063: What You Must Know About Retail Today

There have been some huge changes and challenges for retail recently. So, in this episode, Oliver Banks speaks to Chris Brook-Carter, the MD and SVP of Retail Week and the World Retail Congress. Take advantage of Chris’s unique helicopter view about how retail has and continues to change.

Listen to this episode to discover:

• What Chris thinks about the role of the physical store in today’s retail market.
• The common traits among successful retail companies.
• A new mindset to consider if you’re balancing sustainabilty and profitability initiatives.

 

 

Introducing Chris Brook-Carter

Chris Brook-Carter is the Managing Director and Senior Vice President of Retail Week and the World Retail Congress. Both are part of Ascential plc. Over the past seven years, he has led these brands, originally as editor in chief and now as MD & SVP. During this time, he has overseen the transformation from a print magazine business into a digital content and global events company. Both brands continue to sit at the heart of global retail – with a mission to inform, connect and inspire retail leaders.

Chris is a passionate campaigner for the positive impact and effect that retail has on the UK economy and the wider world. Also, he is a leader in the fight for diversity in business, having been recognised by both the Women’s Business Council and Management Today as an agent of change by fighting for gender equality in business leadership.

Connect with Chris Brook-Carter on LinkedIn or on Twitter.

Retail Week Live 2020

The Retail Transformation Show podcast is a proud media partner of Retail Week Live 2020. It’s the UK premium event for senior retail leaders and it’s in London on the 25th – 26th March 2020. With 200+ speakers across multiple stages, you can absorb some of the latest thinking and hot strategies from across the retail and consumer facing marketplace. Plus, network with thousands of your peers from across every category in retail.

We’ve also agreed a special discount for listeners of the Retail Transformation Show. Just use the code “RTS15” to get 15% off your tickets.

Find out more at live.retail-week.com.

“Chore” vs “Cherish” shopping

During this podcast episode, Chris Brook-Carter pointed out that our shopping habits fall into two broad camps.

• Chore – shopping for the day to day things that keep our lives going. Think toilet rolls or other standard grocery items.
• Cherish – shopping for more luxurious items that are one-off purchases. You may also want assistance and expert advice or to try the products before buying.

As the retail markets continue to evolve, look out for the Chore shopping moving to ecommerce solutions. The focus here will be to eliminate friction and make ordering and receiving goods as quick and hassle free as possible.

Meanwhile, the Cherish shopping trips will be reliant on brilliant customer experience, enabled by friendly and knowledgable staff.

If this trend does come true, then expect to see more stores closing on our high streets. However, the remaining stores will be better quality shops in terms of experience given.

Common traits of today’s successful retailers

When looking at Amazon, Alibaba, etc, you will discover 3 things that they have in common.

1. Ongoing transformation as standard
2. Shallow organisation structure
3. Building a customer ecosystem

To discover more about these, be sure to check out the podcast in full. You can fast forward to 11 minutes, 49 second mark to listen to this bit.

Balancing sustainability and profitability

Sustainability is an increasingly important topic in retail (and the whole world!). However, too many retailers are not making the decisions that they need to deliver a sustainable future.

During the episode, Chris shares his view on how companies should balance the need for making sustainable decisions vs. the need to add a few percentage points onto the next quarterly trading update.

The bottom line – there are many different aspects to be successful at retail

Years ago, there were ways of doing retail that worked. You could have almost had the “one size fits all” guidebook.

However, nowdays, the market is much more complex. There is no “one size fits all” operation to guaranteed success. There are many different channels to consider now – social media and websites for example. Consumers are more switched on than ever before. There are even a whole host of different payment options and business models to choose from now.

It’s not easy adapting to the changes but it is important to transform and evolve in many different aspects.

But, what is clear is that the changes are continuing to come. So, be ready.

In fact, that’s why you should continue to listen to the Retail Transformation Show podcast. To help youreself get the insights, the inspiration and the ideas to help make your retail transformation a success.