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listen in conversation with Milton Friedman and comes across as all things to all people. But over the years I’ve come to realize the benefits of his approach, and how it can be applied to the current and future needs of the retail business.

I recently caught up with him after a recent visit to his home (he is 85, by the way) to discuss the future of retail. He offered his thoughts on:

The power of the exception

The importance of a well-defined vision

The role of technology in transforming retail

Tips for young entrepreneurs

The importance of having a good cash flow

The future of retail

Anyone who wants to transform the retail industry will want to hear what he has to say.

You can check out the podcast by clicking below, or head over to iTunes or Stitcher. The conversation begins at the 27 minute mark.

Also, don’t miss some other recent content and interviews:

Dell is embracing Apple’s retail model, but there are some things you must do as a retailer to truly make this work

Merchants get it. A study of 100+ is already telling us what it takes to succeed. Now retailers can know how to get there.

Life After Amazon. The real value of HBS is really the 12th lesson

If you’re someone who believes in the power of exceptions, this lesson from Lincoln is your jam

Trusting inspiration and adaptability over data is what will lead to the future of retail

Retail is forever changing, from mobile to payments to the way people shop.

The retailers who are embracing these changes will be the ones who survive.

Don’t have the time to read our full recap of the Economic Lesson of the Year? You can watch the video and give the rest a listen below:

The Future of Retail is on a collision course

In the near future, the retail industry will be in a state of constant flux. And for retailers, this uncertainty will likely make or break their businesses. As technology continues to evolve, we will witness a swift and undeniable transition in how retailers operate and interact with their customers.

“The future is not the past. I just told you what the future is. So, what are you going to do about it?”

Well, first and foremost, you need to be transparent with your customers. The more they know about your business, the more

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