POLL: How much does the economy impact the retail industry?
We don’t want to beat a dead horse at Inside Retail, but when economists and retail pundits alike use phrases like “retail recession” and describe the year ahead as being “dismal” for the overall economy, there are only so many ways to frame the discussion around the retail industry in Australia.
It’s been tough. We have plenty of examples, not only in Australia but around the globe, of retailers struggling with seismic shifts in consumer expectations and the growing trend of online shopping. On top of that, it’s hard to imagine that the increasing dependence on discounting to bring customers in store has helped with profitability.
But while we’ve seen quite a few retailers shutting up shop over the last year – among bricks-and-mortar businesses, as well as omnichannel and pureplayers – we’ve also seen stand-out results. Some companies have adapted to the changing shopping habits of consumers, proving that, despite a “dismal” economy, Australians are still shopping. Just differently.
Transformations within businesses take time, effort and a willingness to be uncomfortable. But isn’t that better than going out of business?
So, what do you think? Is the shifting economy responsible for suppressing consumer spending and closing retail stores? Or is a retailer’s success in their own hands?
Take part in our poll below, and share your thoughts in the comments.
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