Wazoku founder Simon Hill has a written a piece for Retail Times about why innovation is at the heart of retail success:
The best ideas do not necessarily come from the most senior people
2013, much like 2012 before it, hasn’t been a vintage year for retail so far. A recent PwC report suggested major chain stores have been closing outlets at an average of 20 a day and some of the most well-known names on the high street (HMV, Jessops, Blockbuster) have all slipped into bankruptcy.
It has been well-documented how HMV, Jessops and Blockbuster failed to address the burgeoning digital market in their respective fields. But suggestions that had HMV provided a music download service years ago it could have survived, are too simplistic. Large retail stores have enormous legacy costs and outdated organisational structures and many of them had supply chain issues that wasted millions. The real reason they failed was a lack of innovation and realising way too late the game was up.
Read the entire article here.