The retail sector
is facing particular challenges at present with the survival of many outlets
resting upon the results of their Christmas trading.
Much talk in recent
times has focussed on the demise of the traditional British High St. There is a
tendency to feel that all would be well if instead of the plethora of Charity
shops, Discount Retailers and Pay Day Loan outlets they were to be replaced by
Butchers, Bakers & Candlestick Makers.
In reality there is
no going back to this perceived “Golden Age”. The new buzz word
in retailing is "multichannel", loosely defined as a strategy that
involves selling through stores, websites, mobile phones, catalogues, social
networking sites, et cetera. Basically it is an all encompassing process
designed to maximise sales revenues.
Not all business models can embrace this system but there has rarely
been a time when the old adage of “work smarter” has been more relevant.
As more and more obstacles are thrown up to threaten operating margins everyone
in any commercial organisation must ensure that they are operating at optimum
efficiency.
Whilst many retailers are pinning their hopes on “multi channelling”,
they are not the only sector having to radically re-think strategy in these times
of austerity.
The inability to
adapt to the requirements of the changing market place will inevitably see many
companies joining the ranks of corporate failures in the months ahead.
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