Beth Butterwick, Consulting Operating Partner, Jigsaw
Gone to the heady days of consumers spend. And we've seen that GDP growth almost at level in consumer confidence. So I think it's more of the same thing. And I don't expect the big increases. But I think it's being very clear about the purpose your business has and how you can attract more customers. So revenue growth for me is the key factor.
Lisa Hooker, Leader of Industry for Consumer Markets
I think what's really important for retailers is, given there is a level of economic and political uncertainty, is you have to give people a reason to shop. But also need to think about emerging trends, whether that is the green pound, clean beauty, veganism. So they can think about how they can adapt to these emerging trends.
Kien Tan, Director, Retail Strategy
2020 is going to be a tough year for the whole retail sector. There's no question about that. As we say it is going to be a real battle for share of wallet, with our economists forecasting consumer spending to be not much better than flat. However, that doesn't mean that consumers don't want to spend. They are going to have more money in their pockets. Wages are going up, inflation is down and there's been a long period over which consumers haven't been for example investing in big ticket products. So sooner or later they're going to have to spend and they do want to spend on their homes, for example. So it's not all going to be bad news. But the challenge for retailers is what they are going to do to harness that and get consumers through their door.
Jacqueline Windsor, Partner, Retail Strategy
Three words for you, newness, convergence, and cash. So newness, as we've talked about in our retail briefing, I think consumers need a reason to visit. And buy again and again, whether that's in physical stores or online. And we really need to think about what that means for the customers that you target. Second is convergence. What does retail look like in the next five to ten years? I think it'll be a convergence of products, services, content, finance, and technologies, of course. And then lastly, cash. I think when you are competing in a market with top-line pressures with a number of costs, headwinds, three needs to be a ruthless focus on cash to keep your house in order, but also to invest for the future.