Retailers must reinvent themselves to survive in 2012, claims corporate advisor

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Senior figures in the retail industry met yesterday (18 April 2012) to discuss the evolution of shopping and reinventing retail for tomorrow at a seminar presented by Neil Saunders, managing director of Conlumino. The seminar explored the ways in which consumer shopping habits are evolving with the use of mobile and social media, as well as through more established channels.

Dan Coen, director at corporate advisor, Zolfo Cooper, and a leading commentator co-hosted the event and discussed the ways in which retailers plan to adapt their business models to the ever-changing needs of the consumer.

Coen’s own industry insights resonated strongly with the over-riding message of the day – adaptability is the key for retailers to survive in recessionary conditions.

Coen said: “I am looking forward to engaging with the major leaders of the retail industry today and assessing the ways in which they are beginning to acclimatise to the heightened scrutiny of the modern day consumer. 

“I expect the ‘bricks vs clicks’ debate to be a central point for Neil Saunders’ address, as an increasing number of major high street retailers struggle to keep up with spiraling rents for commercial property. My intention is to communicate to the movers and shakers in our industry to survive and thrive in 2012, they must adapt their business models according to the needs of today’s consumer and be fiercely committed to understanding that need as it continues to evolve over time.”

Head of retail and leisure at international law firm, Pinsent Masons, Tom Leman, said: “Big-name retailers will emerge from the current economic slump with bright prospects if they tailor their businesses to suit consumer shopping habits. Retail is still an important part of the UK economy and great brands that can navigate their way through the multi-channel shopping challenge will come out of the recession smelling of roses.”