Challenging yet positive outlook for Ireland’s leading retailers...read our latest press release

Pictured at the launch of PwC's survey of Ireland's key retailers are (l-r): Ken Scully (Finance Director, Marks & Spencer), David McGee (PwC R&C Advisory), Jean Delaney (Leader PwC Retail and Consumer Practice), Robert Watt (Dept of Finance) and PJ Timmins (President, Dublin Chamber of Commerce and CEO, Clerys)

PwC suggests the following ‘must-haves’ on this season’s ‘shopping list for retail success’ - a six step approach to riding out the recession:

• Know your customer: Focus on giving your customers what they want at the right price. Take advantage of every opportunity to capture customer feedback – walk the shop floor, consider new media challenges and social networking sites, involve employees. Make customer service a renewed focus area.
• Focus on the ‘needs-offer’ gap: Understand what your potential customers are looking for and honestly assess how this compares to your current offering. It is easy in the good times to keep selling to your loyal customers – respond to the downturn by adapting your offering to meet this needs-offer gap of potential new customers.
• Understand your margin: Understand the dynamics of customer, product and basket level margin analysis. Ensure all key decisions including promotional activity are supported by sufficient and accurate data. Be decisive when taking action on unprofitable products and ranges.
• Use key performance indicators: Focus on a small number of key metrics to drive performance and savings and enable you to take timely corrective action as required.
• Examine your supply chain: Be ultra-efficient. Deconstruct and critically challenge every link in your supply footprint to unlock hidden opportunities and cost. Ensure your working capital cycle is equally efficient.
• Cut ‘bad’ cost categories: Understand what elements of your offering and product range customers’ value and for which they will happily pay a premium. Cut bad cost categories which will not support such a purchase premium. Cutting ‘good’ cost categories may also impact negatively on your customer’s overall shopping experience.