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In this edition, you'll find:
- Former Chairman and CEO of Macy's, Terry Lundgren, receives the 2025 Retail Excellence Award
- The Baker Retailing Center’s 5th annual Ideathon, sponsored by Simon G. Fine Jewelry
Faculty insights on innovation, AI adoption, and customer value in retail
A Note From Our Academic Director
This edition of The Baker Buzz reflects on the success of the 2025 Fall semester and the momentum that propels us forward. We explore the breakthroughs reshaping the retail landscape, spotlight the leaders transforming bold ideas into reality, and highlight the innovation unfolding across the Baker Retailing Center.
The Fall semester was defined by unprecedented engagements and an exceptional roster of industry leaders meeting with our students and alumni. We welcomed executives including Jean Sonia Lee of Google, Shea Jensen of Urban Outfitters, Sam Kim of Lotte Retail Group, Mike Simone of Wayfair, and Marc Lore of Wonder. Our student treks to the New York headquarters of Gap and to L’Oréal’s Research & Innovation Center in New Jersey offered our students a unique opportunity to witness innovation in action. The 5th Annual Ideathon, sponsored by Simon G Fine Jewelry, brought together 150 undergraduate and graduate students from across Penn campus, who presented one of two challenges to a panel of judges after a 24-hour marathon. Students participated from Wharton, the College of Arts & Sciences, the School of Engineering & Applied Science, and the School of Nursing. The Center also offered retailing courses at the undergraduate and MBA levels that attracted a full roster of students interested in retailing.
The 2025 CEO Summit was a tremendous success. Attendees consistently praised the faculty-led research and thought leadership that are the core of Baker’s mission, reinforcing the essential role of academia in shaping the future of retail. The Summit also served as a powerful catalyst for new industry connections, and we were honored to provide a sense of homecoming for alumni and partners returning to Baker as a place of intellectual exchange and community.
We are pleased to welcome our newest co-chairs to the Baker Board: Steven Silverstein (WG85), CEO of Spencer Spirit Holdings, and Neil Blumenthal (WG10), co-founder and co-CEO of Warby Parker. Steve and Neil have been dedicated champions of Baker, and we are honored to have their leadership. We extend our deepest gratitude to Jay Baker (WG56), whose extraordinary generosity and commitment to retail have allowed us to achieve all that we have done for the past 25 years. Jay’s legacy of mentorship will remain with us and inspire us as he assumes the role of Chairman Emeritus.
Retail never stands still—and the Baker Retailing Center is committed to moving the industry in positive directions.
Thomas S. Robertson
Academic Director
Jay H. Baker Retailing Center
Joshua J. Harris Professor, Professor of Marketing
Terry Lundgren, Former CEO, Macy's
The leading lights of the retail industry gathered at an elegant Manhattan venue on October 15th to honor Terry Lundgren, former chairman and CEO of Macy’s and one of the original advisory board members of the Jay H. Baker Retailing Center. A noted industry leader and philanthropist, Lundgren received the Retail Excellence Award, presented by Wharton’s Baker Retailing Center in collaboration with the Retail Leaders Circle (RLC) Global Forum. His commitment to advancing retail education also includes founding a retailing center at the University of Arizona.
Click below to watch the recap on our Youtube channel!
Leading in a New Era | New York City
Sam Kim (WG85), Vice Chairman & Group CEO of Retail HQ, Lotte Group
Every October, Manhattan has its moments — but on October 16th, it felt like the retail world had slipped on its best suit and gathered for something special. At an elegant venue buzzing with energy, the Baker Retailing Center’s CEO Summit became a meeting ground for the industry’s most influential leaders. They arrived ready to talk about everything reshaping retail — from luxury’s new frontiers to the sudden, electric rise of AI — and they did so with the candor, humor, and thoughtful perspective that comes from bringing senior retail executives together.
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Jay Baker (WG56), Former President of Kohl's
Click below to watch the recap on our Youtube channel!
