Retailers must focus their attention on eight retail priorities to survive in difficult economic times says Phil Kowalczyk, Managing Director, North America for Kurt Salmon Associates (KSA).
“Successful retailers know they must consistently focus on developing winning value propositions based on the core principles of value, innovation, and convenience — in good economic times or bad,” Kowalczyk says.
The consumer is the top priority; price, brand strategy, customer service, and innovation are critical; and global expansion and establishing a strong financial foundation through supply chain efficiency round out the list. “When these elements are executed flawlessly on the store floor, customers have compelling reasons to spend,” Kowalczyk says.
“Surviving in the Shadow of the Bear: Successful Retail Strategies for Challenging Times,” a publication released by KSA — the international management consulting firm specializing in the retail and consumer products industries — explores how some of the world’s best retailers develop the strategy and vision to forge ahead in the face of increasing competition to succeed even in difficult economic times.
Based on an executive panel discussion moderated by Kowalczyk at the 2003 National Retail Federation (NRF) Convention and Expo in New York City, this publication asserts that for many retailers, the key to success in a down economy is first to achieve and maintain financial stability, and then to evaluate low-risk growth options in which to invest. Winners will make smart investments in pricing strategies, brand(s), service, product innovation, and global expansion.
The stories of panelists Mark Friedman, first vice president of Merrill Lynch & Co.; Marty Hanaka, chairman and chief executive officer of The Sports Authority; John Hancock, chief executive of MFI Furniture Group PLC; and Dr. Hans-Joachim Korber, chief executive officer of METRO AG epitomize these key concepts, and the benefits of executing them decisively to provide solutions that exceed consumers expectations.
“Surviving in the Shadow of the Bear: Successful Retail Strategies for Challenging Times” is available for download from KSA’s website publications library at www.kurtsalmon.com.
