The keys to retail success in a year characterised by economic turbulence, the Olympics and the Jubilee will be:
Innovation
- become a retail winner by following Lady Gaga’s and Jamie Oliver’s examples and reinventing yourself
- understand the need to innovate to win and that the best innovators are learners, not knowers
- “crowdsource” from your own people to generate ideas for improving overall performance
Marketing
- focus on new and differentiated ways to bring in your customers and convert the fickle into the loyal
- experiment with new channels and offers to capture customers as turbulent times change shopping habits
Value
- wake up to the fact that consumers aren’t stupid and they will pay more if they think they’re getting quality
- avoid price wars, but don’t get hung up on margin either – think about “value”
Operations
- focus on operational excellence to exploit the summer’s events and lay foundations for a return to growth
- launch a ‘charm offensive’ to reverse service decline and help a cautious customer part with her pennies
- be light on your feet: prepare for pre-Olympic hoopla followed by 3 week slump and then a post-games lift
Look beyond 2012!
- embrace emerging markets: especially Brazil as it prepares for the 2014 World Cup and the 2016 Olympics
You can download an extended version of our views on 2012 and retail success here: The Chambers – Going for Gold in 2012.