Sponsored by Simon G. Fine Jewelry
Brooke Brinkman, CMO, Simon G. Jewelry & Zaven “Zee” Ghanimian, CEO, Simon G. Jewelry
The Inn at Penn ballroom was aglitter and aglow on Friday, September 19th as the iconic Simon G. Fine Jewelry company graced it with its presence. Lustrous gold, silver, diamond, and precious stone pieces sparkled under polished glass cases, and students clustered around to gaze at them, perhaps with visions of their own future engagement or wedding. Banners and videos throughout the ballroom displayed signature Simon G. pieces. As the elegantly appointed stage awaited the presentation from Simon G.’s leadership, the excitement was palpable. It was the launch of The Wharton School’s Baker Retailing Center’s annual Ideathon, sponsored this year by the renowned luxury jewelry brand. Teams of six to seven students would be challenged to come up with sterling ideas to expand Simon G.’s market presence and promote its future success. They had less than 24 hours to prepare convincing three-minute presentations and be ready for two minutes of intense questioning by the judges.
Click below to watch the recap on our Youtube channel!
This fall, the Baker Retailing Center’s Executive Speaker Series gave Penn students a front-row seat to retail’s top leaders, founders, CEOs, and innovators. Sessions filled quickly, engagement was high, and we loved seeing the students' energy and enthusiasm firsthand!
Marc Lore, Founder & CEO, Wonder: "Most people underestimate the risk of the status quo and overestimate the risk of change. As an entrepreneur, you have to take risks to reduce risk. Never discount anything just because the odds are low.”
Adam Kornblum, Chief Creative Officer, US Brands, L'Oréal: "Our goal is to influence human behavior. Our brains are wired to have knee-jerk reactions to things so you need to know how to put stimuli in front of people to get them to react a certain way. If you don’t have a story, you need to create one! And hopefully it's good marketing."
Sam Kim (W85), Vice Chairman & Group CEO, Retail HQ, Lotte Group: “There’s nothing exciting about a typical department store, but in places like Seoul or Bangkok, when shopping becomes a theatrical experience—pop-ups, Michelin dining, immersive design—it becomes culture.”
Mike Simone (C06), Chief People Officer, Wayfair: “The most important thing in retail is to be customer obsessed. You have to win the customer. Returning shoppers give you some brand halo but if it’s not a great experience when they come back, they won't shop again. There are too many choices.”
Jean Sonia Lee (WG18), Head of Wearables AI, Google Gemini: "Even one-hundred people with diverse backgrounds can't represent billions of users. Validate assumptions with real data before investing massive resources in the wrong direction."
The Baker Retailing Center welcomed Melissa Gonzalez, Principal at MG2 Design and author of The Purpose Pivot, for a fireside chat with Shea Jensen, President of Urban Outfitters North America. The discussion explored leadership, well-being, and how purpose can redefine success in today’s fast-paced world.
Shopping, Styling & Headshots
An evening on Walnut Street brought Penn students together as the Baker Retailing Center partnered with Theory for an in-store experience. Students worked with Theory associates to explore elevated, versatile pieces for work and everyday wear, and took advantage of an on-site headshot station to update their photos in a relaxed, off-campus setting.
The highly-anticipated Baker Retailing Trek brought a dynamic, on-the-ground learning experience to students, taking them directly into the heart of two global brands: the iconic Gap headquarters in New York and L’Oréal’s cutting-edge Research & Innovation Center in Clark, New Jersey.
Throughout the Trek, students engaged with leaders across retail, beauty, finance, marketing, and research, gaining a clearer understanding of how major brands make strategic decisions, bring products to life, and adapt to an ever-evolving consumer landscape.
Walnut (Retail) Walk
The Baker Retailing Center was thrilled to partner with the Wharton Graduate Retail Club (WGRC) to host this year’s Walnut Walk, retail-style, giving students an inside look at some of Walnut Street’s most exciting brands.
Participating brands—including Vince, Herman Miller, Lagos, Vuori, Theory, Veronica Beard, and Rag & Bone—welcomed students with exclusive discounts and a behind-the-scenes look at their unique retail environments.
Baker Retail Challenge
This year we hosted monthly Baker Retail Challenges on our Instagram (@BakerRetailCtr), giving students the chance to tackle real retail topics, from social media strategy and Gen Alpha trends to data insights and inventory optimization, all in 25 words or less! We received over 60 submissions, with participation growing each round. Winners picked up some great prizes too!
