The Great Debate UK
Retail needs to be online and off at the same time
–David Green is business development director at GB Group. The opinions expressed are his own.–
High street retail is in trouble; suffering due to factors such as the explosion of ecommerce. Recent studies show that more than one in ten shops lie dormant in the UK and online shopping has undoubtedly had a large part to play in this. But those that turn it into a competition between online and physical retail are missing the point. The companies which will be the most successful are those that can combine a strong online presence with in-store experience.
A recent study from the British Retail Consortium (BRC) found that 11.3% of shops in town centres across the UK remain vacant. This is the worst figure since its nationwide survey began. The decline of high street brands like Woolworths, Borders and now Comet show that this is a serious problem. Brands such as ASOS, Amazon and eBay, which exist solely online, are able to save costs on staff and property and through smartphones, tablets and PCs these online stores are increasingly accessible.
Most high-street companies also boast websites, but this is only half of the solution. The companies which have the most success are not just the ones which have websites and in-store presences, but the ones which use the two avenues to build up relationships with their customers and encourage repeat custom. By encouraging registration, whether online or in the physical shop with mailing lists or loyalty cards, retailers can begin to understand their customers. As interactions with customers become increasingly fleeting in a global and diversified online marketplace, businesses must make extra effort to interact with their customers. This is crucial to encouraging brand affinity and repeat custom both online and in-store.
from Reuters Investigates:
China’s rebalancing act puts consumer to the fore
Wal-Mart, the world's largest retailer, now has 189 stories in China, according to its website. Soon it will have many more. The U.S. chain has announced plans to open a series of "compact hypermarkets", using a bare-bones model developed in Latin America, the Financial Times said.
Wal-Mart stores are a bit different than the one's you might find in, say, Little Rock Arkansas. They sell live toads and turtles for one thing, The Economist reported. But they also sell the appliances, gadgets, and housewares that Wal-Mart stores merchandise everywhere.
Resilience in the luxury market amid downturn
- Ben Hughes is deputy CEO and global commercial director at the Financial Times. The opinions expressed are his own. -
Last month Italian luxury fashion house Fendi unveiled a handbag made of python leather and dipped in 24-carat gold. Price? A cool $36,000.
Is there a new breed of self-reliant investors?
-James Daly is TD Waterhouse Investor Centre Representative regarding investor confidence. The opinions expressed are his own.-
Will the new decade herald the emergence of a new breed of self-reliant individual investors?
