Survival of the fittest
Fionnuala Carolan reports back from the annual conferences of the Barry Group and ADM Londis, with some pertinent advice for retailers in the current climate
Print15 October 2010
The past month has been pretty horrific in terms of our economic fortunes. While the full cost of bailing out Anglo Irish Bank was revealed, and although most of us can’t even comprehend the size of the debts we have to shoulder, one thing we do know is that we are very far from out of the woods yet. And even though we were led to believe last December by Brian Lenihan that the worst was over, it turns out that our financial challenges are here to stay for quite a while yet so we need to learn to survive in the current climate.
The annual conferences of the Barry Group and ADM Londis took place in September. The Barry Group conference was entitled “Survival and Growth” and Jim Barry was definitely putting a very positive spin on the state of the business and how the Group can take advantage of the economic climate by diversifying into new markets using a synergy model. He certainly wasn’t encouraging retailers to sit back and wait for the worst to be over. The Londis conference focused on teaching retailers the skills to help them to survive. This means figuring out what you can do to compensate for the loss of custom or reduced margin.
James Burke, retail consultant and ex-superquinn buyer spoke at the Londis Conference and encouraged retailers to become famous for something. He said this could be anything from fresh brown bread to weekly promotions to customer service. Having a point of difference is an absolute must as research from Amarach shows that loyalty is a thing of the past. You can’t depend on your customers to keep coming back as they are busy shopping around for value so you need to create a reason why they will make your shop a destination along the way.
David Sands, the Scottish retailer who was chairman of Nisa Today’s Retailer Council for two years also spoke at the Londis Conference. He encouraged delegates not to be afraid to change elements of their business if it’s not showing returns. He also encouraged retailers to always keep a close eye on their competitor and be ready to adapt with the market.
While the frequent calls from industry bodies for government intervention on issues of rates, wages and rents have pretty much been falling on deaf ears, it is now up to each individual retailer to make their business work for them. With Gerard O’Neill from Amarach Research predicting an impending baby boom and speaking of a huge amount of ‘pent up demand’ in the market, consumers will have to start spending sooner or later. The question is will they spend in your shop or your competitor? That all depends on the choices you make and how you can adapt your business to suit your customers. Only the best will survive so make sure that it is you.
Fionnuala Carolan
Editor
Related Articles
Visitors meet Dunnes Stores celebrity brand partners at Ideal Homes Show →
Irish Whiskey brands eye Chinese market growth in EU trade mission →
Maxol launches ‘Homegrown at Maxol’ 2024 programme →
Fans 0
Followers