Future of Retail

Retail is going through a period of flux. From big box stores to specialty shops to online vendors, everyone's trying to figure out how to survive. It has become all about the ability to adapt as technology transforms the retail landscape. "As a shopper, your basic needs don't change," says Bonno van der Putten, Managing Director of Monarch Equity and retail expert . "But your behavior is dependent on the technology that's around you." Monarch identifies 9 major trends its Future of Retail report that are part of the "seismic shift" changing the retail world, and provides examples of companies that are making an impact. Retail is changing fast. New pressures are taking their toll on the industry, and retailers have to adapt if they want to survive. Competition is more intense than it has ever been. With all the new channels for selling that are now available, retailers have a huge number of ways to reach consumers. Bonno van der Putten has posted several great presentations about the future of retail. "A important part of the brands of yesterday will die," says van der Putten in one of his presentations. "Some with a bang and some slowly as if from an incurable wasting disease." In his management presentations, van der Putten lays out what retailers can do to survive. He says that you have to cut costs, relentlessly strive for the best customer service and optimize stores no matter how much it hurts, and that inventory control is "as important as breathing."