Andrew Jennings - 23 October 2019
Andrew Jennings, Chairman, Board Member and Senior Advisor – lecture on "The changing retail landscape and how to succeed."
The changing retail landscape and how to succeed
Andrew gave a passionate and thought provoking talk explaining how the retail industry is going through an unprecedented pace of change, that retail has never moved faster than it does presently and that it will never move slowly again. Andrew continued to discuss what retailers need to do in order to be successful in this dynamic industry.
Andrew reflects on how many retailers are struggling and those who have gone under, examining the reasons for this, one being the competition from online retailers with bricks and mortar retailers not adjusting their strategy to stay relevant in the marketplace.
But, does the death of one business mean the death of all? Andrew says not, giving examples of those that are keeping up with change including Harrods, Fortnum and Mason and Primark. Andrew goes on to say that success is about understanding customer needs, wants and desires; modern technology allows them to compare prices, product reviews and be ruthless in using this data to make informed choices about their purchases.
The formula for retail success is, Andrew says, to know your customer, constantly innovate, hire talented people who are passionate and keep change at the centre of your business.
Andrew concludes his talk saying there will always be winners and losers in retail, but there is a bright future for those who deliver the points aforementioned, and above all do everything they can to be relevant.
Listen to Andrew Jennings talk