Would you like to be able to read the minds of 100 chief financial officers at leading retailers throughout the country? Well, maybe you can. This week, a story in Chain Store Age reported on the findings of the seventh-annual BDO Retail Compass Survey of CFOs. The findings are good news for the members of the at-retail merchandising and marketing service industry.
The main point of the story is that retail executives still consider U.S. stores the core of their business. Thirty percent of the CFOs said that U.S. expansion will be their priority growth tactic in 2013. Others include improving merchandising assortment at 24 percent, and e-commerce and mobile commerce at 22 percent. Here are some other key findings:
-Thirty-four percent said that they will be looking to add staff, both in-store and HQ.
- Among risks to their business identified by CFOs, 34 percent said that federal, state and local regulations top the list. Another 32 percent said competition and consolidation. Other risks are foreign supplier and vendor issues, data security and geopolitical events.
- Thirty-two percent said that they plan to invest most of their capital in advertising and promotions. Twenty-nine percent said they will invest in e-commerce. Twenty-six percent said redesigning and remodeling stores.
The findings of the survey and the story underline that, although retail executives see the opportunity in foreign markets and e-commerce, they have not forgotten their core competency and have not abandoned the store. Rather, there seems to be a definite movement toward providing a true omni-channel experience to their customers.
It is up to the members of World Alliance of Retail Excellence & Standards to make sure that our at-retail services align with these priorities. One way to do that is to attend the Retail Merchandising & Marketing Conference (RMMC). Click here to visit the official RMMC website and register today.