Walmart CEO McMillon funding innovation at alma mater
It may seem an unlikely location, but the future of retail may soon be invented in abandoned gift shop on the ground floor of a parking garage at the University of Arkansas thanks to a gift from Walmart CEO Doug McMillon and his wife Shelley.
The pair donated $1 million to the University in 2014 and $200,000 of those dollars will be used to establish the McMillon Family Retail Innovation and Technology Lab in a 1,800 square foot space previously occupied by The Parking Spot gift shop near the Sam M. Walton College of Business on the south side of the University of Arkansas campus. Plans call for the facility to study the latest in retail industry technologies, digital and physical store environments and insights into the shopper of the future.
“It’s exciting to see the Retail Innovation and Technology Lab come to life,” McMillon said. “Customers want a shopping experience that blends seamlessly into their lives, and that requires a constant focus on new technologies and services. We hope this lab will spark great ideas, create a community around retail innovation and demonstrate the incredible possibilities of a career in the industry. We can’t wait to see the passion and creativity the students of the U of A will bring to this work.”
The lab is believed to be the first interactive, open-to-the-public university retail lab created to test technologies expected to change the future of retail. Its first series of experiments are expected to launch by March.
“This space will inspire students throughout the university to bring innovative, creative ideas and discover new ways to think about retail,” said Matt Waller, interim dean of the Walton College. “This will help to highlight an education that involves innovation and a customer focused mindset that is both global and digital. It will allow us to provide education and conduct research on the integration of physical and digital shopping, including major business functions such as operation, logistics, buying, merchandising, etcetera.”
The Retail Innovations lab is part of the Walton College’s Center for Retailing Excellence and will be led by managing director Sue Sedberry. She envisions the space being a flexible facility that allows for the testing and experimentation of technologies ranging from asset protection devices, merchandise displays, online ordering services, omni-fulfillment models and other retail-related processes. Students and faculty will have the opportunity to plan, execute and analyze various retail designs and services to better understand how technology is changing the retail landscape, according to Sedberry.
Initial projects will be related to lighting, music or store aesthetics; experiments with supply chain processes including drones and scooters for delivery of online orders; and demonstrations of new technology such as holograms and augmented reality.
“The goal of the accessible lab, which will be open to all U of A students to experience, is to educate, entertain, evaluate and create retailing for the future,” Sedberry said.