“CONSUMERS ARE focused on saving, not shopping. This trend will be compounded by the fact that unemployment will remain unusually high in 2010.” This is one of the findings that Plunkett Research, Ltd. has released in its newest market research and competitive analysis report, Plunkett’s Retail Industry Almanac, 2010 edition, which identifies and analyzes major trends shaping the retail industry. Major trends affecting the retail industry and analyzed in Plunkett’s report include:
- Apparel stores work with designers to create enticing merchandise at lower price points.
- Discounting and discount stores lead the industry.
- Category killers and big box retailers struggle to keep up with discounters.
- Bricks, clicks and catalogs create synergies while online sales grow.
- Self service retail technologies are taking off.
- Retailers are finding new markets in China, and are seeking partners in India for future growth.
- Lifestyle centers and super-regional malls are faltering; mall glut hurts investors.
- Shopping center tenants face slow sales. Store closings are forcing landlords to become creative. Vacancies are very high.
According to Jack Plunkett, CEO of Plunkett Research, Ltd., “2010 will be a very challenging environment for retailers. The companies that prosper will offer compelling value to their customers, based on a combination of lasting quality, low prices and a reasonable level of customer service. Convenience will continue to be of great importance to shoppers, but they are definitely willing to drive a little further to find lower prices.”