Nationwide managing director Colin Pocklington, who has been specifically researching retail trends over the past few months, said retail had altered forever and that dramatic changes were still expected to take place.
He added that there were three demographic ‘megatrends’ impacting the global retail industry.
“A number of retailers large and small, in all segments including jewellery, have closed their doors in the past six months. They have become victims of what they call the Retail Disrupters that are being driven by these megatrends,” Pocklington stated.
“Our team has been working on a number of initiatives that directly address the changes taking place, and will assist our members to be amongst the retailers that will prosper in the new normal.”
Four retail strategies – basics and controls, costs, conserve cash, and maintain/increase sales – have been identified by the Nationwide team as keys to surviving the ‘challenging times’. These will be presented at the conference, along with the resources that members will need to implement them in business.
Pocklington told Jeweller that details of the megatrends would not be released before the conference; however, he said there were several types of retail disruptors such as technology, new market entrants, significant changes in consumer habits and expectations as well as online retailers like Amazon and Ali Baba.
A similar presentation may also be held during this year’s International Jewellery Fair (IJF) in August.
The news came just before ‘disappointing’ February trade figures released by the Australian Bureau of Statistics (ABS).
According to the Australian Retailers Association (ARA), the 2.68 per cent year-on-year increase was lower than expected.
Improving business
Nationwide will also offer its new Industry Best Practice program in conjunction with the conference.
The initiative launched in 2005 but this year the buying group has announced that it has been updated and now includes five modules.
Designed to assist jewellers to maintain profitability and performance, the sessions will be implemented by email, face-to-face meetings and online.
An option to conduct the program during the IJF would be offered as well.
The Nationwide Time Out conference will be held in Fiji from 9 June to 11 June.
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