The retail sector has always been at the forefront of change, the curators of consumer trends and the trailblazers of technology, pioneering the implementation of new tech on a mass scale. We’ve known for a long time that retail is probably one of the most – if not the most – resilient and innovative industries on the planet.
This year has been a bit of a shock. To say the least.
We’ve thrown out the roadmaps, wiped clean the drawing board and ripped up the project plans. It’s been a test like no other and continues to be an extremely challenging operating environment for everyone. That said, there have been some impressive responses to the change we’ve seen in the last 12 months – as we can see in this report.
New collaborations between retailers, new tech partnerships, new acquisitions, never-before-seen retail models and cultural shifts, facilitated by retailers but led by the customers they serve. This year’s retail growth ranking shows that there are exciting moves happening, with 12 new entrants making the list
The insight and action plan in this report is a solid start to navigating what lies ahead, and the key takeaway is definitely the importance of collaboration. By harnessing the power of partnership, we make sure our businesses, people and systems are set up for the future. So, although retail has a whole host of new risks to deal with, there is, thankfully, a world of reward for those who are decisive, agile and proactive.
We’ve probably resigned ourselves to the fact that we’re never again going to know what’s over the horizon – at least not with any certainty. Now, we’re recognising that success isn’t about planning and predicting for years ahead, but about being ready to pivot and stay steady on the uneven path to the new world of growth.