NEW RETAIL

Strategies for Success in a Rapidly

Changing Retail Market

On the 7th March BridgePoint Group hosted a roundtable lunch

featuring keynote speakers Paul Greenberg and Michael McRitchie.

On the following pages, we share insights from the day.

The global economy is upon us

• The Australian economy is undergoing a structural shift, as the world

seeks to allocate scare resources more efficiently.

• International brands can easily access Australian consumers and vice versa

Consumers have more power than ever before

• The internet has allowed consumers to be better educated about value

• Consumers can source product from anywhere in the world

• Consumers trust what others have to say about you on social media

The fundamentals of a good business remain the same

• Give the consumers what they want, where and when they want it

• Create value they will love

• It is still about making money –a fair margin that results in a profit

Change is happening all the time

• Change will continue to happen – get used to it!

• Choose to see change as a new opportunity

The bricks and mortar retail store is not dead!• It has just changed!

• Consumers still love the shopping experience

• Some ‘online’ businesses are now looking for a physical presence to reinforce their brand

Become a learning organisation (part 1)

• Be aware of what is happening around you

• Look for lessons from other industries that could work for you

• Be prepared to experiment to see what works

Become a learning organisation (part 2)

• Seek to understand the data that you collect

• Listen to your customers

• Be prepared to adapt

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