Re­tail­ers must in­no­vate or die

The Courier & Advertiser (Angus and The Mearns Edition) - - COMMENT -

Madam, – Fes­tive sales fig­ures re­leased by the British Re­tail Con­sor­tium are nei­ther shock­ing nor sur­pris­ing (Shop prices still ris­ing, Courier, Jan­uary 4).

While the likes of Lidl and Tesco have come out on top, the fu­ture looks much less rosy for some of Bri­tain’s high street stal­warts.

With a rapidly

chang­ing re­tail land­scape in the UK, it sim­ply isn’t enough for re­tail­ers to stand still.

Those that sur­vive this re­tail re­nais­sance will be the mar­ket dis­rupters, the movers and shak­ers, the in­no­va­tors. Re­cent re­search by Ge­or­gia In­sti­tute of Tech­nol­ogy found com­pa­nies pur­su­ing in­no­va­tion re­alise 50% to 100% higher profit mar­gins than those who do not.

When I look at re­tail­ers op­er­at­ing in Scot­land, very few have a clear in­no­va­tion strat­egy.

With con­sumer spend­ing at an all-time low, Brexit un­cer­tainty, and ris­ing busi­ness rates all tak­ing their toll, in­no­va­tion is no longer an op­tional ex­tra, it is a marker of sur­vival. He­len Pot­ter. CEO, Pot­ter & Pot­ter. 1 Cul­teuchar Bank, Ar­dargie, Perth.

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