Ninety-eight percent (98%) of retail executives recognize that changing customer behaviors and other transforming forces are disrupting their industry, but only a minority are taking action to address the changes, according to a new global study, “The DNA of the Retailers of Tomorrow,” commissioned by Green Park and the World Retail Congress with Planet Retail RNG, TrueStart and EY.
The report reveals that only 31% of retail leaders are repositioning their long-term business model, with 40% simply optimizing the performance of their current operations. And 24% of retail companies are primarily focused on turning round short term issues rather than long term planning.
The report also finds that transformation progress is currently extremely limited: While 80% of retail executives say their companies understands the need for transformation, the awareness falters before it turns into action.
Although plans are in place for 61% of global retailers to transform their businesses, less than half (44%) have identified the capabilities needed to transform, and only 24% say they know what transformation looks like on a…