Successfully leading a retail business is getting harder—you’re not imagining it. The S&P Retail Index grew only 12% over the past three years, while the broader S&P rose 21%. The top 100 retailers had an average CEO turnover rate of 22% during the same period, up from 17% over the previous three years, according to our analysis of BoardEx data. Cycles are compressing, there’s no longer safety in scale alone, and iconic brands are going bankrupt.