UK store groups espouse need for innovation
New retail software will only get brands so far, according to top UK stores. Trust and innovation will be key to winning the future.
Major UK retailers, including John Lewis and Waitrose, are examples of how stores are responding to the financial crisis, globalization and increasing technological change to reach consumers in new ways, Reuters reports.
One way retailers can improve the customer experience, according to store groups, is to understand consumers' desire for change and develop new packaging and design, the source notes.
"Retailers are going to have to face a new reality, there's going to be no help from the government," Peter Marks, chief executive of The Co-operative Group, said at the annual Retail Week conference. "We all have to start focusing on driving costs out of the business and investing those savings into giving the customer a better experience."
Many high street retailers have taken to purchasing more space for their operations, adding second levels or expanding laterally.