The Next level for brands
IN THIS EDITION OF VIEWPOINT:
Plenty of column inches have been devoted to the local elections this week, but elsewhere in the papers it’s worth reflecting on one business which has regularly bucked the broader economic gloom: Next.
The high street giant published its quarterly results this week, beating wider retail woes and its own guidance to post growth of 5.7 per cent in the first quarter of 2024.
It’s no secret that retail has been struggling amid the cost of living crisis, high business rates and the ongoing shift to online shopping. Britain lost a whopping 6,000 stores between 2018 and 2013, according to The Guardian.
So how has Next managed to outperform its rivals?
Canny investment has certainly had a role. Next has continually improved its logistical operations and technology systems. A diversified offer and a consistent chief executive help too.
There is also something else at play – the power of brand. Next might not be the coolest or most aspirational name on the high street, but it does one thing incredibly well: it is consistent. The retailer has stuck to its brief and its shoppers know what it stands for. There’s an important lesson there for businesses beyond the world of retail. Know what you’re good at and keep to it.
Government reforms introduced this week will give councils the power to buy cheaper land through the use of Compulsory Purchase Orders, in a bid to boost development of affordable housing.
Source:?gov.uk
Industrial demand has risen the most according to the RICS’ latest commercial property market report, which also saw a significant rise in office repurposing despite a rising demand in London.
Source: rics.org
Increasing the ticket booking window will encourage more people to travel by rail instead of car or plane with more competitive prices for the summer, according to the Campaign for Better Transport.
Source: bettertransport.org?
The CBI’s Industrial Trends Survey offers hope manufacturing after a tough Q1, with April seeing the strongest output expectations for six months thanks to access to materials and labour.
Source: cbi.org.uk
As devolution deals continue to be struck across England, mayors are becoming some of the most powerful and recognisable people in our politics. And as the public waits for the results of yesterday’s elections – which saw ten mayoral seats up for grabs – some races will be followed closer than others.
But all will feed into the bigger picture of what precedence the results might set for the future of devolution – and Westminster’s ability to navigate both central and local government as the autonomy of our combined authorities increases.
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Written by: Amelia Stanyer, Account Executive
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