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This document is confidential and is intended solely for
the use and information of the client to whom it is addressed.
Redefining Competitiveness Guidance, Strategies, Actions
Our Perspective on the Growing Challenges at Retail 2012
2 2
As the economy gradually recovers, shoppers remain wary—retailers must adapt to win in the ―new normal‖
Key Industry Questions
Has living through the recession changed the consumer mindset? How? Will change persist?
What is and will be the role of technology in changing the way shoppers shop?
How do retailers and manufacturers grow profitably? With ever increasing competition, food price inflation, new emerging
e-channels, weak product innovation, conservative consumers,?
3 3
1. Basic Retail Economics 2011/2012/2013
2. Four Mega-Trends that will be at the Center of Retailing in 2012/2013
3. Three Capabilities Needed to Win in 2012 and Beyond
Our dialogue today will focus on three strategic issues facing Retail
4 4
1. Basic Retail Economics 2011/2012/2013
2. Four Mega-Trends that will be at the Center of Retailing in 2012/2013
3. Three Capabilities Needed to Win in 2012 and Beyond
Our dialogue today will focus on three strategic issues facing Retail
5 5
When exiting the 2011 US, market enthusiasm for growth was replaced with new and lasting economic realities
Realities of living with less
“Intensified uncertainty about the future”
Growing shopper bifurcation
“Creeping forward” economic /retailing environment
Technology enhanced path to purchase
6 6
Global retailing economy projected growth in 2012 is slow
Strong commodity prices result in growth a retail.
RETAIL: UP
Change in foreign investment policy coupled with inflation fighting.
RETAIL: CLOUDY IN THE SHORT TERM
Rebuilding economic production from the
earthquake.
RETAIL: FLAT TO SLIGHT DECLINE
Slowing consumer economy coupled with tightening fiscal
policies
RETAIL: UP
Continued growth of consumer credit coupled with
strong exports
RETAIL: UP
Continued retail contraction, higher taxes, and slowed spending
RETAIL: FLAT TO DECLINE
Slightly accelerating consumer economy balanced
with lack of governmental fiscal restraint.
RETAIL: LUKEWARM
7 7
The economy appears to be improving steadily though a substantial proportion of consumers remain unconvinced
March 2012 FMI Survey
N=1401
55
60
65
70
75
80
85
90
95
Q1/12 Q1/11 Q1/10 Q1/09 Q1/08 Q1/07 Q1/06 Q1/05
University of Michigan Index of Consumer Sentiment
(ICS) (1) Gross Domestic Product
$US Trillions, Chained 2005
14
13
12
2008 2011 2006 2010 2007 2009 2005
Recession 100%
58% Better
42% Worse
Recession
Sources: National Bureau of Economic Research (start and end dates for the recession, December 2007 and June 2009); University of Michigan/Thompson Reuters; Booz & Company Analysis
1) The University of Michigan Thompson Reuters Index of Consumer Sentiment Index is calculated monthly based on at least 500 telephone-survey responses to five questions. Full information is available at http://www.sca.isr.umich.edu/
2) Question: ―Do you think the economy is getting better or worse?‖
8 8
In 2012, average weekly household spend rose slightly— in real terms—a multi-year downward trend
Weekly Household Grocery Expenses (1)
$US
$93.30 $93.20 $97.80 $98.40 $99.90 $97.30
$104.90
2012
$ 88.06
2011
$ 85.60
2010
$ 88.15
2009
$ 87.27
2008
$ 92.29
2007
$ 91.64
2006
$
Food-inflation adjusted Weekly Spend (2006 Dollars) Nominal Weekly Spend (Dollars)
Note: (1) Survey question, presented in February or March of each year: Approximately how much do you spend each week on groceries for your family?
Sources: FMI U.S. Grocery Shopper Trends 2011, 20; USDA Consumer Price Index for Food at Home http://www.ers.usda.gov/Briefing/CPIFoodAndExpenditures/Data/cpiforecasts.htm; Booz & Company Analysis
9 9
Average weekly trips also rose while primary store share of wallet declined
Grocery Trips and Spend / Trip(1)
Average (Mean) Weekly
2.1 1.9 1.9 2.0 2.1
1.7
2.2
2012 2011 2010 2009 2008 2007 2006
2006 2007 2008 2009 2010 2011 2012
Spend $93.30 $93.20 $97.80 $98.40 $99.90 $97.30 $104.90
Spend/Trip $44.43 $49.05 $51.47 $49.20 $47.57 $57.24 $47.68
Notes: (1) Question: About how many visits do you make to a supermarket or grocery store in an average week? Please include going to the same store more than once, as well as going to different stores. Your best estimate is fine.
