Limited time offer: No repayments on business loans for the first 6 weeks. Offer ends June 30. T&Cs. Apply now.

Video: How to stay relevant in a rapidly changing retail sector

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.

Read full trend report here.

The information in this post is provided for general information only and does not take into account your personal situation. Nothing contained in this post constitutes advice or an endorsement or recommendation of any kind by Prospa. Any links to third party websites are strictly for informational purposes only. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisors. Although every effort has been made to verify the accuracy of the information as at the date of publication, Prospa, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information for any reason, including due to the passage of time, or any loss or damage suffered by any person directly or indirectly through relying on this information.