Good morning from Washington, D.C. Today marks Day 3 of the Fortune Most Powerful Women Summit.
This year’s theme, “Leading in a Dynamic World,” has set the stage for insightful discussions with distinguished leaders on topics ranging from the proliferation of AI to navigating uncertainty and sharing best practices in leadership.
During these uncertain times—shaped by shifts in trade policy and geopolitics—keeping the consumer top of mind is vital. “Our focus is just maniacally on the customer,” said Corie Barry, CEO of Best Buy, during a fireside chat with Fortune’s Emma Hinchliffe on Tuesday. Barry noted that it has never been more important for her to understand and adapt to the distinct behaviors of different consumers.
Over the past 18 months, consumers have remained more resilient than expected, continuing to spend when they have a need or when innovation captures their attention, she explained. “But they are very value-focused,” she said. That doesn’t necessarily mean they’re seeking the cheapest option. Barry added: “Their question is, ‘How do I fulfill my need in a way that matches my budget?’”
Barry also pointed out growing disparities between high- and low-income earners; she sees high-earners as propping up the economy. “That is probably what keeps me up at night,” she said.
To address these challenges, she seeks to maintain a customer-centric approach, leveraging AI for smarter decision-making and meeting individual consumer needs across channels. For C-suite leaders, that also means embracing a mindset of constant learning.
“One of the greatest joys of this job is how many chances I get to learn; it’s something that fuels me,” Barry said. In the age of AI, she added, “the idea of unlearning and relearning is one of the most important,” noting that few CEOs likely graduated with a degree in advanced AI.
Barry regularly meets with economists from major banks to analyze data and metrics related to consumer health and then translates those insights into action. “I’m not trying to predict the future—that’s a useless task at this point,” she said. “What I’m trying to figure out is how we best position the company and create resiliency.”
Barry offered additional advice for leaders: Surround yourself with people who are much smarter than you, and don’t be afraid to ask for help.
To create resiliency for the company, “it can’t just be about you as the CEO,” she said.
Sheryl Estrada
sheryl.estrada@fortune.com