(2) Questions: Of these visits, how many are to [your primary store]? Of the [amount] you spend in an average week for groceries, how much is spent at [your primary store]?
Sources: Booz & Company Analysis
10 10
Average weekly trips also rose while primary store share of wallet declined
2.1 1.9 1.9 2.0 2.1
1.7
2.2
1.7 1.4 1.5 1.5 1.4 1.3 1.4
2012 2011 2010 2009 2008 2007 2006
Trips to Primary Store Total Trips
Primary Store Trips and Spend(2)
Average (Mean) Trips and Spend Weekly
2006 2007 2008 2009 2010 2011 2012
Primary Store Spend $72.21 $70.70 $75.80 $75.40 $75.28 $74.70 $72.86
Primary Store Share 77% 76% 78% 77% 75% 77% 69%
Notes: (1) Question: About how many visits do you make to a supermarket or grocery store in an average week? Please include going to the same store more than once, as well as going to different stores. Your best estimate is fine.
(2) Questions: Of these visits, how many are to [your primary store]? Of the [amount] you spend in an average week for groceries, how much is spent at [your primary store]?
Sources: Booz & Company Analysis
11 11
Club, dollar, and drug stores gained trips at the expense of larger-assortment supermarkets and supercenters
2011 2012
Shopped for groceries in the last 30 days (1)
% of Shoppers, N = 1401
(1) Question: Please indicate the stores where you've purchased grocery type items in the past 30 days. Please select all that apply (from list of store formats, not individual stores, provided).
(2) Question: When you need grocery-type items, how often do you shop at the following…?
Source: Booz & Company Analysis
87%
59%
27%
19%
18%
15%
2%
2%
1%
1%
71%
39%
32%
17%
3%
15%
17%
17%
8%
13%
Natural/Organic Store
Drug Store
Dollar Store
Ethnic Foods Store
Supermarket
Supercenter
Warehouse Club
Convenience Store
Discount
Limited Assortment
12 12
“Great sales, lots of BOGOS, great customer service, well stocked, friendly employees, immaculate”
“ATM available”
“Close to home”
“Good choice of fruits and vegetables. Good assortment and the items are fresh.”
“Used to it. Average price is pretty good”
“The price is on par with other stores in the area and the quality is arguably better. Their butcher department also refuses to carry cloned meat and filler ground beef!”
“They have everything I need”
62%
60%
45%
44%
43%
37%
34%
29%
29%
27%
27%
24%
24%
23%
Best everyday price
Great quality products
Best Promotions
Organic, natural foods
Always in stock
Easy In / Out
Widest Assortment
Assortment beyond Grocery
Customer service
Habit
Clean, maintained
Private brands
Community Role
Convenience
The 5 Most Important Reasons Shoppers go to a Specific Store Mean/Top 2 Box N=2050
Convenience and price are the primary drivers of store choice
Sources: Grocery Retail Survey, Booz & Company Analysis
13 13
Consumers compare prices across the categories they buy most
50% Chicken
Fresh vegetables
Fresh fruits
Eggs
32%
55%
58%
41%
32%
Lunch Meat
Cheese
Pork
60%
37%
Milk
Seafood
Beef
Non-Milk Dairy
55%
44%
43%
Coffee/Tea
Juice and Water
Soda
Beer/Wine
41%
39%
36%
23%
Frozen Foods
Frozen prepared foods
42%
30%
Cereal
Canned foods
Dry Grocery
Salty Snacks
Condiments/Sauces
Sweet Snacks
Spices & herbs
Baking
Candy and Gum
43%
32%
29%
27%
24%
23%
21%
20%
12%
Categories Where Price Comparison Is Frequently Done N=1654, Top 2 Box
3%
34%
Baby wash/lotion/wipes
Cigarettes and Tobacco
41%
Cosmetics 20%
40%
Vitamin/health supplements 24%
33%
Kitchenware
Electronic Parts
Office/school supplies
27%
23%
20%
12%
Diapers
Baby food
7%
6%
23% Pet food/litter
Laundry Products
Paper Goods
Cleaning Products
Personal Care
10%
Medicine
Beverages/Alcohol
Frozen
Meat/Seafood/Eggs
Dairy
Fresh produce
Shelf-stable foods
Baby
Other
Household
Personal
Sources: Grocery Retail Survey, Booz & Company Analysis
14 14
The following categories are where you must be price competitive in order to keep shoppers
Fresh Fruits Fresh Vegetables Milk Chicken Beef
Laundry Products Coffee/Tea Milk Non-Dairy Cheese Paper Products
15 15
As we ―modeled the future‖ through the current economic lens, spending stagnation is projected through mid-2013
Time Period: 4 Years of Back Data, Forecast – Next 19 Months
Source: IRI Economic Shopping Behavior Longitudinal Database™, IRI Consumer Network™; Total US
Total US: Total Store – Average Monthly Spend per Buyer Actual Data: January 2007 to November 2011; Forecast: December 2011 to May 2013
$240.0
$245.0
$250.0
$255.0
$260.0
$265.0
$270.0
