NBK Retail launches, issues stark warning to retailers
NBK Retail, a new consultancy specialising in retail trends and strategy, officially opens its doors today.
The business is founded by Natalie Berg, who was most recently Director of Retail Insights at Planet Retail. A regular industry commentator for the BBC, Bloomberg, CNBC and Sky News, she is also a published author and is currently finalising her latest book which is focused on the rise of Amazon.
“The UK retail sector is facing unprecedented levels of change,” says Berg. “The convergence of physical and digital retail is accelerating, which will lead to more high street closures and require a complete reinvention of bricks and mortar retailing. The store of the future will be less about transactions; instead it must become a hub for both experiences and fulfilment. Meanwhile, retailers must prepare for a seemingly permanent shift in consumer values. When it comes to discretionary spending, consumers are increasingly prioritising experiences over material goods, a trend that reinforces the urgency to redefine the retail space. The scale and pace of the changes we are witnessing is unparalleled; there will be no second chances for retailers that fail to adapt.”
NBK Retail marks its launch by publishing an infographic to highlight the biggest forces in retail in 2018. “Retail is one of the most challenging sectors to operate in as technology continues to disrupt traditional business models and the current economy creates significant uncertainty. We have identified the most active trends in 2018 – the areas we are seeing the greatest demand for consultancy services,” comments Berg.