Dorothea Ern-Stockum, Managing Director, ASG Retail Strategy Lead and EALA Retail Fashion Lead talked about the business model transformation in fashion retail at the World Retail Congress in Dubai.
The traditional Fashion retail business model is challenged by the increasing consumer demand for speed, flexibility as well as personalisation and deep consumer understanding. At the same time demand is flat, prices are under pressure, new vertical competitors and ecom pure players are increasing their market share. Significant investments have been made into the new store of the future, the new webshop. But the core HQ functions often have not touched yet.
Evolving a Retailer’s business model especially when it comes to Merchandising as well as Supply Chain is a major change process many retailers are still going through. Digital is providing new opportunities to better connect the core of the business with the consumer. Kurt Salmon has been working for many of the key leading retailers globally supporting this transformation of the business model as well as the culture.