$275.0
$280.0
$285.0
$290.0
$295.0
Dollars per Buyer
Forecast2008 2009 2010 YTD 2011 2007
Dec 07 – June 09 The Great Recession
Path to Recession
July 09 – June 11 Road to Stability
Transit ion in Shopper Behaviors July 11 – May 13
New Shopping Norms
16 16
The consumer-led economy remains in a recession
Slight positive momentum – very weak and questionable recovery
Lack of confidence in governmental spending controls continues to shroud ongoing shopper behaviors and rituals
Shopper traffic, spend, and trip levels have stayed relatively flat
Approaching deal saturation
Mobile technologies are redefining [r]etail
Innovation (product, merchandising platforms, dialogue driven marketing, and format) are becoming strategic differentiators
The first 200 days of 2012
17 17
2012 Election drives not major new economic initiatives for growth –Bush era tax cuts get repealed – if so – expect recession
–Unemployment and Underemployment remain above 16%
The US Government does not get spending under control and becomes the ―new Greece‖ in ten years –$20B budget deficit projected by 2020
Enter a deflationary period
Shopper spend levels continue flat through 2020 at the least
The consumer increasingly exhibits ―pause before purchase‖
Economic scenarios – Worst Case
18 18
The new election brings an increase in taxes coupled with some governmental spending controls –Retain some portion of the Bush tax cuts
–Massive Governmental budgets cuts across the board
–Significant new taxes (personal and corporate)
Retail suffers as shoppers mostly to only purchase ―needs versus wants‖ –The “daily pressures of austerity” reigns
–Recovery follows consumer confidence growth especially in home buying
–Competition is at all time high -- “intensified”
Economic scenarios – Most likely case
19 19
1. Basic Retail Economics 2011/2012/2013
2. Four Mega-Trends that will be at the Center of Retailing in 2012/2013
3. Three Capabilities Needed to Win in 2012 and Beyond
Our dialogue today will focus on three strategic issues facing Retail
20 20
Four mega-trends are reshaping the retail industry for the foreseeable future
Continuing Trends
2012 Retail Key Mega-Trends
Format Innovation
Online Encroachment
Value Seeking
Technology- Enhanced Shopping
Emerging digital shopping behaviors which enable ever more consumers to access the best deals available in their local market
2
Continued innovation in physical store formats –particularly smaller stores – meeting distinct consumer needs
4
The recession caused a likely permanent shift
towards “value seeking” behaviors
1
Growth in online retailing within
grocery – but driven primarily by
“peripheral” categories not the core
3
Plus 2 key continuing trends: ● Private brand share is stable
at a new, higher level ● Ongoing concern for health,
wellness and sustainability
5
21 21
The recession caused a sharp increase in ―value seeking‖ behavior – some of which will likely persist
+17%
"New Normal"
78%
Will revert to
pre-
recessionary
behavior
11%
Changed
behavior
during the
recession
28%
Always
exhibited
behavior
61%
I seek discounts often % of All Shoppers
+14%
"New
Normal"
78%
Will revert to
pre-
recessionary
behavior
13%
Changed
behavior
during the
recession
27%
Always
exhibited
behavior
64%
+13%
"New
Normal"
55%
Will revert to
pre-
recessionary
behavior
19%
Changed
behavior
during the
recession
32%
Always
exhibited
behavior
42%
I am comfortable buying store (private) brands
% of All Shoppers
I accept living with less % of All Shoppers
Sources: Booz & Company Analysis
22 22
This translates into a shift towards austerity for millions of households
70
13 89
"New Normal" Will revert to
pre-
recessionary
behavior
Changed
behavior
during the
recession
32
Always
exhibited
behavior
+19M
I seek discounts often Millions of US Households
Sources: Booz & Company Analysis
“89 million out of 115 million
households are now value seekers”
23 23
This translates into a shift towards austerity for millions of households
73
15 89
"New
Normal"
31
Will revert to
pre-
recessionary
behavior
Always
exhibited
behavior
Changed
behavior
during the
recession
+16
I am comfortable buying store (private) brands
Millions of US Households
Sources: Booz & Company Analysis
“89 million out of 115 million
households are confortable buying
private brands”
24 24
This translates into a shift towards austerity for millions of households
48
22
63
+15M
"New
Normal"
Will revert to
pre-
recessionary
