As Retail Gets Real reaches its 400th episode, we’re joined by Matthew Shay, president and CEO of the National Retail Federation, for a special conversation reflecting on the year that was, and what it reveals about the future of retail. The milestone episode offers a comprehensive look at the forces that shaped the industry in 2025, from global expansion and trade policy to consumer behavior and artificial intelligence.

(00:00:00) Marking 400 episodes and setting the stage for retail’s future

(00:05:35) Trade policy, tariffs and the cost of uncertainty

(00:10:00) Keeping the consumer at the center of retail policy

(00:12:10) Understanding today’s consumer: anxious, adaptable and still spending

(00:17:24) Making sense of AI without getting overwhelmed

(00:25:01) Investing in the future of retail leadership and education

The National Retail Federation is the world’s largest retail trade association.

Every day, we passionately stand up for the people, policies and ideas that help retail succeed.

Resources:

• Learn more about NRF’s work on behalf of the retail industry in 2025 at nrf.com/2025

• Get ready for Retail’s Big Show in NYC

• Become an NRF member and join the world’s largest retail trade association

• Learn about our retail education platform, NRF Foundation, at nrffoundation.org

• Learn about retail advocacy at nrf.com/advocacy

• Find more episodes at retailgetsreal.com

Related:

• 375: Tech, trade and taxes: What’s impacting retail in 2025

• 332: The state of retail heading into 2024