Talking Retail With One of the Industry’s Biggest Trade Groups *** INDUSTRY FOCUS *** | Summary and Q&A

TL;DR

The Retail Industry Leaders Association (RILA) discusses key trends such as consumer spending, online shopping, and omni-channel strategies in the retail industry.

Key Insights

• 💗 Retailers are focusing on effective execution to gain market share in a slow-growing economy.
• 🤩 Omni-channel strategies are key for retailers to compete with online retailers and provide a seamless customer experience.
• 🔬 Retailers are investing in innovation labs and accelerators to drive innovation in their operations.
• 🥇 Sustainability is a major focus for retailers, with programs in place to reduce energy consumption and incorporate renewable energy.
• 🎁 Trade agreements, like the Trans-Pacific Partnership, present opportunities for retailers to reduce costs and increase consumer income.

Transcript

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Questions & Answers

Q: How is consumer spending in the retail industry?

Consumer spending is largely flat to modestly growing, which presents a challenge for retailers as they must focus on effective execution to gain market share in a slow-growing economy.

Q: How are retailers adapting to the growth of online shopping?

Retailers are investing in omni-channel strategies, recognizing the advantage of having physical stores while also improving their online presence to ensure competitive prices and a seamless customer experience.

Q: What innovations and strategies are retailers adopting to compete with online retailers?

Retailers are implementing store-within-a-store concepts, improving customer service and knowledge of sales staff, and investing in innovation labs and accelerators to drive innovation in their operations.

Q: Is sustainability a focus for retailers?

Many retailers view sustainability as good business, with programs in place to help reduce energy consumption and incorporate renewable energy. Retailers recognize the cost-saving benefits and positive impact on the environment.

Summary & Key Takeaways

• Brian Dodge, Executive Vice President of Communications and Strategic Initiatives at RILA, discusses the role of RILA in representing major US retailers and their focus on advocacy and bringing industry executives together to identify best practices and trends.

• Dodge emphasizes the importance of effective execution for retailers to gain market share in a slow-growing economy, with a focus on having the right product in the right place, at the right time, and at the right price.

• The growth of online shopping poses both opportunities and challenges for brick-and-mortar retailers, who are investing in omni-channel strategies to compete with pure-play online retailers.