We have a good understanding of the issues facing the Retail Sector and have worked with some of the industry’s specialist and iconic retailers such as Hamleys to develop their managers to inspire and engage their people to improve the business’ performance and drive competitive advantage.
The retail industry sector plays an important role in the UK economy and is subject to a wide range of changes and pressures from economic, consumer, societal and technological perspectives. The retail sector’s GVA is over £70bn and employs around 3 million people, which is approximately 10% of the total workforce. A rise in minimum wage will put money in consumers pockets in 2016 but with retail sales growing by just 2% in real terms it is still a tough market and it is discount shops that are benefitting most – a common theme in Japan too.
The sector suffered particularly badly in the recession but output, in terms of value has now returned to pre-recession levels.
Drivers for change in the sector include:
Customers expect greater personalisation and want a one-on-one relationship with brands.
Harnessing the vast amounts of customer data available to create a single view of each customer, finding patterns and delivering the most relevant promotions – both online and in-store.
Using technology to deeply understand complex, overlapping variables like consumer trends, demographics, seasonality and vendor limitations.
Enabling customers to research, buy, track, receive and return purchases wherever, whenever and however they please.
Using technologies and processes to further improve procurement, finance, administration, budgeting, and business management functions that drive efficiencies to the bottom line.
- Shopping being seen more of a family entertainment activity, and therefore customer experience is now a key differentiator.
- Fashion brands have been producing unisex clothing for years but sex will go out of fashion as an organising principle for some shops. Selfridges unisex pop up space “Agender” did away with “his” and “hers” and may next split it out as a separate shop.
We can develop your managers and staff to deal with these challenges and deliver a fundamental shift in the culture and performance of your business. We have the unique ability to deeply understand your business vision, strategy, and goals and to design development interventions that will deliver significant business benefits. To learn more about our work in this sector and the impact we have had read our Hamleys case study. Alternatively see how our other clients have benefited from our support by visiting What Our Clients Say.