Retailers across the world continue to face strong headwinds. They have suffered a sharp drop in business in recent years, with bankruptcy filings and store closings almost becoming commonplace. In SA, retail giants such as major listed clothing stores Woolworths and Truworths have their backs to the wall amid declining profits. Edcon, the owner of Edgars and other chains, seems to be the hardest hit by the retail apocalypse, with news in December that it was restructuring for the third time in just three years in a bid to stave off collapse. This is amid stiff competition from international retailers such as H&M, and changing consumer habits that have induced a seismic shift from brick-and-mortar shopping to e-commerce. However, all is not lost and the challenging environment provides an opportunity for retailers to rethink and refresh their approach to business, which could boost profits. Writing in the Harvard Business Review, Nick Harrison and Deborah O’Neill noted that few indu...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now