The retail sector is under growing pressure. Customer demands are evolving and economic uncertainty is plaguing the high street. 8RC is a creative retail consultancy with more than 30 years’ experience. In this blog post, we look at why retailers feel a pressure to change, what they’re putting at risk and how to reduce the uncertainty of your actions.
Why are retailers taking risks?
If you haven’t witnessed the downfall of the highstreet for yourself, then you’ll have heard about it on the news. With more than 7500 brick and mortar stores closing in 2018, it’s clear that traditional retail has hit a slump.
In a climate where stores axing employees to make ends meet, implementing full rebrands and closing outlets to make ends meet, desperate times certainly call for desperate measures. Retailers are facing:
- Decline in consumer spending
- Brand reputation
- Supply chain failure
- Online shopping
The same old methods aren’t going to work in this critical retail environment. Businesses aren’t necessarily taking risks because they want to, but because they need to in order to survive.
It’s important to not jump the gun when it comes to implementing big changes. No matter how urgent the circumstances, any successful sharp left turn needs to undergo proper planning. You need to have an understanding of where you want this to go and how you’re going to get there.
Really, if a change is well planned then it won’t be a risk. With research backing you up every step of the way, the so-called “risk” is more likely to pay off. Whether you have in-house strategist or enlist the help of a retail specialist, the planning of your change is fundamental to its execution.
No change should be made blind in business. If you’re looking to make changes that don’t just allow your retail business to survive this challenging period, but thrive in spite of the circumstances, then seeking the advice of a retail consultancy is strongly recommended.
An experienced retail consulting can help make sure your risk is a calculated one. It’s all very good taking chances, but what if you don’t land on your feet? Professional advice is obviously an additional outgoing. However, it pays for itself in the long-term as your business not only weathers the storm, but manages to grow.
With the help of a retail consulting specialist, you can minimise the risk of any innovation to ensure you make decisions which can meet objectives and lead to a return on investment (ROI).
If you would like to know more about what a retail consulting service can offer you, get in touch with 8RC today. With over 30 years’ experience in the retail sector, they’re the consultancy specialists you need to take your business to the next level.