Over the past ten years or so a form of arrogance has crept into many of our retail business’s. It is almost as if an attitude has been adopted which says to the customer “You should be grateful to us for providing you with such a great store and amazing product”. In the past most retailers could rent a location in a mall, shopfit the interior, fill with merchandise and the customer would come and buy.
Now circumstances have changed and changed significantly. Following the major wake up call brought to every single person in the world by Covid, the global consumer has changed the way it thinks. Priorities are different and what is important is also very different. Is it a high priority for the new consumer to venture to a shopping mall and spend copious amounts of money on high end brands for a new wardrobe. Or maybe other life experiences have taken the top positions on what we want to spend our money on.
Jobs have been lost, cash is limited, discretionary spend has been cut by up to 60% as people struggle to survive. Consumers are reassessing what they want from thier lives and what they want to spend the little bit of cash they have on. Retailers will feel the front line impact of this as mankind adapts to our new normality. How many will still spend R2,000 on a pair of shoes when you can buy a no-name footwear brand for R500.
The arrogant attitude of some retailers was present before Covid devistated businesses which have been around for many years, Covid was the last straw which pushed the weak and poorly managed retailers over the edge. Today the consumer holds the power. You can shop where you want to and spend your cash where you want to. If you are treated badly with poor customer service or lack of empathy towards you, simply walk out and go somewhere else.
Enjoy your shopping