Congratulations to our winners: Krish Shah, Sumedha Goel, Clarice Wang, Iana Mitchev, Catherine Tang, Satvika Kumar, Anne Liu, Kathleen Yu, Crystal Yeh, Lina Mousa, and Katie Fang!
NoMatch sneakers are instantly recognizable: mismatched pairs, signature pink and purple soles, and bold patterns. Behind the brand is Pattryze Garate (W’22), whose Wharton foundation and creative vision have shaped one of the most compelling new stories in DTC footwear. She’s building more than a shoe brand, she’s creating a movement centered on individuality, community, and unapologetic self-expression.
How Do Companies Use AI? A New Survey Has Answers
Stefano Puntoni (Sebastian S. Kresge Professor of Marketing, The Wharton School), Jeremy Korst (Partner, GBK Collective), and Prasanna Tambe (Professor of Operations, Information & Decisions, The Wharton School) reveal how corporate America’s embrace of generative AI is accelerating and delivering results. From rising ROI to new opportunities for junior talent, their survey shows how AI is reshaping business strategy and the future of work.
How a ‘Buybox’ Helps Online Marketplaces
Santiago Gallino (Associate Professor of Operations, Information & Decisions, The Wharton School), Nil Karacaoglu (Assistant Professor of Operations & Business Analytics, Ohio State), and Antonio Moreno (Professor of Business, Harvard) found Buybox,” the tiny algorithm with a huge impact, boosts conversions by 23% and transactions by 78%. Spotlighting the best overall offer among many listings, drives lower prices, better quality, and smoother shopping for everyone.
Research Shows How an “Idea Marketplace” Can Boost Innovation
An 8-year study by George S. Day (Geoffrey T. Boisi Professor Emeritus, The Wharton School), Kaihan Krippendorff (Founder, Outthinker Networks), and Jayshree Seth (Corporate Scientist, 3M) found employees generate 75 ideas a year, yet only 30% are shared and leaders review just 10%. The solution? An “idea marketplace” that surfaces hidden innovations, connects solutions to unmet needs, and turns overlooked ideas into business value.
Visual Marketing: A Practical Guide to the Science of Branding & Retailing
Visual Marketing by Barbara E. Kahn (Patty and Jay H. Baker Professor & Professor of Marketing, The Wharton School) and Elizabeth N. Johnson (Executive Director & Senior Fellow of the Wharton Neuroscience Initiative, The Wharton School) explores the post-pandemic digital transformation, including AI, in today’s competitive marketing landscape. Drawing on consumer psychology, neuroscience, and real-world examples, the book offers visual strategies to boost marketing effectiveness and introduces the “Kahn Retailing Success Matrix” a proven framework for guiding retail strategy.
How to Value a Company by Analyzing Its Customers
What if you could value a company by starting with its customers instead of its financial statements? In this podcast, Peter Fader (Frances and Pei-Yuan Chia Professor & Professor of Marketing, The Wharton School) speaks about his research on customer-based corporate valuation, including work that helped value companies like Wayfair and drew the attention of Wall Street.
Click the Spotify icon to listen to the full interview and hear how customer behavior truly drives firm value.
Industry Reports
The State of Fashion 2026: When the Rules Change
Tariffs, tech disruption, and shifting consumer priorities are reshaping fashion at breakneck speed. As shoppers grow more value-driven and increasingly turn toward wellness, longevity, and investment pieces like jewelry, the midmarket is surging while luxury recalibrates around creativity and craftsmanship. In 2026, the winners will be the brands agile enough to adapt, innovate, and rethink the rules of the fashion system altogether.
Agentic Commerce is Redefining Retail: Here’s How to Respond
AI shopping agents are changing the game, autonomously finding, comparing, and buying products for consumers—making traditional online shopping almost obsolete. Platforms like ChatGPT, Perplexity, and Google Gemini are driving deeper engagement, leaving retailers scrambling to keep direct access to their customers. Brands that move fast to integrate AI agents and build their own will define the future of shopping, while those who hesitate risk being left behind.
