Weathering the storm

It is clear to all of us that our great industry is moving through tumultuous times. A deep recession is being followed by a long stagnation. Traditional retail business models are being challenged by rising input costs, the migration of spend online and the emergence of new technologies that are changing how our customers research and shop for goods.

So, what can you do to weather this storm? In part the answer lies in retreating back to the core principles of what makes great strategy. Namely, developing a superior understanding of your consumers and using that as a basis for establishing distinctive, competitively advantaged strategies that are commercially impactful and expose your business to new sources of growth and profit.

However, weathering the storm will also require retailers to have a perspective on the future.