CFA

Simeon Siegel is a Managing Director and Senior Analyst at BMO Capital Markets specializing in Retail and E-commerce. Simeon started his career at Goldman Sachs and his since worked on the #1 ranked Retail franchise at JPMorgan and Nomura | Instinet.

Simeon has been named a Rising Star of Wall Street by Institutional Investor, a Rising Star of Equity Research by Business Insider, a Top Stock Picker by StarMine and a Top Earnings Estimator by Thomson Reuters and Refinitiv. He has worked on the Institutional Investor #1 ranked All America Research Team for Specialty Retail and the Wall Street Journal's "Best on the Street" list of top analysts. He is in constant dialogue with investors and C-Level Management across the industry, analyzing and advising on the ever-evolving retail landscape. He is a regular guest on CNBC and frequently quoted across the media including The Wall Street Journal, The New York Times, Women's Wear Daily, The Business of Fashion, Barron's and Bloomberg, among others.

Simeon received a BA in Economics and Philosophy from Columbia University and is a CFA charterholder. He serves on the Boards of Read Ahead and the Hebrew Free Loan Society and is Vice Chair of the UJA Luxury Division.

About Us

Steve Dennis is an advisor, keynote speaker and author on strategic growth and business innovation. You can learn more about Steve on his website. The expanded and revised edition of his bestselling book Remarkable Retail: How To Win & Keep Customers in the Age of Disruption is now available at Amazon or just about anywhere else books are sold. Steve regularly shares his insights in his role as a Forbes senior contributor and on Twitter and LinkedIn. You can also check out his speaker "sizzle" reel here.

Michael LeBlanc is the Founder & President of M.E. LeBlanc & Company Inc and a Senior Advisor to Retail Council of Canada as part of his advisory and consulting practice. He brings 25+ years of brand/retail/marketing & eCommerce leadership experience, and has been on the front lines of retail industry change for his entire career. Michael is the producer and host of a network of leading podcasts including Canada’s top retail industry podcast, The Voice of Retail, plus Global E-Commerce Tech Talks , The Food Professor with Dr. Sylvain Charlebois and now in its second season, Conversations with CommerceNext! You can learn more about Michael here or on LinkedIn.

Be sure and check out Michael's latest venture for fun and influencer riches - Last Request Barbecue, his YouTube BBQ cooking channel!

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 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 2026 and continues to be a ReThink Retail Top Retail Expert for the fifth year in a row.