Dear Retail Leaders,
This is your moment. Strong leadership is needed – you must admit where you are and take action. And if you are currently thinking that this moment is not the right time to act, ask yourself what more you require, beyond a global pandemic, shifting customer behaviour and the demise of your retail peers, to make in-store investment a priority?
Stabilising will not be enough. You must deliver the quarter, but you must also protect the future.
The sad reality is that many stores are feeling (and showing) the effects of long-term under-investment – a problem that must be quickly remedied to turnaround their fortunes. As retail now moves forward from simple act of re-opening stores, customers will be right to ask: Is that it? Is this the best it gets?
Those retailers that are thriving by exceeding customer demands and expectations. That with speed and urgency.
Yes, times are difficult right now and, for some, calling a halt to in-store investment can feel like the only choice. But, trust me, when you look back, you will realise that a little retail rethink (and investment) was the best decision you ever made.
There is much to do. A need to understand, accept, and confront challenges.
Investing in your stores should not be seen as a cost. They have inherent value to your business and your customers. By choosing to accept ‘good enough’, you’re essentially saying that short term savings are more important than long term survival. When you pause for even a second to think about this, you realise it’s not true.