Desperate to outperform last year results, the majority of retailers expect their revenues to represent profitable growth. But is this still a tenable option?
Desperate to outperform last year results, the majority of retailers expect their revenues to represent profitable growth. But is this still a tenable option?
Nearly all retail heavyweights have demonstrated impressive growth in on-line sales, while simultaneously showing deplorable results in in-store sales. This shows current shopping patterns of their customers. Meanwhile, shrinking foot traffic in full line stores sends productivity figures down, while sales plummet. It raises questions as to the viability of a number of brick-and-mortar stores. That said, some ingenious retailers know how to avoid the productivity crisis.
Expand, respond to trends, explore new techs
Hudson’s Bay sees opportunities in a rapid expansion in Europe. This year will see the company launch a new division in Netherlands, along with an opening of its first store in Amsterdam. Following several acquisitions, a major consolidation is underway, with many of the back office functions running out of Toronto or Cologne. The centralization guarantees effective back office controls as well as ability to swiftly respond to new fashion trends. The company also pays attention to new techs in bid to improve customer service.
Refine your offering
Macy's smooth transition from one CEO to another could be lesson learned for all retailers. Roughly a decade younger than his predecessor, a new head of the company vows to make shopping more exciting. He plans to bring back fashion shows that would attract sophisticated clients versus the mostly promotionally oriented consumers visiting stores nowadays.
Stir interest through innovation
Nordstrom has created excitement with new Top Shop shops inside a number of full line stores. Now it is testing whether showing Tesla electric cars generates customer interest. Nordstrom also frequently features pop-up shops that promote innovative merchandising ideas as well as motivate shoppers to visit the store.
Source: www.forbes.com
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