A recent article published in ‘Essential Retail‘ describes how retailers should focus more on developing their stores rather than believing the media and placing far too much emphasis on developing the online channel and digital, said a senior retail leader.
Terry Duddy, non-executive director of Debenhams and former CEO of Home Retail Group believes that Online Sales are often overstated and Physical Stores should not be overlooked. The fastest growing online channel in the UK market is Click & Collect which involves the store being central to the transaction. The store is growing in importance but is being neglected and often misunderstood.
The percentage of online sales had almost doubled from 7.3% to 13.1% between 2009 and 2014, but that it was forecasted to only increase to 16.7% over the five years to 2019.
Customers and retailers think online is bigger than it is as a result of the way the media so positively reports online sales. In contrast there is a perception that physical space is being reduced as the high street struggles to compete against online although retail space had grown 19% over the last 15 years and despite a plateauing in recent years there is still growth in the market.
Credits : Essential Retail | Published: 12:35:09 on the 10th Mar 2016 | Author: Glynn Davis | Link to Full Article