Simon Scalzo, Partner and National Head
of Retail at BDO highlights that not only do
businesses need to be in the social space,
but also embracing smarter technology to
draw customers into stores.
So with these problems laid out,
what can we do to convert these
challenges into opportunities?
Lets explore some solutions:
1.
Change the perception that the
industry is dead. The media loves to focus
on underperforming retailers. When
confronted with doom and gloom, naturally
the perception about the current state and
future potential of the industry will be
dark and distorted. Balanced reporting is
essential to keep the public aware of what’s
happening. Let’s celebrate the WINS in the
media and some of the incredible things
that Australian companies are achieving.
2. Manufacturing in Australia must exist
with smaller, simpler runs aimed at niche
markets. Global manufacturers should
remain the realm of mass production.
3.
Government grants and incentives
require a reshuffle, with cash injected into
the right companies with the right strategic
plans in place to turnaround the sector.
4. Overregulation must be wound back.
Restructuring regulation will lend security