The Power of Women in Retail: Innovation, Mentorship, and the Future of Leadership

The retail industry has gone through a major transition, and at the forefront of this change are women who are revolutionizing leadership, innovation, and mentorship. From building brands that address real consumer needs to supporting the next generation of leaders, women are shaping the future of retail in powerful ways.

However, while progress has been made, challenges still linger, especially when it comes to representation in executive leadership.

To explore this critical topic, we turned to the insights of the women on our BrainTrust, a group of seasoned experts and industry leaders who bring firsthand, real-life experience and valuable perspectives to the conversation. Through their voices, we highlight how women-led brands are disrupting the market, the undeniably important role of mentorship in career advancement and longevity in leadership, and the persistent gaps that still need to be addressed.

Innovation Driven by Women-Led Brands

Women-led brands are revolutionizing retail by designing products and experiences that cater to the unique needs of female consumers.

Melissa Minkow, global director of retail strategy at CI&T, highlighted the importance of this shift: “Women-led brands are changing the game by creating products and experiences for themselves that honor the nuances and complexities of being a woman. There's a level of utilitarianism women need from the brands they buy that just can't be solved without other women thinking that through for them. I'm so grateful for the fearless discussions women founders like Julie Schott, Kate Sturino, and Grace Beverley start with their brand propositions and values.”

These female entrepreneurs are not just launching businesses; they are challenging industry norms, driving inclusivity, and ensuring that products truly meet consumer needs.

However, the impact of women on retail isn’t a recent development — they have been driving innovation for decades, breaking barriers and overcoming challenges to bring their visions to life.

Lucille DeHart, principal at MKT Marketing Services and founder of Yogassists.com, shared her perspective on the evolution of female leadership in retail.

“I am fortunate to work alongside and meet exceptional female talent in the industry,” she started. “There are so many inspiring brand stories from female founders that it is an exciting time for women. I used to be the only woman on the board or executive table of many of the leading brands I worked for, so it is refreshing to see founders paving the way for generational leadership. While I am not a fan of the reality show buzz, you can't help but admire the business prowess of Kris Jenner who led the development of the Kardashian empire. Kim's Skims line is expanding and a tale of DTC success and scale. Likewise, Goop founder, Gwyneth Paltrow established herself as an organic-based role model with her brand of cosmetics. Newer brands like The Little Words Project (known for Taylor Swift's word bracelets) are prime examples of mission, culture, and cause — female founded. But the grand dame of female founder inspiration stories is that of Maidenform — women's intimate apparel.”

DeHart continued, “I was fortunate to serve as Maidenform's CMO for many years and have always burst (not busted) with pride on the legacy story of the brand being founded by two women in the ‘20s when women could barely vote. The founders were dress makers who created an inner lift system to accentuate women's bodies — a turn from the then-famous roaring ‘20s flat or boyish form dresses. Customers loved how they looked in the dresses and began asking for just the inner workings of the dress — the inner/intimate apparel elements. Hence the birth of the Maidenform Bra.”

“I remain in awe of the early female brand leaders who had limited rights, limited access, and limited respect and who shone despite the shadows cast on them,” she added. “Martha Entenmann has a tremendous story growing her husband's bakery into a mega multi-channel/multi-brand empire. Coco Chanel, the Fendi sisters, and even Madame Barbe Nicole Clicquot who became a pioneer in the wine industry after inheriting her husband's vineyard are all sources of inspiration. I'd suggest that your Women's History Month homework include ‘When Women Ran Fifth Avenue’ — the story of the female leaders of Bonwit Teller, Lord & Taylor, and Henri Bendel.”

Reflecting on the stories of these remarkable women, we are reminded of the resilience, vision, and pioneering spirit that have shaped industries and transformed the retail landscape.

Celebrating Achievements While Identifying & Acknowledging Gaps

Despite these strides, women in retail continue to face barriers to leadership. Patricia V. Waldron, contributing editor at RetailWire, pointed out the ongoing need to elevate women’s contributions: “I'm all about celebrating achievements and expertise, especially to recognize the many women who have created and led successful brands. It's just unfortunate that we are still trying to educate and raise awareness of women's contributions, capabilities, and value to our industry, as well as communities around the world.”

She added, “Some of the most interesting and innovative brands are being founded by women who are looking for better ways to solve perennial problems, improve overall well-being, and inspire consumers with innovative products, services, and experiences.” 

While women are making significant contributions, there is still a long way to go in ensuring equal representation in leadership positions.

The Numbers Speak Volumes

Shannon Flanagan, founder and CEO of Retail Women in Tech and Retail Connected, broke down some of the specifics to shed light on the persistent gender gaps in retail leadership and the urgent need for change.

Sharing data from the Institute for Women's Policy Research, she began, “Women constitute a substantial portion of the retail workforce and influence up to 80% of all purchasing decisions, but we only hold 29% of executive and senior level positions in retail, and surprisingly so, this is slightly below the 31% average across all industries. Only 12% of retail CEO positions are held by women, highlighting a significant underrepresentation. This is a kicker.”  

