We spoke with Forever 21 CEO Winnie Park about her priorities for the year ahead, retaining talent, and giving customers what they want in modern retail.

Inside Retail: What are your top three priorities for the business in 2024?

Winnie Park: Priority number one is to make everyone aware that we are a new Forever 21 with curated, trend-right products that offer real value for the money. Priority number two is to continue to meet customers where they are and engage with them through compelling content and activations – a rolling thunder of fashion newness, collaborations and partnerships. Priority number three is to celebrate the diversity and inclusion we see our customers embrace and to help them self-express with our amazing fashion.

IR: How will consumer sentiment affect your business this year?

WP: We are all feeling the pressure of the macroeconomic headwinds and Forever 21 has always been known for great value so this year we will be doubling down on being the destination for great fashion and quality at accessible prices.

IR: What are the biggest challenges on your radar this year, and how will you navigate them?

WP: Forever 21 has a nearly 40-year legacy as the go-to fashion brand for the youngest generation. Reintroducing the new Forever 21 to customers who shopped us 20 years ago while catering to the youngest generation is both our biggest challenge and opportunity. Ultimately, we need to forge an emotional connection with our customers and we believe the way to do this is with compelling and relevant product, activations and experiences.

There has not been a typical year since the pandemic so challenges are part of the consumer and societal landscape. Instead of predicting every possible obstacle, we have focused on the teams’ agility and capabilities to unleash tests that we can scale quickly – be they reacting to trends or reactive promos.

IR: What steps are you taking to attract and retain the best retail talent this year (both head office and store staff)?

WP: Forever 21 has this unique place in retail because we are incredibly focused on creativity, agility and collaboration. We deliver newness and change every day, and the best talent doesn’t want to walk in place but keep moving forward and growing and learning. We empower entrepreneurial teams that are accountable to one another and to our customers to keep innovating.

IR: What are customers looking for in a physical store experience today, and how will you adapt to this?

WP: Customers are looking for inspiration, immediate gratification and convenience in physical shopping. We know that customers come into our store looking to buy an outfit to wear that same day or night, and we want to be that dependable fashion destination for them. We are hyper-focused, at a location level, on ensuring we’ve got the customer covered with great style at great value from head to toe, whether Taylor Swift is in town, it’s Coachella weekend, or there’s a big sporting event.

IR: Do you have a mantra or slogan for the year ahead to keep you on track with your goals?

WP: My evergreen slogan is, ‘The customer is our boss.’ If we can meet the customer where they are and inspire them, then we succeed.

IR: What’s one consumer trend you’re planning on tapping into?

WP: I don’t believe that there is one trend. I think that what is right for one moment or individual may be totally wrong for someone else, so one-size-fits-all just doesn’t work anymore. Brands can’t dictate what you wear, think or feel. Our job as a brand is to inspire and engage.

IR: Are there any quick wins that you’re targeting for growth?

WP: We have some businesses outside women’s fashion poised for growth and we are excited to fuel customer demand for our men’s, sleep, kids, active and the upcoming relaunch of our Swim collection. The fashion you get for the money is incredible in all these categories, as we have invested in beautiful designs and fabrics. We have also paid a lot of attention to getting our fits right.

IR: What new or emerging technologies are you most excited about at the moment?

WP: I am excited to see how AI can help retailers make smarter business decisions like optimizing our inventory. I also think the potential to help scale the creative process is exciting. Our creative teams are exceptional, but they can get bogged down in manual processes. Finally, the potential to enhance the customer experience is exciting; for instance, the ability to assist with virtual outfitting and size recommendations, as size is a number or a letter but doesn’t always correlate to fit.

This story first appeared in the March 2024 issue of Inside Retail US magazine.