The second part of our new three-part series of articles appearing in Retail Voice, Retail Week’s digital platform has been launched today. Each edition is focusing on challenges that brands are currently facing in today’s rapidly-changing environment, and how best to overcome and thrive from them.
In today’s edition we ask, deal or no deal - how will Brexit affect customers of big ticket item retailers?
A recent Government report has revealed that the UK will be poorer economically under any form of Brexit, compared with staying in the EU, and Mark Carney at the Bank of England has forecast that a no-deal Brexit could devalue the pound and trigger a deeper recession than the financial crisis. How will this change customers’ behaviour and do retailers simply have to grit their teeth until 2023 when the economy is forecast to start growing again?
Unless urgent action is taken by individual retailers, their stores will inevitably be quieter. Yet many retailers, in the hope of driving footfall, continue to adopt an approach which funnels very large sums of money to expensive brand advertising campaigns. But there are better ways. Throughout this article, we explore what retailers and brands can be doing to mitigate against these uncertain times, including our survival guide with top tips.
Liked this edition? Keep an eye on our Twitter, Facebook & LinkedIn pages for news of the next release in the series. Plus, catch up on our first edition "The retail test: Are you checking for customer blind-spots?".