Retailers must constantly rethink their vision and strategic direction
This is my key take away from the ‘Breakfast Sessions with the Retail Leaders’ during the World Retail Congress 2024 in Paris.
The audience really enjoyed listening to the lively panel discussion with Kirsty Ginman, Fahed Ghanim and Bernie Brookes AM. At the end of the session, the attendees were quite happy that they had made a wise decision by getting up early!
Transforming retail is about taking a longer-term perspective and making tough decisions. Otherwise, retailers may at best end up with incremental improvements yet may also risk starting a downwards loop; We have often observed this with many of the retailers, who have in the meantime quietly disappeared from the landscape. On the main stage Kmart and Printemps both presented positive examples of this, but most companies lack the courage to take this step.
The panelists pointed out that retailers around the globe are under exponential pressure. Technology, sustainability and erratic consumer behavior were mentioned as the main drivers for change.
Establishing a culture of curiosity, embedding customer-centricity into every decision-making process and early stakeholder involvement have been the best practices adopted by the panelists.
We also discussed why retailers need to be clear on the value they deliver to shoppers. Trying to be ‘everything for everybody’ sets the business up for failure.
It was interesting to see how the panelists are actively looking for external stimulus. They’ve begun to open up their strategic thinking by using coaches and involving people from outside their companies.
The breakfast sessions were so much fun and filled with a wealth of information and future ideas. Let’s just say - lots of food for thought! We honestly could have easily continued discussing throughout the entire morning….
#WRC2024, #Strategy,
VP, Sales @ Bluecore
3wYes to all of it