Retail in 2019 has continued to be a turbulent ride. From struggling companies, to literal firefighting. And from lie detector tests to the political landscape. There have been some major news in the sector. Listen now to recall the biggest stories from 2019 and what they mean for you and retail in 2020.

Listen now to:

  • Remember the rollercoaster ride that was retail in 2019.
  • Reflect on what’s worked, what’s not and what’s changed.
  • Learn lessons from 2019 to take into retail in 2020.

A reminder of the lessons from retail in 2019

Listen to the full podcast episode for a detailed run down of what happened every month. If you’ve done that already, here is a reminder of the lessons, month by month.

Quarter 1: January to March

January: The media love a good story and it’s important that you transform effectively so that you stay in control. You won’t want to be on the front pages for the wrong reasons.

February: A reminder of the importance of good ecommerce capability in today’s retail market. But, if you lack this, then you can use the power of partnerships and collaborations to quickly fill gaps in your operating model or organisational capabilty. But, we also had a stark reminder of the fragile nature of ecommerce – so be sure to think about the “what ifs” of your operating model.

March: Shopping is changing to make it simpler and easier for customers and you must focus on where they are right now.

Quarter 2: April to June

April: it is important to try and trials new ideas. You must be bold in moving forward. “Speculate to accumulate” is a great mindset.

May: The world is changing and you must consider how you will transform your business. Consider the options and take action to do something new or previously untried, like Next and Amazon.

June: CVAs (Company Voluntary Arrangements) are still coming through. But there is increasing evidence that doing a CVA is not the solution. A CVA is a stay of execution – you must use that time effectively and swiftly to transform.

Quarter 3: July to September

July: The retail market isn’t only the retailers themselves. We, the whole industry, must be more willing to work together to reverse the adverse conditions that we face.

August: Retail is about the people, but we must consider how to effectively transform our workforces to adapt to the changing retail marketplace.

September: Heritage brands are not exempt from the changes in retail. In fact, quite the opposite is true. So, you must ensure that your brand continues to transform for the new and evolving retail marketplace.

Quarter 4: October to December

October: As you transform and evolve, technology can play an important part in a new proposition. But if it’s not planned or managed effectively, it can leave you in a risky position.

November: If you’re a retailer, you must consider why a brand would want to work with you. And you must consider what you would do if you lost a major brand. As DTC (Direct To Consumer) increases, this will be an increasingly hot topic.

December: Change will continue. So, if you’ve not already done so, look to 2020 for how you can transform.

So, what was your stand out story in retail for 2019?

What was your favourite story? Has there been something in particular that really resonated with you? And, what have been the lessons that you’ve learnt from 2019? Either, comment below on this page, or let’s connect on social media and have a conversation.

LinkedIn: Oliver Banks

Twitter: @ollie_banks

Instagram: oliverbanks.uk

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OB&CO LTD | COPYRIGHT 2020 | BUILT WITH CARE BY NOËLLE STEEGS

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