Retailing here and now: trading the 21st century way
What are the main themes in retailing today? Where is the retail sector headed? Where are the hottest prospects? And what does this mean for graduate jobhunters? B&Q's straight-talking chief executive Ian Cheshire gives us the low-down on sustainable retailing, CSR, globalisation and the unstoppable rise of the internet.
Can sustainability really work?
Climate change and environmental issues are rarely out of the headlines these days and retailers are having to wake up to the fact that action is needed. Is it realistic? Isn’t there a fundamental contradiction between sustainability and capitalist growth?
‘The way the world currently operates means that we have to work within the capitalist system,’ Ian argues, ‘but I believe that it is possible to have growth and consumption alongside a more efficient use of resources.’
‘Some cynics think that retailers are just involved in a quick “greenwashing” exercise, but given our rate of consumption we really do have to reinvent a more sustainable version of retailing. We may not be able to have zero consumerism, but we can develop a responsible version of retailing and help customers to do more.’
Socially responsible graduates: take the lead
Social responsibility is another big issue and the best retailers are developing ways to ensure their goods are produced with minimal environmental damage and that everyone involved in the supply chain gets a fair deal.
We can develop a responsible version of retailing and help customers to do more.
‘We’re beginning to see the younger generation help some of the more established retailers to think outside the box about what they can and can’t do,’ says Ian. ‘We can develop a responsible version of retailing and help customers to do more.’
‘This is an area that’s really opening up: if you can be part of this and lead it successfully, there’s a whole world of innovation and opportunity. One of the good things about big retailers is that you can make a difference on a big scale rather than being morally correct on your own in the corner.’
Shopping goes global
Globalisation continues to be an important theme in the world of retail. Over the past few years, a whole host of retailers have got on the ‘international expansion trail’, including B&Q, Marks & Spencer, Topshop and Tesco.
From a career perspective, it's an interesting time to be involved in retailing.
The future will see far more global players, Ian predicts: ‘We’re on a one-way track. The development of big international businesses in retail is creating a different set of opportunities and the need for different sets of skills. Increasingly, we’re looking at an international group of managers who are moving around and gaining a great depth of experience.’
‘From a career perspective, it’s an interesting time to be involved in retailing,’ Ian explains. ‘For example, one of our people could be working in Southampton and then be asked to go to Moscow or China. It’s an opportunity that didn’t exist 20 years ago.’
Switching channels: getting online
One thing that retailers are going to have to get right to survive and thrive is multi-channel or, increasingly, multipoint retailing, says Ian. ‘A really good grasp of how the internet is going to change the experience of customers in the future will be one of the keys to success for retail.’ This means having sites that function for PCs and pads, laptops and mobiles.
‘It’s not easy to predict how it will go, but more and more interactions are going to be happening in a more wired-up world, which will be full of both threats and opportunities for existing retailers. Understanding and putting multi-channel operations at the heart of your business will be critical.’
More and more interactions are going to be happening in a more wired-up world.
There won’t be any one-size-fits-all formula, though. For B&Q, for example, the internet is unlikely to become a big transaction channel due to the nature of the goods sold. But for customers getting ideas, making decisions and planning where to shop, the internet is becoming increasingly important.
Ian tips interactive shopping experiences as the next big thing. B&Q, for instance, have launched a Social Hub, a forum for tradespeople and DIY fanatics. Here customers can ask questions, rate products, share their success stories and pictures, and access how-to guides.
Now is the time for budding retailers
There’s no doubt in Ian’s mind that retail has a huge amount to offer the right graduates. In the last 20 years, retail has become ‘more complex, more demanding and more sophisticated’. And what that means for graduates is that there are more exciting career opportunities than ever, be it online, abroad, in sustainability or corporate social responsibility.
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