She continued, “It wasn’t until 2023 that women CEOs outnumbered those named John. And here's a real bummer. Recent data indicates a trend. Women leaders are leaving their positions at the highest rate observed in years. Specifically for every two women promoted to director, two are leaving. DEI may be trigger words now, but they weren't just buzzwords or crazy policies, and some that have now been twisted into supposed discrimination policies. It's at the foundation of a stronger, more innovative, and more successful society.” 

“It's at the foundation of a stronger, more innovative, and more successful society,” Flanagan explained. “It's why mentorship matters more than ever, and I'm not just talking about men. Women, we can do a better job supporting and uplifting one another. Mentored and be mentored, advocate for our colleagues, sponsor our talent, be a part of a community that is making a difference. We all need to be confident because we deserve to be. Raise your hand, speak up, know your value, and bring it to the table unapologetically. Find your why and find guidance and support to make it happen. We have what it takes to keep the momentum going that we have worked so hard for, despite what's happening around us now. International Women's Day is just one day.”

The Role of Mentorship in Bridging the Leadership Gap

As Flanagan stressed, mentorship plays a crucial role in empowering women in retail. Having strong mentors can give invaluable support and guidance, open doors to new opportunities, and help build confidence, ultimately positively elevating the career path altogether.

Nicola Kinsella, SVP of global marketing at Fluent Commerce, shared her thoughts on the importance of mentorship at all career stages.

“Mentorship can make your career,” she began. “To have someone share the lessons they’ve learned across their career, open your eyes to new career opportunities, help connect you with others, and provide you with the confidence to level yourself up, is gold. I’m super excited to be part of the Mentorship Committee at Retail Women in Tech, and I’m both a mentor and mentee. Why? Because you’re never too young or too old to learn from others.”

This mentorship dynamic is crucial for building a strong pipeline of female leaders in retail and beyond.

As a retail consultant and another Mentorship Committee member at Retail Women in Tech, Lisa Taylor pointed out, “Mentorship plays a critical role in advancing women in retail by providing guidance, advocacy, and opportunities for career growth. It helps bridge the leadership gap by offering access to networks, skill development, and sponsorship opportunities that might otherwise be difficult to attain.”

Taylor highlighted three key benefits of mentorship that are essential to women's success in leadership.

Firstly, career advancement, where mentors provide guidance on navigating career paths, securing promotions, and developing essential leadership skills. Secondly, confidence and leadership development, as mentorship fosters self-assurance, empowering women to step into leadership roles with conviction. Lastly, sponsorship and advocacy, where senior mentors act as sponsors, championing women in leadership discussions, creating new opportunities, and connecting them with influential decision-makers. These elements collectively play a crucial role in bridging the leadership gap and ensuring women have the support they need to thrive.

Taylor concluded, “Retail organizations that implement structured mentorship programs can drive diversity, inclusivity, and long-term business success by fostering a more balanced pipeline.”

Mentorship is a game-changer for women in retail as it opens doors, builds confidence, and helps bridge the leadership gap by creating real opportunities for growth and success.

Intentional Relationship Building

Rachelle King, agency partnership lead at Walmart Connect, highlighted the importance of intentional relationship building to access mentorship of value.

“Mentorship is critical for women to advance confidently, grow purposefully, and become leaders in their own right,” she stated. “However, the unwritten agreement between white males in leadership and white males in aspiring leadership roles makes it hard for women, especially women of color, to have access to the most impactful mentors.” 

King continued, “Therefore, women must be intentional about building relationships that can lead to valuable mentorships. As we approach the apex of our career, advancement is less about what you know but who you know — and more importantly, who knows you. Mentors (or even sponsors) can help you think more strategically about making the right connections, the right impressions, and the right moves to advance your career.”

By investing in meaningful connections, nurturing these relationships, and advocating for a more inclusive network, women can gain the support they need to thrive in leadership positions. True progress comes from access and action by seeking the right mentors and also offering up to be a mentor.

The Future of Women in Retail

The future of women in retail is undeniably promising, but as emphasized by our BrainTrust members, it’s clear that progress must continue and commitment is required.

Lucille DeHart’s reflections remind us of the resilience and vision that have paved the way for female leaders. The success stories she highlighted show just how much women in retail have accomplished, despite facing and overcoming significant obstacles. Yet, as Shannon Flanagan and other BrainTrust members pointed out, women still face underrepresentation in executive roles and continue to leave leadership positions at worrying rates.

Mentorship, as stressed by many of our members, is a critical tool for change. It’s through mentorship that women gain confidence, access new opportunities, and break through the barriers that have traditionally acted as a limitation to their progress. Flanagan’s call for businesses to focus on inclusive cultures and invest in these programs is essential if we are to ensure that women not only thrive but also lead at every level in their journey. The success of women-led brands is solid proof of the necessity of diverse leadership, and as Dehart emphasized, today’s women leaders are paving the way for future generations to run with the baton with confidence.

The power of women in retail is clear, but we must continue to advocate for change, mentor future leaders, and build intentional, supportive relationships. By championing women-led innovation and ensuring women have the tools to succeed, we can create a retail industry that is more equitable, dynamic, and successful. The momentum is in motion, but it's time to ramp up the speed, and we all have a role to play in making that happen.