Happy 2022?

Like everyone else, I was looking forward to 2022 returning to business as usual - everyone would have a great summer and come back to work and play refreshed and rejuvenated. But as everyone has noticed, that's not exactly what happened.

While obviously still having tremendous impact, it feels like we are starting to get used to the impacts of covid (though that could just be exhaustion at the mere thought of counting up more numbers).  Working from home because of an exposure, or because you have caught it, is no longer newsworthy. Supply chain problems and staffing issues, while disruptive, feel like they are the new normal.  And retailers are ploughing ahead with their businesses as best they can.

As is often the case, challenging circumstances have the effect of uncovering retailers who are operating on shaky ground. Unfortunately, the cumulative effects of 2020 and 2021 means that by now this process is particularly savage, and we will see some retailers who might otherwise have been successful fall by the wayside. But that does not mean retail is dead. Far from it.

At the end of the day, customers want to be looked after. They want to feel that you have their best interests at heart and that you will help them find what they want. That might be the most suitable wine to match their food, an outfit that will be perfect for that important meeting, or the most suitable membership plan. It could be making sure customers are kept up to date about their delivery status – not left in limbo wondering when those RAT tests they ordered 2 weeks ago are ever going to arrive (or is that just me?). As long as retailers remain focussed on delivering what their customers want in a sustainable way, they will succeed.

Of course, the key part of that is ‘sustainable’. Sustainability from an on-going concern point of view, not just being kind to the planet. And that means making sure that their business costs are maintained in line with their revenue. Retailers need to make sure they know their numbers and are not hoping in vain that things are about to turn around. They need to be talking to their customers to find out what’s changing in their world and how they (the retailer) can help so that they can keep selling to those customers.

Obviously, all retailers also need to make sure they are online in a useful way. Everyone needs to have an online presence that helps their customer buy – whether that’s online booking, information (opening hours, menus, contact details), or a full-blown shop.

My final thought on this – it might be worth landlords thinking of retailers as their customers! We’re all in this together and partnering is the best way forward.