Retaining ‘the Magic of Stores’ Vital for Retailers

With inflation continuing to drive significant increases in production costs and retail prices across most major markets, there will be an intense focus from retailers and suppliers on driving out costs, improving the efficiency of supply chains and delivering value to consumers in new ways over the next 12 months. That’s the conclusion of a new retail market forecast by IGD (Watford, U.K.), which says working to preserve “the magic of stores” is central to retailers’ success.

“Retailers must delight and surprise their shoppers,” the report states. “But this does not mean by theatre and entertainment alone. Time, convenience, checkout, value and range are areas that can be optimized, in-store and online.”

IDG’s report says other major initiatives that retailers should undertake include:

* Making efficiency an imperative

* Creating a new value equation

* Becoming a force for healthier futures

* Helping save the planet

* Being strategic when putting technology to work

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