Robert Clack's column: Have a retail plan and implement changes

Hi all,

The festive season has come and gone. Now is the right time to make plans for the year ahead. It’s time to take a fresh look at your retail offer and make sure that you take advantage of the numerous promotional opportunities the year will provide.

2023 was a tough year for retail. It will continue to be tough, however, with good planning and preparation you can make the most of your retail offer and maximise your sales and profit.

On the world stage, the COVID-19 pandemic highlighted vulnerabilities in supply chains, and in 2023, retailers continued to face disruptions due to factors such as transportation delays, trade disputes, natural disasters, the war in Ukraine, conflict in the Middle East and global economic uncertainty.
 
Here in the UK, the cost-of-living crisis, increases in borrowing and lending rates, energy costs, inflation, travel disruption, flooding and political uncertainty, have all played their part in 2023.
 
Planning, diversifying, and building resilient retail is critical to your retail success.
 
The new year brings with it a fresh start. New hope, and an air of positivity, but in practical terms your retail needs an examination.
 
This is the time to rethink. Review your retail successes, remove the clutter, and get planning for a bright and successful retail in 2024. Stop doing what didn’t work last year and look to remodel your retail offer.
 
What makes you different from the competition on the High Street? Why should shoppers visit you? What is it about your retail that makes consumers want to shop in your store? These are questions you should ask yourself. Look at your store, its standards and how it feels from a customer’s perspective and don’t be afraid to rethink your retail, by moving out what’s not selling and replacing it with new, fresh, relevant up-to-date products.

Our Annual Conference & Retail Event is a great way of meeting our partners and suppliers and will give you some great ideas about how you can improve your retail.
If you haven’t been before, you can register your interest at admin@nfsp.org.uk
 
Most importantly, have a plan. Implement the changes you need to push your business forward and make your retail the best it’s been!
 
Remember, plan where you’re going, don’t end up someplace else!
 
Thank you and best wishes for a successful 2024.
 
Robert Clack
Director of Retail & Commercial

The NFSP has a portfolio of retail partners who can help you with your business, these can be found HERE.
 
We can also offer personalised retail support via our Senior Retail Advisor Amanda Pedley. Get in touch HERE.