The bigger they are, the harder they fall - an old adage potentially relevant now more than ever... but it's not a new concept. Remember the story of David and Goliath?
What make's bigger retail/retail property businesses so susceptible to disruption. Is it just their sheer size? Or their speed (or lack thereof)? Or is it ignorance? Maybe it's a combination of all those things?
I don't pretend to know the answer to this question but instead provide a couple short and sharp thought starters.
I'll leave it for you to be the judge...
1. As a business, how do you remove bureaucracy from innovation?
It's not by creating an innovation department that's for sure (no seriously, please don't). Or over-weighting innovation with more processes, more people, more project manager's.
Should innovation be a cultural pursuit.... and somewhat fluid? Please don't call it your "Innovation Process". If you do, you've missed the point of innovating for your customers and simply won't innovate.
Maybe it's worth looking at your company culture and determining what behaviours are being encouraged of your people on a daily basis. Does your business encourage absolute perfection? Very rigid divisional structures? FINAO (Failure is not an option). Extremely heavily weighted financial goals, and forgetting about behaviours and cultural contribution? People will ALWAYS behave the way you incentivise them (EVERY. SINGLE. TIME.). Not the way you tell them to.
2. Ignorance is bliss.... temporarily anyway.
Spending extraordinarily large amounts of capital to create false short term returns? How about working your stores or assets harder or faster? Where is the pipeline of new ideas to solve your customers problems as they continue to arise? Are your people actually innovating, or are they distracted by your company culture or the way you incentivise them? Refer point 1.
3. If your strategy is solely one of being in a defending position - eventually your competitors will take your castle.
Creating and implementing new ideas is the modern day form of attacking your competitors. Defense will work well for a while..... but not forever.