The Secret To Retail Success Post Coronavirus? Adopting A Consumer-Centric Approach
Thursday, April 30, 2020
Fashion retail was facing unprecedented upheaval long before any of us had even heard of coronavirus or could imagine a situation where all stores would be forced to close and the world would be in global lockdown. This pre-coronavirus need for change was being driven by shrinking margins and an increase in nimble new entrants to the market who were growing their market share at a rapid pace, striping away sales from large incumbent brands and retailers.
For the majority of retail businesses, trying to evolve and keep pace in recent years has been a painful experience as it’s meant questioning and changing the very foundations of their business and looking to change systems and business models that have been in place for decades.