Not out of the woods yet
Detail:
Two days before this week’s Budget, and industry body CBI has warned of a sluggish economic recovery, with growth projected at one per cent this year, remaining subdued until the middle of next year.
This contradicts earlier government projections of growth of 1.25 per cent this year and 3.5 per cent for 2011. Instead, the Confederation of British Industry said today that it expected the economy to grow by 2.5 per cent in 2011.
The UK’s largest employers’ group said that growth prospects remain fragile for now with the end of VAT cuts and now that the car scrappage scheme is drawing to a close. It also warned that growth in consumer spending would remain subdued this year, as people remain concerned about redundancies. The CBI expects unemployment to peak in the autumn.
And if the Chancellor’s hints are anything to go by, there will be no giveaways in Wednesday’s Budget. He told the BBC: “The mood of the times is not for giveaways. People are not daft, they know perfectly well that we need to get borrowing down and secure recovery.”
But what does this mean for the pet retailer? Broadly, it appears that retailers who are able to adapt to change and meet consumer expectations and demands, and offer a solid product range with exceptional customer service are doing okay, if not thriving. It’s business as usual, with a number saying profits are on the up, although maybe not as high as in the heady days of a few years ago. In fact, the phrase “recession-proof” seems to be almost synonymous with “pet retail”.
Yet as one retailer was telling me the other day that we are not out of the woods yet. With continuously rising prices and shrinking profit margins, the situation is getting more and more challenging. As such, he had to be continuously inventive about attracting people into his store and building up a loyal customer base. As an aquatics retailer, the tricks up his proverbial sleeve were stunning display tanks and encouraging regular school visits.
Long gone are the days when a pet retailer could simply stock a shop and expect products to sell themselves and fly out the door. Instead, today’s retailer needs to possess the creativity of Leonardo da Vinci, the business acumen of Bill Gates and the economic nous of Warren Buffett.
So how are you staying on top of your game and how do you rise above all the challenges being thrown at you today? Where do you get your ideas and inspiration from? Which organisations offer you the most support? I’d be keen to hear your views.
This contradicts earlier government projections of growth of 1.25 per cent this year and 3.5 per cent for 2011. Instead, the Confederation of British Industry said today that it expected the economy to grow by 2.5 per cent in 2011.
The UK’s largest employers’ group said that growth prospects remain fragile for now with the end of VAT cuts and now that the car scrappage scheme is drawing to a close. It also warned that growth in consumer spending would remain subdued this year, as people remain concerned about redundancies. The CBI expects unemployment to peak in the autumn.
And if the Chancellor’s hints are anything to go by, there will be no giveaways in Wednesday’s Budget. He told the BBC: “The mood of the times is not for giveaways. People are not daft, they know perfectly well that we need to get borrowing down and secure recovery.”
But what does this mean for the pet retailer? Broadly, it appears that retailers who are able to adapt to change and meet consumer expectations and demands, and offer a solid product range with exceptional customer service are doing okay, if not thriving. It’s business as usual, with a number saying profits are on the up, although maybe not as high as in the heady days of a few years ago. In fact, the phrase “recession-proof” seems to be almost synonymous with “pet retail”.
Yet as one retailer was telling me the other day that we are not out of the woods yet. With continuously rising prices and shrinking profit margins, the situation is getting more and more challenging. As such, he had to be continuously inventive about attracting people into his store and building up a loyal customer base. As an aquatics retailer, the tricks up his proverbial sleeve were stunning display tanks and encouraging regular school visits.
Long gone are the days when a pet retailer could simply stock a shop and expect products to sell themselves and fly out the door. Instead, today’s retailer needs to possess the creativity of Leonardo da Vinci, the business acumen of Bill Gates and the economic nous of Warren Buffett.
So how are you staying on top of your game and how do you rise above all the challenges being thrown at you today? Where do you get your ideas and inspiration from? Which organisations offer you the most support? I’d be keen to hear your views.
By:
sandra
Date/time :
22/03/2010
Replies to this topic...
By:
newshound
Date/time :
26/03/2010 08:38:37
Detail:
Councils are cutting spending to the bone. Central government is strangling the economy. Who helps us? ourselves. Work harder, work smarter and give the best customer satisfaction possible. Anyone who gives less than full commitment will suffer.
