Making Retail Relevant

Traditional and specialist retailers are in a bad way at the moment. They are stuck between a rock and a hard place.

On the one side, they have the giant supermarket chains squeezing them on prices by ever expanding their product lines to things such as DVD players and consumer items. The other side, they have internet retailers offering greater convenience and lower prices.

This type of position prompted one analyst to describe UK music retailer HMV's position as being one of 'terminal decline'.

But is retail dead yet? Well, the answer is no and it never will be. But they will have to innovate and innovate fast or it will be time to go to that great check-out in the sky.

The latest buzz strategy for retail is for them to entertain as well as sell products. That will work! Just chuck in a few pinball machines next to those racks of CDs and that will bring them in droves. I think a better strategy would be discovery.

Retailers: look to the internet, and look to consumers, and ye shall find inspiration...