Financial Times: Retailers risk losing touch with customers over diversity
Media Coverage 14th May 2019 2 minutes read
World Retail Congress, Amsterdam, 14 May 2019: Green Park and the World Retail Congress have released their second large-scale survey of hundreds of Chairs, CEOs and senior executives from the retail sector across the world, revealing that leadership teams are in crisis and ‘not fit for purpose’ in a rapidly changing business environment.
The report, released today, reveals:
Three years ago, Green Park and the World Retail Congress published the critically-acclaimed DNA of the Future Retail CEO. Senior Global retailers interviewed for the report said that most retail CEOs lacked the attributes and skills they needed to prosper - and that the gap would spread within their leadership teams over time.
Today’s report, The DNA of Future Retail Leadership, compiled interviews with businesses of all shapes and sizes - large and small, traditional and pure play, across several sectors and around the world - in order to harness the widest possible range of insights. Many of those questioned concur that these previous warnings were accurate and the sector is now suffering from a crisis in leadership.
Many top teams across the sector are criticised as “not fit for purpose” due to:
Analysis for the report concludes there are three main areas where companies need to focus their strategies to create leadership teams with the skills, attributes and behaviours in order to survive, and thrive: They are to create:
Steve Baggi, Co-Founder of Green Park and Head of Retail said: “This report should act as a wake-up call for much of the retail sector. As technological change increases in pace and consumers interact with brands in ever more innovative ways, it’s clear that in their own words, the leadership teams at many of our leading companies appear unable to adapt and as a result risk failure in the future.”
“However there is hope. Some companies, led by forward thinkers adept at using data and technology to harness insights about their customers are thriving. The rest of the sector can follow their lead, taking some of the strategies we lay out in the report to help ensure they too can prosper in tomorrow’s business environment.”