Retailing Poised to Lead Economic Recovery, NRF President Says
January 10, 2011
Retailers are starting to see a glimmer of hope in what has been an atmosphere doom and gloom during the recession, National Retail Federation President and CEO Matt Shay said during his presentation Monday at the NRF show in
“Last year, the retail industry proved to be one of the bright spots in the economy,” Shay says. “All of you managed to find a way to get it done, despite a tight economy.” From introducing more private label goods to keeping a tight inventory control, retailers did what they had to do to survive, Shay said.
Although the retail business experienced a relatively strong finish to 2010, that doesn’t in any way diminish the serious economic challenges all retailers still face, he cautioned.
The major mission for retailers this year is to focus consistently and passionately on shoppers, according to Matthew Rubel, chairman and CEO of Topeka, Kan.-based Collective Brands Inc., a retail footwear company.
“Focus on your customers,” Rubel said. “Innovate for them. Know how they shop and why they shop.”