The Georgetown University McDonough School of Business (MSB) launched an initiative to expand retail studies and provide funding for professional and real-world retail experience, the university announced Sept. 30.
The initiative, which is called the National Retail Foundation (NRF) Business of Retail Initiative, aims to position Georgetown as a hub for retail studies, funding an annual NRF summit, two NRF-backed masters of business administration (MBA) fellowships, research grants, new faculty positions and an NRF chair in retail studies. NRF, the world’s largest retail trade association, donated $6 million to fund the initiative.
Matthew Shay (GRD ’11), NRF’s president, said the initiative will make Georgetown the epicenter of retail and its integration into academia.
“Many of the business school faculty who were my professors and instructors will now support this new initiative,” Shay told The Hoya. “Retail is a sophisticated industry driven by innovation and opportunity, and this program will elevate the importance of retail studies and shape the future of retail.”
The retail industry, which employs 55 million workers in the United States and contributes $5.3 trillion to the country’s gross domestic product, is often overlooked in academic research, according to industry leaders. NRF leaders have said this initiative is a driving force in encouraging current and future MSB students to pursue an education in retail.
Adam Lukoskie (GRD ’16), the NRF’s executive director, said he looks forward to collaborating with Georgetown faculty on this investment.
“Our investment through the NRF Business of Retail Initiative allows us to connect Georgetown faculty and staff with thousands of retail executives who lead small, mid-size and multibillion-dollar retail businesses and are constantly working to solve their most complex challenges in supply chain, operations, new market development, finance and policy, to name just a few areas,” Lukoskie told The Hoya. “I personally love collaborating on forward-thinking solutions to modern issues.”
Rebecca Hamilton, marketing professor and Michael G. and Robin Psaros chair in business administration, said the initiative opens the door to connecting the MSB and students with future collaborations and real-world insight, including the senior vice president (SVP) at Walmart.
“Students in our ‘Global Retail Marketing’ course will be working on a live case with Macy’s and will have an opportunity to meet a top executive from Macy’s when he serves as a guest speaker,” Hamilton told The Hoya. “Andrea Albright, SVP at Walmart, will also be a guest speaker in this course.”
Sophia Leissner (CAS ’27) — president of Georgetown Retail and Luxury Association (GRLA), a student-run organization that educates students on the retail and luxury industries and professional opportunities — said the initiative presents a new and interesting opportunity for students.
“The NRF Business of Retail Initiative is an incredibly exciting opportunity, as it recognizes the importance of retail as a field of study and innovation,” Leissner told The Hoya. “For the GRLA, it will help facilitate our engagement with the industry in a meaningful way.”
Leissner said the initiative grants her invaluable insight into the industry and provides her with an opportunity to directly connect with leaders in the space.
“From gaining key insights into the changing retail landscape and the challenges ahead to connecting with leading organizations and employers in the industry, we are gaining access to a dynamic resource,” Leissner said. “For students like me who are pursuing careers in the retail and luxury sectors, it is an exciting chance to learn directly from leaders driving change and about how we can participate in fostering innovation and resilience across the industry.”
Shay said helping establish the NRF Business of Retail Initiative represents both a professional milestone and a personal return to his roots.
“NRF’s endowment to Georgetown University is a full circle moment for me,” Shay said. “I attended the McDonough School of Business Executive MBA program while also joining NRF as president and CEO because I wanted a degree and an experience that would have immediate application to my work.”
