By Peter Sheppard
Senior Deployment Consultant, Retail Doctor Group
Wow, just when we thought we were through the Covid crises and looking forward to getting back to some sort of normal trading conditions, along comes a whole new suite of challenges that will surely test every retailer.
The changes in the market: include the highest inflation in the last 40 years (most of us will not have traded in high inflationary conditions), much higher interest rates on mortgages (no one knows how high they can go), supply line shortages in many areas, low consumer confidence levels, reducing house prices and escalating fuel, energy and food prices putting pressure on disposable incomes.
Quite a list of challenges that did not exist in the period prior to Covid. But do not despair, with the new scenario comes many opportunities for the astute and fit retailer who embraces change and runs an efficient offer matched to the customer needs, and does it better than their competitor.
It reminds me of the two tourists who came face to face in the African bush with an angry lion. The first one stopped and started putting on his running shoes when the other said to him, why are you doing that, you cannot outrun a lion and he replied, I don’t have to, I only have to outrun you!
And so, it is with your business. Are you faster and fitter than your competitors? What do you do better? Why should shoppers shop you? How are you going to outrun your competition? What do you have to do to grow your market share in a tough market? How do you manage rising prices and shrinking margins?
All questions that require attention and answers in the coming retail market. Do you have the answers?
We at Retail Doctor Group do. We have decades and decades of experience (some of us have even managed businesses through the last similar scenario) and can assist your business to run faster and further than your competitors.
There are solutions and strategies for every business. Do not get caught thinking that what you did previously will ‘cut it’ in the next number of years.
Talk to our Deployment team at Retail Doctor Group to find out what fit retailers need to do to avoid being caught by the new challenges ….and eaten up by the market. Contact us at [email protected]