The discussions focused on new innovations and developments for the industry in a post-Brexit world. Also on the panel was Nick Everitt (Global Insights & Strategy Director at Planet Retail), Michael Clarke (Head of Content & Service Delivery at DeHavilland) and Petah Marian (Senior Editor of Retail Intelligence at WGSN).
 
Key highlights from the discussion included:

• Customer confidence is a key factor for buyers and retailers during the uncertain economic climate.
• Independent retailers can thrive by offering a bespoke customer experience, providing a high quality service to encourage new customers and keep existing customers engaged, especially in a world where people are increasingly time poor.
• Retailers who have invested in mobile apps and online tools should continue to do so.
• Retailers should prepare themselves for greater accessibility to the Chinese and Indian markets in particular, which should expand over the next 5 years as trade negotiations with these countries progress.

The panel suggest retailers should future-proofing their business by reconsidering every aspect of their business from labour spend and marketing to overheads. They encouraged companies to get a clear notion of the value of their company and the things that can be sacrificed.

Retailers should take a long term view if they have backing, and remain confident and keep investing. There will be opportunities but uncertainty will challenge those who are unclear who their target customer is.

Everitt emphasised the focus on efficiency and encouraged the audience to take a long-term view of the change. He said; “The biggest concern for retailers at the moment is the exchange rate. It means growing top line sales will be harder with pressure on costs and operating profit margins with less of a focus on market share and sales, however, going forward, sterling could appreciate.”

Michael Clarke commented “We should expect straight forward thinking from Theresa May… Retailers should not panic, and focus on taking advantage of the lower value of the pound.”