Eddie Lampert: Retail Needs to Adapt or Die

Retail needs to adapt or die. That was the call to action sounded by Eddie Lampert, founder of ESL Partners, which controls about 60 percent of Sears Holdings. Lampert said changes in the retail industry have been great for consumers, but there's a question about whether they've been great for businesses. “J.C. Penney is in need of reinvention, Sears is in need of reinvention, Best Buy [is] in need of reinvention,” he said. “And that means that you’re going to have to try new things. That doesn’t mean you're going to be successful, but you have to try to change.”