RDG News | October 2024 Issue
EXCLUSIVE NEWS, INSIGHTS, EVENTS AND CONTENT
We’re Australia’s most awarded retail advisory and consultancy firm. We’ve built insights-driven, high-performance retail for the region’s leading “Fit for Business?” retailers for almost 20 years!Built by retailers for retailers, our proven methodologies continue to guide businesses in achieving their goals, through our 4 core service offerings:
This newsletter summarises our activities for the month, and brings relevant and trending retail news and industry updates right to your mailbox.
Vital Statistics.
Australian Bureau of Statistics
The seasonally adjusted estimate 3.1% compared with August 2023?and remained relatively unchanged at 0.7% on a month-on-month basis.
The following industries changed in trend terms in August 2024?from the previous month:
The following states and territories changed in trend terms in August 2024:
What this means for retailers
The overall consumer sentiment interpretation suggests a measured level of economic confidence among Australian consumers.
The data presents a picture of a stable retail environment that, while not showing signs of significant stress, also lacks indicators of robust consumer confidence that would typically characterise a booming retail sector.
Notable regional variations in spending patterns point to differing levels of consumer confidence across various parts of the country.
This balanced position suggests consumers are maintaining a prudent approach to spending while remaining engaged in the retail market.
What's Happening in Retail?
Here's the top 5 things you need to know.
1. Myer buys big brands from Solomon Lew’s Premier Investments
Myer will transform from a department store to a $1 billion retailer owning the Just Jeans, Jay Jays and Dotti clothing brands after agreeing to merge with parts of billionaire Solomon Lew’s Premer Investments business.?Read more?here .
2. 'The Invisible Enemy " to existing Australian and Global retailers that's dismantling traditional pillars of retail?
In times gone by we knew our competitive enemy; They where visible in the mall, high street, shopping centres, and online.?However, these technology forward companies are forging a new path, leaving competitors seemingly unable to match their performance.?Read more here .
3. What’s a retailer’s WALE?
No it’s not a typo. The WALE is the Weighted Average Lease term to Expiry, which?represents the average duration remaining across all leases in a commercial property portfolio, with each lease weighted according to its rental income or occupied area. This metric helps investors and property managers assess the security of future rental income and potential vacancy risks.?Read more here .
4. Foot Locker's reimagined concept store set to debut in Australia
Some nice forward thinking in shop design and interactivity, which all looks a long way from the historical rack and stack approach of this category retailing.?Read more here .
5. Do great brands have an X Factor?
The days for retail brands to be reliant on volume and physical scale without this X factor are numbered.?Brands that can identify and deliver a precise, truly resonant emotional connection with their core audience will win the competitive retail race. Read more here .
What's Happening at Retail Doctor Group?
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2024 Consumer & Global Retailer Sentiment - October LIVE Webinar!
Hailed as "good to listen to and thought provoking", the feedback from our State of the Nation 28 CEO breakfast event and webinar was so good that we had no choice but to take an even deeper dive into our insights in a second webinar.
As any one of our high-performing retail customers can tell you, Insights underpin the work we do with retailers just like you to achieve industry benchmarks and sector success.
Our next webinar is happening today, so this is your last chance to add this event to your calendar!
?? Thursday, 31st October 2024?
? 12.00 - 12.45pm AEST
?? MS Teams event ? Click to join the webinar or scan the QR code below to join.
Whitepaper: 2024 Consumer and Global Retailers Sentiment
Our 2024 Consumer and Global Retailer Sentiment whitepaper is aimed to help retailers further understand how sentiments have changed within the past year and what to expect to happen in the future of retail.
It covers topics such as the retail ecosystem, customer engagement and what retailers need to do to captivate customers. These insights (and more) is what you can expect to learn more about in our webinar.
"These insights reinforce the importance of taking the time to hear what consumers are really thinking about - especially in the past 12 months, where the situation changes so rapidly. If you're not working from the latest research you could be focusing on entirely different areas to your customers," says Anastasia Lloyd-Wallis, Head of Insights and COO at Retail Doctor Group.
