A series of existential headwinds, to include spiralling inflation, the cost of living crisis, supply chain disruption and labour shortages, is making it a tougher than ever environment for retailers, Retail Week’s editor, Luke Tugby, told delegates at Retail Week Live this week.
The two-day conference, (24-25 May), shone a spotlight on the people, projects and partnerships currently defining the sector, with over 800 people attending.
Among the keynote speakers was retail champion and Queen of Shops Mary Portas, who called on retail businesses to work harder to find “meaningful philosophies” that connect with customers.
“This is a new world we’re entering,” she told attendees. “Covid was a catalyst for many cultural changes that were bubbling under for such a long time, and now the way we live and shop has fundamentally changed. We know we’re killing our planet, so people are thinking much more carefully about where they’re buying from. And we’re seeing so many social injustices in the world – people with much less, leveraged by the war in Ukraine – along with prices going up. The heart of great retail is understanding those changes that are happening and being able to serve them and give the best response to people.”
Continued Mary: “We’ve seen many retailers fail because they were operationally brilliant but lacked this creative heart. What they were missing is the big piece in the middle which is about how you connect through your behaviours to your customers.
“To succeed, businesses need a philosophy that is the way they truly behave,” she continued. “Not just a purpose, or the vision of what they stand for, but a real belief system that connects to what people actually now believe in.”
Launching the event, Luke Tugby, told delegates: “Winning customer loyalty, growing sales, attracting a skilled and diverse workforce, and doing good for the planet has always been tough in our brilliantly competitive UK market – but doing so has never been more difficult, nor more important, than it is today.
Businesses must constantly evolve if they are to achieve those goals and retain relevance. If ever there was time for radical change, it’s now.”
Top: Luke Tugby launched this week’s Retail Week Live, a two day conference held at London’s Old Billingsgate.
