Like many industries, the retail sector is going through a period of rapid and dramatic change as digital technologies and new consumer expectations disrupt traditional ways of doing business.
Sadly, many retailers have failed to keep pace with this change. Data from the Australian Securities & Investments Commission shows that 903 retailers entered into administration from March 2015 to March 2016, a 6.7 per cent increase over the previous corresponding period. News headlines have also suggested we are seeing a ‘death spiral’ in retail.
Recently, however, retail leaders have become quietly optimistic about the industry’s future. Retail isn’t dead, only boring retail is. And while businesses in this sector still face numerous challenges, there are also opportunities for organisations to grow.
Retail isn’t dead, only boring retail is.
To do so, they cannot rely on what has worked in the past to carry them forward; rather, they will need to embrace change to survive.
