Redefining Retail: 10 Guiding Principles for a Post-Digital World

Description

The three main rules of retail have long been defined by an expression used in real estate jargon: “Location, Location, Location.” The basic assumption was: if you prioritise  the acquisition of the best locations, everything else will fall into place. This approach will no longer apply due to the fragmentation of the market, there have been several rapid and chaotic changes, including Covid-19, competitive pressures and disrupted customer behaviours.

The large number of retailers that have gone out of business in recent years shows us that the scenario has changed and closures have pushed some to use terms like “apocalypse” or “Armageddon” to describe the difficulties of the current situation. However, it is wrong to assume that the failure of a large number of shops and stores heralds the end of brick-and-mortar retail. If anything, it decrees the end of a model that has remained unchanged for decades and that seems to be inadequate for the Digital Age. In other words — Covid was an abrupt disruption, but many changes were overdue.  

In order to survive and thrive in this post-covid and post-digital world, Retailers and Consumer Brands have to understand the paradigm shift occurred in the way people behave and redefine both their internal operations and processes, and their business strategy. In fact they need to rethink the entire value chain, taking into account the growing importance of sustainability, diversity and inclusion, working policies, etc.

The challenge is no longer about Digital Transformation, that is something we can take for granted at this point. Retailers and consumer brands need to develop a strong sense of ‘humbition’ putting into discussion even the most successful strategies of the past, cultivating the ambition to future-proof their organisations and their brands.  

Professors Kotler and Stigliano have developed a set of 10 Guiding Principles that companies should embrace, no matter if they are big established players or SMEs, regardless of the location and the sector in which they operate.  

Thanks to the various hats that Giuseppe wears as Global CEO of Spring Studios, a Professor and Lecturer across Europe and the USA and as a Global Keynote speaker the book will be built on both hands-on experience and academic rigor. Corroborated by numerous talks that Giuseppe has given over the last few years on the topics covered in the book. This will all be reinforced by Kotler’s authoritative perspective and guidance.