The Changing Market

Over the last couple of months the world economy has changed almost daily, alas, very rarely for the better. Many of my clients have asked how I feel this will affect the retail sector over the next few months. As in all situations there will be winners and losers. Firstly, some retail sectors will find it more difficult than other retail sectors to build sales. Retailers selling high ticket luxury items such as luxury cars, large home entertainment systems and overseas vacations will find it very difficult to generate sales. Retailers who are selling essentials, small ticket luxury items and low cost home entertainment items could well benefit from the downturn. Having said that, within any retail category there will also be winners and losers. The winners will have been pro-active over the last few years. They will have got to understand the consumer and changed their retail story accordingly to keep in tune with their consumer. They have been doing their research, listening and watching consumers and inspiring them to buy. Those who have buried their heads in the sand over the last few years and have not adapted their retail model in the good times are going to find it exceedingly difficult to both change their retail model and attract consumers in tougher times. John Stanley is an internationally recognised conference speaker and retail consultant. He has authored several successful marketing and retail books including the best seller Just About Everything a Retail Manager Needs to Know. John’s retail experience covers hands-on retailing in supermarkets, hardware stores, garden centres, farmers markets and drug stores. For more information on John Stanley and how he can help your business prosper and grow, visit his website www.johnstanley.cc