In North America's difficult economic climate, a number of leading retailers have revealed their survival strategies in a report published by Kurt Salmon Associates (KSA). The report says that, despite declines in consumer spending, those with effective strategies will continue to reap the rewards of consumer spending, increased sales, and improved market share.
According to Phil Kowalczyk of KSA, retailers must now focus their attention on eight specific retail priorities to survive in difficult economic times. "Successful retailers know they must consistently focus on developing winning value propositions based on the core principles of value, innovation, and convenience," said Kowalczyk.
While the consumer is the top priority, other factors such as price, brand strategy, customer service, and innovation are also critical. Global expansion - and establishing a strong financial foundation through supply chain efficiency - round out the list of eight priorities.
"When these elements are executed flawlessly on the store floor, customers have compelling reasons to spend," added Kowalczyk.
KSA's report, Surviving in the Shadow of the Bear: Successful Retail Strategies for Challenging Times, explores how some of the world's leading retailers have developed the strategy and vision to move ahead despite increasing competition.
Based on an executive panel discussion moderated by Kowalczyk at the 2003 National Retail Federation (NRF) Convention in New York, the report asserts that, for many retailers, the key to success is first to achieve and maintain financial stability, and then to evaluate low-risk growth options in which to invest.
The report is available for download from KSA's website publications library at http://www.kurtsalmon.com