behavior
Changed
behavior
during the
recession
37
Always
exhibited
behavior
I accept living with less Millions of US Households
Sources: Booz & Company Analysis
“72 million out of 115 million
households accept living with less”
“63 million out of 115 million
households are confortable buying
private brands”
25 25
And shoppers clearly articulated their definition of value
“Quality received per
dollar spent”
Value
26 26
At the same time, digital technologies are changing the way consumers shop for groceries
Shopper Technology Use (% of shoppers)
(1)
Sources: Booz & Company Analysis
Online Coupons:
31% use
online coupons Mobile: 31% use mobile
technology while grocery
shopping
Check Prices: 23% check prices
at multiple stores online before
going shopping
25% use technology
at least two ways
9% use technology
all three ways
Overall, 52% use technology in their grocery
shopping
6%
6% 4%
12%
4%
11%
9%
(1) % Shoppers using technology for 25% of shopping trips or more.
27 27
Shoppers use technology most often to obtain lower prices, as well as to research products and make lists
7%
Check nutritional
information
7%
Scan shelf labels
5%
Locate products
Check prices
8%
Research products
9%
Track spend
9%
Check for coupons
9%
Check recipes
13%
Track shopping
list
16%
Make shopping
list on mobile device
16%
Research products pre-trip
20%
Check prices pre-trip
23%
Get coupons pre-trip
32%
Read product reviews pre-trip
19%
Pre-Trip In-Store
Value Discovery and Other Activities % of Shoppers who use technology for more than 25% of Shopping Trips
32% of shoppers use online coupons more than 25% of the time
8% of shoppers compare prices in store on over 25% of their trips
Value Discovery Activities Other Activities
Sources: Booz & Company Analysis
28 28
As in other sectors, technology makes value seeking in grocery easier—so value seeking behavior is likely to increase
For several years, digital
technology has allowed for
instant price comparison in
the travel industry
As technology improves grocery shoppers will eventually have the same complete price
transparency across different online and offline retailers
Southern Savers (southernsavers.com) already identifies the lowest prices for key
items across multiple stores
5998 coupons available this week
29 29
Fresh Foods, Produce
Dry Groceries, Beverage
Pet Care
Home Essentials
Health Care
Personal, Beauty Care
Clothing, Footwear
Electronics, Books, or Music
More than half of consumers purchase grocery categories online at least occasionally – mostly in specific, non-core categories
Never
46% At Least
Occasionally
54%
Online Purchase of Grocery Categories
4%
9%
12%
12%
29%
29%
77%
85%
Occasionally Regularly Almost Always
Percent of Shoppers who Make Purchases Online by Category
(N=1402)
No
n-G
roc
ery
G
roc
ery
– N
on
-Co
re
Gro
ce
ry –
Co
re
Sources: Booz & Company Analysis
30 30
Very few consumers shop their full assortment online—but category-specific online shopping is at least as big a threat
61%
% of Shoppers
100 35 60 55
40%
0
% o
f S
pe
nd
4% 0%
5%
24%
11%
30
95
10
20
40
50
60
70
30 50 15 25 10 20 40 45 5
0
Estimated Percent of Grocery Dollars Spent Online Among Online Grocery Shoppers
Category Specific Full Assortment
Estimated
Sources: Booz & Company Analysis
54% shop online a little bit, for a few
items (0.4% of total
demand)
Less than 2% of consumers shop
online a lot (0.4% of total
demand)
31 31
New small format stores – particularly Dollar and Hard Discount stores – are expanding rapidly
US Store Count Expansion from 2005-2011
Source: Nielsen US Retail Trends, March 2, 2012; Booz & Company Analysis
38,513
31,590
18,579
4,578 2,462
1,067 1,964
38,526
32,924
22,782
4,334 3,645 1,231
2,410
Hard discount stores Aldi, and Save-A-Lot are growing rapidly
Family Dollar and Dollar General
alone have added over 3,000 stores
since 2005
Supercenters Mass Merch Supermarkets $2MM+
Dollar Stores Drug Convenience Hard Discount
Warehouse Clubs
2005 2011
148,126
140,655
+5%
0%
+4%
+23%
-5% +48%
+15% +23%
32 32
About a third of consumers visits smaller formats—mostly for quick trips
70%
3%
27%
Percent of Shoppers Who Shop at Small Format Stores
Based on Trips in a 60 Day Period (N = 1401)
Do Not Shop at a
Small Format Store
Primary Store
is Small Format Shop at a Small Format
Store, but Not Primarily
Distribution of Small Format Trips by Trip Type
Only 1 in 10 shoppers of small format stores selected one as their primary store.
