Retailers must innovate or die
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.