New Year retail message
Happy New Year to everyone!! Here are some words and phrases we will be hearing much more of in retailing during 2018:
- Losers
- Profits warning
- CVA
- Administration
- Retail casualties
- Onerous leases
- Staff cuts
- Consolidation
- M&A
- Restructuring
- Promotions
- Debt
- Credit insurance
- Cost reduction
Here are some words and phrases I think we need to hear much more of:
- Winners
- Revenue growth
- Profit growth
- Market share growth
- Customers
- Staff
- Investing in service
- Range editing
- Space editing
- Brand integrity
- Price integrity
- Bank support
Role models are invaluable. There are plenty of retail winners out there and lessons can be learned from many, by many. No one is going to be a winner in this market because they are good at managing costs. That has to be a given. Being great at selling is the non-negotiable skill in this market. And being good at selling has to begin and end with the customer: this last word is the most important in the two lists above. Investing in truly understanding your core customer is critical. And having enough belief in your brand and its relationship with those core customers to not chase after peripheral business. This is what I believe is essential for retail success next year.
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