Economic conditions pose the biggest threat to retail, according to 92 per cent of retail CFOs surveyed by American Express.

The American Express CFO Future-Proofing Survey examined the views of 250 CFOs from companies with revenues between $2 million and $300 million, including a number of retailers.

The survey found 62 per cent of retail CFOs expect single digit growth in the year ahead and 23 per cent believe developing new products and services is the biggest opportunity to drive growth in the next 12 months.

Sixty-two per cent of CFOs in retail have a ‘medium’ appetite for risk and 42 per cent are likely to be the executive responsible for developing and executing future proofing strategies.

In a time of rapid change for the industry, 85 per cent of retail CFOs consider themselves agile to disruption.

Across the wider survey, a third of mid-sized Australian business said they haven’t experience growth in the past three years and 28 per cent predict no growth in the year ahead.

The single biggest disruptor to mid-sized business is existing local competition (38 per cent), indicating mid-sized companies are most concerned by what’s already on their doorsteps rather than by new disturbances from left field. Second is new market entrants from overseas (18 per cent), followed by existing international competition (11 per cent).  Only 9 per cent of CFOs cite technology as the most disruptive factor.

Christine Wakefield, VP of American Express Global Corporate Payments ANZ, said businesses today must grapple with disruption faster than ever before.

“Our research shows there are disruptive leaders, others that embrace disruption when it comes along, and others that fight it.

“Those companies enjoying greatest success are those that view disruption as a positive impact on their business and embrace it. They’ve accepted disruption as part and parcel of operating in today’s world and look to maximise every opportunity it brings,” she said.