HOW TO SURVIVE THE RECESSION IN RETAIL
As we all know, we are in the midst of one of the most demanding retail environments for decades. In this first issue we focus on those trends and characteristics unique to this recession. We review the advances of technology and the pervasive influence of the Internet – both will have a significant impact on retailing and the survival of retailers. Technology is also playing a part in another significant feature of retailing over the last decade – the increase in male shopping patterns, traditionally women have had a dominating market share. What are the opportunities that this trend creates? In terms of responding to the current conditions, in ‘How to encourage recession spending’, we look at what businesses can do to encourage specific consumer groups back into store and back online.
THE ONLY WAY IS DOWN
Verdict expects retail spending to shrink by 0.6% or £1.7bn in 2009. However it’s not all doom and gloom – there are positives and opportunities as well as the much-reported negatives and risks. This is the first 21st century UK recession and as such it brings some new features as well as traditional ones. Factors that make this recession different: the internet, technology and the male shopper…
HOW TO ENCOURAGE CONSUMER SPENDING IN A RCESSION
We have identified four shopper ‘personalities’ – the nervous shopper, the cocooning shopper, the reluctant shopper and the male shopper – who have emerged in the current downturn. Recognising them and understanding how to encourage them to buy could be a key step in strengthening your business. Despite Lehman’s collapse, Verdict’s annual survey in October 2008 recorded the highest percentage of shoppers for over seven years – 99% of UK adults, 48.8 million people. But these shoppers have become price-sensitive and are shopping around more.
RETAIL '09 - THE STORY SO FAR
Different businesses have employed a range of strategies to beat the downturn. Some have been more successful than others in their attempts to woo customers. A selection of winners and losers in the retail sector are discussed. Amongst the winners are Sansbury, Morrisons and HMV who have all seen success despite the recession. Stylo, Whittards and Jessops make up our casualties list, which has seen a tough time in the economic downturn…
LOOKING ON THE BRIGHT SIDE OF A RETAIL RECESSION
Times are tough but we think there are some positives to be gleaned from the conditions that we are operating under. For every cloud there is a silver lining for the savvy retailer looking to capitalise on other businesses shortfalls. There are opportunities available for retailers to continue to grow and develop their offers despite the decline in the economy. Empty shops, lower rents and UK tourism are just some of the prospects out there to utilize.
