In recent weeks, the highly transmissible Omicron variant has dampened once-sunny retail forecasts for 2022. But according to Charles de Brabant, Executive Director of the Bensadoun School of Retail Management, Canadian retailers may experience a sizable increase in sales after emerging from the latest round of lockdowns.
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Between historically high levels of demand and ongoing supply shortages, holiday shoppers will have to get creative with their gift-giving this year, says Charles de Brabant, Executive Director of the Bensadoun School of Retail Management. As delayed shipments and back orders become the new normal, consumers may have to wait until February or March 200 for heavily discounted wish list items to finally hit the shelves.
Sequoia Capital recently valued the luxury fashion e-commerce platform, Ssense, at $4.1 billion. Charles de Brabant, Executive Director of the Bensadoun School of Retail Management, attributes the company鈥檚 success to its ability to appeal to its Gen Z and millennial target audience. This decision is a marked contrast to many other luxury retailers who try to satisfy too many consumer groups, he says.
Anticipating supply shortages, consumers began shopping for holiday gifts as early as September, says Charles de Brabant, Executive Director of the Bensadoun School of Retail Management. Looking ahead to Black Friday, he predicts huge crowds and empty shelves amid surging demand.
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According to Charles de Brabant, Executive Director of the Bensadoun School of Retail Management, investing in smart technologies may help retailers profit in the long-term despite a steep upfront cost. In a pandemic world, frictionless alternatives to face-to-face interactions prioritize consumer safety, which could lead to increased brand loyalty and in-person browsing.
The labour shortage created by the pandemic forced many large retailers to decrease their hours of operation, leading to significant revenue losses, particularly over weekends. As the academic year progresses, Charles de Brabant, Executive Director of the Bensadoun School of Retail Management, predicts more students will be willing to work weekends if it means regaining some semblance of normal, pre-pandemic life.
Retail experts like Charles de Brabant, Executive Director at the Bensadoun School of Retail Management, are signaling the rise of revenge shopping, a phenomenon describing how consumers purchase more for pleasure as retailers re-open their doors to the public. Clothing retail will see a particular uptick in sales, de Brabant predicts, along with home decoration and renovation. But consumer behaviour continues to evolve in response to the pandemic, and retailers must be ready to adapt to budget, time, and safety concerns.
Charles de Brabant, Executive Director of the Bensadoun School of Retail Management, provides insights on the $5 billion, Montreal-based luxury clothing retailer, SSENSE.
The company's success, he says, bodes well for the fashion industry in Montreal. It鈥檚 a chance for high-end retail brands to build into a niche group of customers yet unreached, particularly millennials with deep pockets.
The retail innovation lab at the Bensadoun School of Retail Management is redefining the way technology and consumer behaviour impacts the retail experience. Professor Maxime Cohen and Charles de Brabant reflect on the push for a safer, more frictionless experience in the wake of the COVID-19 pandemic.
9I制作厂免费鈥檚 Bensadoun School of Retail Management will receive $5 million in funding to drive retail innovation and research, and support the province鈥檚 small and medium-sized enterprises (SMEs).
Fashion retailer Le Ch芒teau is currently under liquidation, but not all hope is lost.
Charles de Brabant, Executive Director of the Bensadoun School of Retail Management, says it鈥檚 possible for the Quebec chain to stage a comeback by shifting to an e-commerce model.
Emerging 鈥榮hop local鈥� trends have helped set the Canadian retail industry on a fast track to recovery despite pandemic-induced closures.
According to Charles de Brabant, Executive Director of the Bensadoun School of Retail Management, the sense of community pride that has motivated shoppers to shop local makes all the difference for Canadian retailers that are struggling to weather the pandemic.
As the COVID-19 pandemic continues to reshape consumer preferences in the retail industry, large shopping centres will either pivot or fade into memory.
Charles de Brabant, the executive director of the Bensadoun School of Retail Management, is disappointed with the stagnancy and inefficiency he鈥檚 witnessed in recent years. With the rise of online shopping cutting into their profit margins, large shopping centres must adapt more nimbly to have a shot at survival.
In recent months, property firms behind prominent shopping malls across North America have taken Hudson鈥檚 Bay Co. (HBC) to court to claim unpaid rent totaling millions of dollars. While industry analysts question the financial security of the Canadian icon, recently taken private following a months-long process, key HBC executives cite the landlords鈥� unwillingness to absorb the share the costs of the pandemic as the primary reason for the dispute.
Charles de Brabant,听Executive Director of the Bensadoun School of Retail Management, is optimistic about the future of retail following a horrendous year for most Canadian retailers. Giants like Amazon and Walmart, who account for 20% of the retail market, still generated profits in 2020, but the remaining 80% fared so poorly that they brought overall industry profits down by 93%.