Less than 25% of
trips to small format
stores besides
Hard Discounters
are for “stock ups”
Note: Shoppers included in pie chart analysis are all survey respondents who reported shopping at any one of five small-format banners –including supermarkets and dollar stores but excluding convenience and drug stores—in the past 60 days.
Stock Up
Fill In
Quick Food
Quick Non-Food
Special Purpose
Dollar Stores
12%
18%
14%
42%
15%
Small Format Fresh
& Prepared Foods
Markets
24%
25%
29%
13%
10%
Hard Discounters
35%
30%
25%
5% 5%
Source: Booz & Company Analysis
33 33
Small stores compete with very different value propositions
Why Shoppers Go to Small Format Stores Instead of More Traditional Stores (% of shoppers who shop at a particular store and rated category as an important reason why)
30%
82%
Higher value store brands
39%
Lower prices 60%
48%
25%
9% There is a better
selection of pre-packaged
meals
15%
5%
Fresh Food
37%
26%
20%
Dollar Stores Small Format Fresh
& Prepared Foods Markets Hard Discounters
43%
Faster Checkout
34%
32%
26%
30%
32%
Simple store
navigation
Price/Value Assortment Convenience
Source: Booz & Company Analysis
34 34
The Cabela Multi-Channel retailing strategy fully integrates and continues to deliver a seamless experience
Retail Stores
Specialized Product
Departments
Specialized Service
Departments
Catalog
Shopping Resources
Customer Service
Membership Groups
Information and
Social Interaction
1 1
3
3
4
4 5
7
6
5
7
6
8
8
2
2
7 7
3
34
Creating coherence across all channels
35 35
Beyond understanding small format innovation, retailers are exploring multiple merchandising/market innovation initiatives
Bringing together multiple categories to deliver value (Spring Cleaning, Healthier Eating, Beauty Regimens)
Transforming Categories into Departments
Linking items that represent a shopper needs state (Cough and cold, Well Baby, Backyard Barbeque)
Simplifying merchandise offering (Assortments, Signage, Effective New Item Management)
Rethinking and redesigning aisles (Pet food to Holistic Pet Care, Thirst Center)
Evolving Strategic Capabilities Implemented Tactical Examples
Designing Total Merchandise Solutions
Creating Affinity Displays
Rethinking assortments and shelves
36 36
It is clear that retailers are using multiple techniques to change the in-store experience at an increasingly rapid pace
Implementing some level of “affinity based/driven” merchandising programs 68%
Integrating “private brands” in key merchandising platform solutions 56%
Rethinking a more efficient and effective approach/process to execute better in-store 51%
Challenging the merchandising organization to simplify the shopping experience
46%
Redesigning assortments to better meet shopper needs, usage states, and occasions
42%
37 37
Private label sales rose sharply in 2008 – apparently driven by falling consumer confidence – and have stabilized at a new high
Source: Nielsen, University of Michigan/Thompson Reuters Consumer Sentiment Index: 9/2011 Table 1. The Index of Consumer Sentiment, http://www.sca.isr.umich.edu
19.5
20.0
20.5
21.0
21.5
22.0
22.5
23.0
23.5
55
60
65
70
75
80
85
90
95
Sto
re B
ran
d S
ales
as
a %
of
Gro
cery
Sal
es
Un
iver
sity
of
Mic
hig
an
Ind
ex o
f C
on
sum
er S
enti
men
t
2011-12 2010-12 2009-12 2008-12 2007-12 2006-12 2005-12
Private Brand Unit Sales Share and Consumer Confidence
Private Brand Share Consumer Sentiment
Recession
Consumer Confidence
Private Brand Share
38 38
Shoppers appreciate store brands’ value and quality and see store brands’ place as less limited now than in the past
Percentage of Shoppers Who Agree (Disagree) (N=1401)
Source: Booz & Company Analysis
Store brands are a great value
I plan to keep buying even if my economic situation continues to improves