Brian Walker, CEO of Retail Doctor Group added, "Insights are imperative to successful strategy, and it is insights that move beyond just demographics to provide the most precise understanding of consumers. Being aware of changes in consumer behaviour allows retailers to understand the context for growth and align themselves to real customer drivers."
DOWNLOAD the 2024 Consumer & Retailer Sentiment Whitepaper now
领英推荐
Australia's Leading Retail Skills Training Academy
We’ve been the go-to authority on building?insights-driven, high-performance retail for leading Australian retailers for almost 20 years now.
Is your team Fit for Black November and the "Grand Final" of retail?
Retail skills training provides essential learning for teams, especially at the busiest times of the year. The great news is, we've got just the right training for you that's quick, easy, and affordable.
Learn more about how to upskill your people in just 10 minutes a day. Read our informative article "Black November 2024: Critical Retail Skills Training for Teams " now.
Drive better business results. Enquire about our Retail Excellence Program today.
Contact our team?for your complimentary Retail Doctor Academy learning and development assessment today!
Explore our website now
Essential Content
Stay up to date with industry, sector, and company news by following Brian Walker, Anastasia Lloyd-Wallis, and our company pages on our social channels, podcasts, and in the news.
The Future of Retail Podcast Series
Brian Walker, CEO of Retail Doctor Group, regularly invites guests to talk about the Future of Retail, specifically AI, technology, IoT, robotics, innovation, and more. You'll find our podcasts on our website, on Spotify, Apple, and YouTube.
RDG TV on YouTube
Why work with Retail Doctor Group?
Retail Doctor Group , led by CEO Brian Walker, is a premier retail consultancy with almost 20 years' of experience in transforming client strategies into tangible results. Our approach combines deep industry insights, consumer understanding, and retail excellence to drive increased profits, enhance brand presence, and foster growth for our clients.
At the core of our methodology is a unique blend of market research, proprietary neuroscientific consumer Limbic Insights?, and retail operational expertise. This comprehensive approach allows us to develop well-informed strategies that resonate with both current and future customers, effectively target markets, and seamlessly deploy retail skills.
From the Blog
Our teams publish a new blog every Wednesday. Subscribe to our newsletters get notified immediately when we publish.
Limbic Retail: The Emotional Core of Consumer Decisions
For 95% of us, emotions have always played a part in the acquisition of goods, products, and services. More specifically, how we feel we need or want these things determines just how much money and effort we put into acquiring them.
These feelings help create bucket lists for our goals, shopping lists for our homes and offices, and to-do lists for errands and tasks.
In other words? Australian consumers - like their global counterparts - shop with their hearts first and justify with their heads later.
Limbic retail – and the emotional shopper it refers to – is therefore a business-critical priority for retailers.
Read more on the blog
Inspire, Motivate & Inform.
Learn From the Best of the Best
We understand what makes retailers and brands successful.
SOUGHT-AFTER EXPERT COMMENTARY
Our CEO and Founder, Brian Walker, is among the Top 50 Global Retail Influencers, with more than 3 decades of retail expertise to inform his strategy. He is regarded as one of Australia's top 10 retail futurists and provides audiences with insights into the Future of Retail, digital disruption, trends in retail, AI and data analytics, and so much more.
Our COO and Head of Insights, Anastasia Lloyd-Wallis, is a highly praised speaker who helps her audiences understand consumer insights and behaviours. She is dedicated to cutting-edge consumer research and lends her hands-on experience to every talk, unveiling the latest research on human decision-making and how to use insights to create actionable competitive advantages.
If you're looking for inspirational and engaging retail keynote speakers, download Anastasia and Brian's speaker packs now or email [email protected] or call +61 2 9460 2882 to book today.
Media Commentary
Featured on all major Australian TV channels, Brian Walker and Anastasia Lloyd-Wallis are regularly called on to deliver factual, insights-based commentary on what's happening in retail!
Ready to learn more?
There is nothing like 'hands-on' experience to repair, refine, or grow your retail business to its optimal market value. Book a complimentary appointment and we will show you how your business can survive and thrive.
Call us on +61 2 9460 2882 or send us an email at [email protected] today.
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