Executive Briefings

Cookie-Cutter Approach to Retail Won't Work Today, Deloitte Study Finds

Retailers will have to rethink their position in the market, along with strategies they have used thus far, to keep themselves in the game, according to a new Deloitte report, "The Next Evolution: Store 3.0."

After surveying 39 retail executives in September 2011, the research firm discovered that retailers expect e-commerce sales to nearly triple over the next five years, yet nearly eight out of 10 (79 percent) believe the physical store will continue to be a primary place to shop. The issue at hand, Deloitte said, is for retailers to differentiate themselves by reconfiguring talent, physical space and store operations to meet or exceed customer expectations and understand there is no "one-size-fits-all" approach that will help drive business.

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Retailers will have to rethink their position in the market, along with strategies they have used thus far, to keep themselves in the game, according to a new Deloitte report, "The Next Evolution: Store 3.0."

After surveying 39 retail executives in September 2011, the research firm discovered that retailers expect e-commerce sales to nearly triple over the next five years, yet nearly eight out of 10 (79 percent) believe the physical store will continue to be a primary place to shop. The issue at hand, Deloitte said, is for retailers to differentiate themselves by reconfiguring talent, physical space and store operations to meet or exceed customer expectations and understand there is no "one-size-fits-all" approach that will help drive business.

Read Full Article