{"id":336,"date":"2024-07-16T11:39:00","date_gmt":"2024-07-16T11:39:00","guid":{"rendered":"https:\/\/cdrconsultstg.wpenginepowered.com\/?p=336"},"modified":"2025-01-15T12:20:49","modified_gmt":"2025-01-15T12:20:49","slug":"what-next-for-the-retail-sector","status":"publish","type":"post","link":"https:\/\/cdrconsultancy.com\/asia\/what-next-for-the-retail-sector\/","title":{"rendered":"What next for the retail sector?"},"content":{"rendered":"\t\t
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What next for the retail sector?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Amid falling levels of inflation, disruption in the Red Sea and political change in the UK, Alex Winch reports from CDR\u2019s inaugural retail and consumer event focused on the \u2018Retail Road Ahead\u2019.<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Retailers face big challenges as they head into the second half of 2024 from the pressure to become activist brands on sustainability or social issues to dealing with a lingering cost-of-living crisis \u2013 but there are also lucrative opportunities for those who get it right. This was the conclusion of CDR\u2019s panel of retail experts who we recently brought together to ponder what\u2019s next for a sector that employs more than 3 million people in Britain.<\/p>

Taking to our stage at the Charlotte Street Hotel: Linda Ellett from KPMG, Mike Watkins from data experts Nielsen IQ, David Butler, CEO of clothing retailer Weird Fish and Hugh Radojev from Retail Week. In the audience? Attendees from big names like Burberry and Burger King as well as key figures across the investor community.<\/p>

The panel sought answers to some of the big questions retailers face today.<\/p>

\u00a0<\/p>

  1. Is the cost-of-living crisis over?<\/u><\/strong><\/li><\/ol>

    For the last couple of years, consumers have felt the pinch. Data from KPMG has shown that one in four of us are feeling less financially secure with this leading to a continued pinch on retail sales as \u2018as many consumers become increasingly deliberate with their spending choices<\/p>

    Mike Watkins sees this moment characterised by retailers now having to contend with a polarised consumer. On one hand you have the squeezed consumer affected by the cost-of-living crisis while on the other, there are those who are financially confident.<\/p>

    According to recent KPMG research, 4 in 10 consumers are still cutting their spending. That means \u2013 as David Butler highlighted \u2013 that certain brands become a considered choice and brands must find a way to cater for those who are cutting spending. For him, it means that brands need to focus on how to attract the squeezed consumer.<\/p>

    1. So, what is the path to success? <\/u><\/strong><\/li><\/ol>

      Increasingly, as David put it, brands in the middle \u201chave to be very agile to succeed\u201d as well as targeting people \u201cvery individually.\u201d Knowing your customers has become much more important. For Crew Clothing, which David ran until May last year, that meant partnerships with the likes of the Queen\u2019s Club Tennis Championships and the Henley Royal Regatta, two popular events amongst his target market as well as the Lawn Tennis Association. David\u2019s view is that by being associated with brands that resonate with your audience, you give yourself a much better platform for success.<\/p>

      Despite some customers continuing to reduce their spending, many firms are emerging as \u201cwinners\u201d. Retail\u2019s Week\u2019s Hugh Radojev was quick to draw attention to clothing retailer All Saints as an example. The brand has expanded overseas but throughout this process, products have remained consistent globally.<\/p>

      A key factor ensuring you are on the path to success cited by all panellists is a strong multichannel offering. While an online presence is critical, retailers are increasingly seeing demand for physical stores. Businesses need to have the right stores in the right place. Your channel offering also has to reflect the needs and behaviours of your target customers, companies can\u2019t just have a multi-channel offering for the sake of it. As David pointed out, this is a task he is currently undertaking with Weird Fish. The business is expanding across all channels to ensure it is linked with its diverse customer base, both with physical stores but also through its online presence.<\/p>

      1. Shifting priorities to focus on<\/u><\/strong><\/li><\/ol>

        With customers becoming more accustomed to the cost-of-living crisis, data from Nielsen IQ has shown health and wellness is a top priority for consumers. Clearly, unlike myself, people are sticking to their New Years Resolutions! This shift in priorities also represents an opportunity for retail and consumer brands. Being quick to adapt is key.<\/p>

        But it isn\u2019t just health and wellness that is front of mind. More than half of consumers have said that sustainability is now more important to them, leading to increased scrutiny of brands, their manufacturing process and labour practices.<\/p>

        1. What lies ahead then? <\/u><\/strong><\/li><\/ol>

          Looking ahead, Linda concluded that for retailers to position themselves for success, they \u201cneed to be everywhere\u201d, through physical stores, digital channels including social media, and through partnerships and advertising. Consumers now expect \u201cseamless commerce\u201d \u2013 that means their favourite brands and retailers provide them with a consistent experience from their first interaction to when they receive the final good or service, irrespective of which channel they are engaging through at each point.<\/p>

          Most of the discussion\u2019s focus was on UK habits, but some trends stand out as being global in nature. Health, wellness and sustainability are a focus for shoppers worldwide, with \u201cvalue and trust\u201d being priorities for Gen Z shoppers in particular. Mike\u2019s view is that in the future, consumers are going to \u201cwant to see more engagement from brands\u201d, especially on issues which shape the future of societies around the world.<\/p>

          What was clear to me, was that we are at a crucial moment for businesses in the retail and leisure sectors. With a new Government in the UK and levels of inflation falling, now is the time for businesses to put their foot to the floor and ensure that they power themselves down the retail road ahead and onto success.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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          What next for the retail sector? Amid falling levels of inflation, disruption in the Red Sea and political change in the UK, Alex Winch reports from CDR\u2019s inaugural retail and consumer event focused on the \u2018Retail Road Ahead\u2019. Retailers face big challenges as they head into the second half of 2024 from the pressure to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-336","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"ROX Admin","author_link":"https:\/\/cdrconsultancy.com\/asia\/author\/graemegreygraphics-co-uk\/"},"_links":{"self":[{"href":"https:\/\/cdrconsultancy.com\/asia\/wp-json\/wp\/v2\/posts\/336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cdrconsultancy.com\/asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cdrconsultancy.com\/asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cdrconsultancy.com\/asia\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cdrconsultancy.com\/asia\/wp-json\/wp\/v2\/comments?post=336"}],"version-history":[{"count":0,"href":"https:\/\/cdrconsultancy.com\/asia\/wp-json\/wp\/v2\/posts\/336\/revisions"}],"wp:attachment":[{"href":"https:\/\/cdrconsultancy.com\/asia\/wp-json\/wp\/v2\/media?parent=336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cdrconsultancy.com\/asia\/wp-json\/wp\/v2\/categories?post=336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cdrconsultancy.com\/asia\/wp-json\/wp\/v2\/tags?post=336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}