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Strategies for Successful Retailing

Resilience in Challenging Times

Despite interest rate cuts, discouraging media headlines and poor trading results confirm that retail is now in a period of downturn. Consumers are reluctant to spend and where they are still spending they are doing so in a more cautious and constrained manner.  We know there will be a recovery after the slowdown, but when is impossible to predict.

The BDO retail team has been working with Verdict to explore the different strategies retailers can employ to manage their business during this period of slowdown as well as prepare themselves in the best possible way for the green shoots of the recovery.  These strategies are a mix of the obvious and less commonly followed, but all are relevant. 

Strategies for Success:

  1. Branding
  2. Product
  3. Customer targeting
  4. Financial management
  5. Cost management
  6. Better selling skills
  7. Maximising internet potential
  8. Defending share
  9. Format flex 
  10. Diversification

Please click here to request a copy of the full report.

For more information please contact Don Williams, National Head of the retail and wholesale sector, or contact your local BDO advisor.

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