Eddie Lampert: Retail Needs to Adapt or Die

Retail needs to adapt or die. That was the call to action sounded by Eddie Lampert, founder of ESL Partners, which controls about 60 percent of Sears Holdings, in an interview with CNBC Wednesday. In a rare media appearance, Lampert said the changes in the retail industry have been great for the consumer, but there is a question about whether it has been great for business.