Home / Knowledge / News / Retailers to focus on store expansion & technology
Retailers to focus on store expansion & technology
16
Apr '10
Having survived the worst of the economic downturn, many retailers are collectively breathing a slight sigh of relief while cautiously looking ahead to 2010, according to the eighth annual Retail Horizons: Benchmarks for 2009, Forecasts for 2010. The report, released by the NRF Foundation and KPMG LLP, examines benchmarks for the retail industry, reports retailers' key business priorities and plans, and tracks established and emerging retail trends. Based on a survey of more than 300 retailers, the report examines how companies reshaped strategic priorities last year and what core process improvements are necessary for a successful 2010.

In 2009, retailers were forced to rethink their strategic priorities because of changing market conditions and decreased consumer demand. According to the report, retailers last year overwhelmingly cited cost reduction as a top priority in store and field operations; human capital; marketing and advertising; and merchandising and IT.

“Last year, retailers placed a significant amount of energy into improving core business processes in order to better prepare themselves for a successful future,” said Kathy Mance, Executive Director, NRF Foundation. “Looking ahead, retailers will continue to analyze customer shopping habits and industry trends to make the best decision possible for their company, employees, customers and their brand.”

Benchmarks for 2009

Highlights include:

• More retailers focused on direct mail, online and in-store promotions in 2009 instead of more costly areas such as event sponsorships, television and print advertising
• Retailers increased private label merchandise offerings (32% of respondents in 2009 vs. 29% in 2008)
• Retailers focused more on customer retention rather than customer acquisition
• With an intense focus on pricing, retailers polled cited that promotionally priced merchandise made up less of the overall sales mix this year than last
• Lower supply chain costs and warehouse optimization were big priorities for retailers in 2009
Forecasts for 2010

With all signs pointing to an improved economy and a more confident consumer in 2010, many companies are eager to invest in growth opportunities again. Key areas include store expansion, social media, targeted marketing and advertising, employee retention, leadership development, adoption of handheld technology devices and kiosks and website personalization options, to name a few.

A few survey highlights include:

• 43 percent of survey respondents said they expect to maintain the same number of stores throughout 2010; more than one-third (37%) said they plan moderate to aggressive expansion.
• Nearly half (49%) of those polled report that personalization of their website will be a major investment priority for 2010.
• After 61 percent of respondents said customer acquisition was a big part of their initiatives in 2009, only 49 percent will focus on that in 2010


Must ReadView All

Courtesy: The White House

Textiles | On 21st May 2018

China, US put trade war on hold

Following weeks of uncertainty over imposition and counter-imposition ...

Equate posts best Q12018 results since inception

Textiles | On 21st May 2018

Equate posts best Q12018 results since inception

Equate Group's first quarter results for 2018 are the best since its...

Over 60% retailers already have IoT platforms: IDC

Apparel/Garments | On 21st May 2018

Over 60% retailers already have IoT platforms: IDC

Retail organisations are adopting IoT platforms and more than 60 per...

Interviews View All

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Top executives
Textile industry, India

The event should be organised every year

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search