New retail

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Information about New retail
Business & Mgmt

Published on March 10, 2014

Author: NeilParker2



Insights into the changing retail landscape from a roundtable lunch with Australian industry icons Paul Greenberg (Executive Chairman of and co-founder of DealsDirect) and Michael McRitchie (Managing Director of Satellite Office).

NEW RETAIL Strategies for Success in a Rapidly Changing Retail Market

On the 7th March BridgePoint Group hosted a roundtable lunch featuring keynote speakers Paul Greenberg and Michael McRitchie. On the following pages, we share insights from the day.

The global economy is upon us • • The Australian economy is undergoing a structural shift, as the world seeks to allocate scare resources more efficiently. International brands can easily access Australian consumers and vice versa

Consumers have more power than ever before • The internet has allowed consumers to be better educated about value • Consumers can source product from anywhere in the world • Consumers trust what others have to say about you on social media

The fundamentals of a good business remain the same • • Give the consumers what they want, where and when they want it • Create value they will love It is still about making money –a fair margin that results in a profit

Change is happening all the time • Change will continue to happen – get used to it! • Choose to see change as a new opportunity

The bricks and mortar retail store is not dead! • • It has just changed! • Consumers still love the shopping experience Some ‘online’ businesses are now looking for a physical presence to reinforce their brand

Become a learning organisation (part 1) • • Be aware of what is happening around you Look for lessons from other industries that could work for you • Be prepared to experiment to see what works

Become a learning organisation (part 2) • Seek to understand the data that you collect • Listen to your customers • Be prepared to adapt Copyright BridgePoint Group Pty Ltd 2014

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