I’m willing to buy a store brand if the price is low and I can’t find a national brand on sale
Perceive Store Brands as
Good Value
Perceive Store Brands as
High Quality
Have an Expanded View
of Store Brands’ Place
Store brands are the same quality as national brands
I am willing to buy premium store brand products
Store brands are generally low quality
Store brands are for people who just want to save money
-43% 23%
-49% 21%
-64% 6%
-52% 21%
-58% 14%
-11% 59%
-16% 47%
-9% 68%
-9% 68%
-4% 70%
Total Disagreement Total Agreement
Kids won’t eat the store brand
I’ll buy store brands for every day but not for special
I only buy store brands for basic needs/staples
39 39
Retailers must respond to current market conditions
Value
Seeking
Respond to the consumer need
Protect remaining profit opportunities
Cut costs to grow stronger
“Jump in,” innovate, experiment
Develop coherent digital strategy
Do more than weekly advertisements online
Address pain points driving consumers online
Develop own non-food, non-perishable models online
Investigate full-assortment online models
Understand drivers of new-format success or failure
Innovate realistically (understand economics too)
Address consumers’ trip needs – what draws them to new formats? How traditional stores address these needs (e.g. merchandise platforms)?
What Should Grocers Do?
Technology- Enhanced Shopping
Online
Encroachment
Format & Merchandising
Innovation
40 40
1. Basic Retail Economics 2011/2012/2013
2. Four Mega-Trends that will be at the Center of Retailing in 2012/2013
3. Three Capabilities Needed to Win in 2012 and Beyond
Our dialogue today will focus on three strategic issues facing Retail
41 41
From ―best practice‖ engagements there are three capabilities that will differentiate winners from losers
42 42
Market leaders are funding growth by refocusing investments toward customer facing functions
―Fit for Growth‖ Framework
Transform Cost Structure
Reorganize for Growth
Builds sustainable &
differentiated
capabilities for growth
Creates a Right to Win
Establishes a Fit for
Purpose Organizational
Operating Model
Release
Funds
Invest in
Higher
Value-Added
Priorities
Eliminates low
productivity investments
and operating costs to
free up cash for more
attractive investments
Enable & Sustain
Reductions
Building-Blocks of “Fit For Growth”
Retailer Shopper Centric
Strategy
Articulates how a retailer
creates differentiated
value for customers
Invest in Growth
43 43
Multi-Channel Retailing
―Best Practices‖
Success in multi-channel retailing requires seven core competencies across the entire organization
Fully Integrated
Supply chain Seamless
Shopping Experience
Consistent Product and
Service Offers
Seamless Assortment
Custom and Mobile
Optimized Website
Branded Mobile
Application
Integrated Customer Contact
Organization
44 44
Where to grow is equally important – initial focus centers on defining and delivering shopper advocacy
―Headroom for Growth‖
Framework
Marketing Store Operations
Develops a shopper
centric value equation
recognized by the
shopper
Creates a sustainable
value equation
Insures in-store activities
always support the
ongoing banner promise
Rewires all types anf
forms of shopper
communications
resulting in “aligned
relationships”
Critical elements for profitable growth
Retailers Shopping
Experience Strategy”
Articulates how the retailer
delivers a simplified and
meaningful shopping experience
Merchandising
45 45
―It is the best of times – it is the worst of times……………‖
Living with less and comfortable
“When will it end mentality”
Continued shopper bifurcation
“Creeping forward” economic /retailing environment
Technology Enhanced path to purchase