The University of Arizona’s Global Retailing Conference has jumped to the top of my “must see ” events. Where else can you hear the likes of Terry Lundgren (CEO, Macy’s), Frank Blake (CEO, Home Depot), Rick Darling (President, LF USA), Michelle Goekler (SVP Walmart, GMM Home), Bob Moran (Chairman and CEO PetSmart), David Calhoun (CEO Nielsen), and others speaking candidly about the state of their companies and the retail industry at large in a single 48 hour program? Well, those folks and more were what I saw last week.

The Terry Lundgren Center for Retailing subtitled the event “Innovating Customer Engagement ” and pretty much everyone talked about some aspect of innovation and engagement. Poppy King talked about creating an emotion connection with the consumer. David Calhoun explained just how multi-cultural and connected that consumer now is, and Peter Sasche and Kasey Lobaugh talked about technologies that generate excitement among those consumers. It was pretty heady stuff.

For me, though, the best part wasn’t the success stories, of which there were many. It was the “not so great news ” that senior executives were willing to share. Sure, Frank Blake had some amazing statistics about Home Depot’s trajectory over the past few years and its renewed focus on its core assets: employees. But he also talked about expansion into China (not so good), and other mistakes that might have been made during his tenure. Ms. Goekler’s speech was titled “Give Them What they Want, ” but she didn’t hesitate to talk about mistakes to avoid – and confessed that she and / or Walmart as a whole had made all of them. For example, who knew that the most popular canned chili in the Midwest is completely different than the most popular canned chili in the South? Not me, but then I eat neither meat, nor chili. But obviously, the message was about localizing assortments.

The candor was really fresh. I quite loved it. Mr. Moran even engaged with a member of the audience about rewards promised but not given at a PetSmart store – and in turn, promised to fix that very specific problem. Sandeep Mathrani, CEO of General Growth Properties talked candidly and stolidly about his company’s trip to the brink of disaster and back.

I think what most impressed me was the number of students being hired out of the classrooms by Macy’s and some of its counterparts. I believe Mr. Lundgren said Macy’s has hired 32 of the current graduating class for Macy’s. And many of those new hires were sitting in the audience.

Yes, I spoke too, about what a larger swath of retailers perceive their challenges to be in stores. But this was one of those events where you mostly just sit back and enjoy the ride listening to everyone else.

The short strokes: the customer is clearly in the driver’s seat. We all know it. Millennials are the coveted generation, even though most of them can’t even spell millennium (or so the video seemed to indicate). Baby Boomers still have spending power that just won’t quit, and Hispanics of all shapes and sizes resonate with concepts like “Family. ” And when the CEO of a major corporation talks about “Pet Parents ” you know we’re living in a customer-indulgent society.

I know I probably sound like an awe-struck little kid here, but honestly, this was one great event. It may be a pain in the neck to get to Tucson, but it’s well worth the ride. Where else might you have the chance to thank the CEO of Home Depot for opening one of his few new stores in 2011 on your favorite tropical island? Or to congratulate him on making his US-based stores more shoppable? It’s a chance to learn from some real masters. Anyway, you get the point. Mark your calendars for 2013. A must-see event for retailers and vendors alike.