To survive, even winning retailers must stay ahead of the curve by making sure they deliver a strategy that will help them build lasting relationships with their customers. The pace of change in retail is accelerating. Many established retailers are struggling with declining sales, rising costs, disgruntled customers and employees, and upstart competitors that are nimble enough to adapt quickly and steal market share. Even successful companies can’t sit back and rest—they need to prepare for the next wave of change.
Regardless of segment or circumstance, retailers should not be afraid to consider an end-to-end transformation to help them stay relevant; develop new offerings, categories, formats, and channels; or expand into new markets and territories. These retail transformations are not a once-and-done endeavor—winning retailers stay nimble enough to transform their stores and evaluate their offerings on a continual basis to adapt to evolving customer needs.The next change in retail is the B to I -Business to individuals-