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Driving shareholder value in the retail industry
Retailers have several specific challenges to overcome in the new age retail environment if they are to remain competitive and deliver value to their shareholders. That's the view of Accenture partner, Arnold Urson. "While current trading performance of SA retailers remains positive, customers continue to be more demanding, products more commoditised, good space more difficult to source and competitors more prevalent. Retail groups are aggressively fine-tuning and expanding their offerings."
Accenture's experience and research has shown that high-performing businesses have performed well according to certain metrics:
Accenture's research has further indicated that this is because high performers have mastered certain skills.
Obsessive Customer focus:
Innovation and execution to value:
Operational excellence:
Alliance and collaboration capability:
Talent management:
Across all the areas described above, high performers have perfected the arts of:
"While it is unrealistic to expect to be the best at all these competencies, a minimum threshold needs to be achieved in order to survive, with clear differentiation achieved in at least one, in order to be a high performer. Global examples include Walmart in operational excellence, Zara in Innovation and execution to value, Starbucks in alliance and collaboration and Aldi in customer focus," says Urson.
"There are two additional areas that need to be focused on. The first is measuring and exploiting 'intangibles' such as intellectual property, brand, human capital, and relationships. The second is what Accenture refers to as the 'secret sauce' - not overdoing what you are world-class best at, and thus 'under-cooking' the other ingredients necessary to sustain high performance."
Urson believes there are some key imperatives for local retailers:
"The players in the local market which are addressing these imperatives will achieve a significant competitive edge, and would be well positioned to meet the high future growth expectations of shareholders," Urson concludes.
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