BRC Retail Symposium talks Multichannel

At the 2011 British Retail Consortium Retail Symposium, the focus was on the suffering of the high street and the growing power of multi channel, as industry insiders started to recognise that perhaps physical stores in big town centres in our

‘new retailing’ world were no longer vital.

Speaker Philip Clarke, chief executive of Tesco, heralded multi channel as a ‘key component’ in today’s new consumerism world. He believes the internet and the increasing use of smart-phones has “seeped into mankind’s behaviour’ and that ‘by 2020 all under 21’s will see it as integral to their lives and successful retailers need to be multi-channel. The offer online must be at least as good as that on the high street.’

Chief executive of Harrods, Michael Ward, however spoke positively about the current luxury market and it’s continue buoyancy. “Recent growth has been phenomenal, based on the affluent classes, but also on absolutely brilliant marketing. I’m very sceptical of the Gok Wan type programmes showing the high street versus luxury goods. The high street has no real chance. The continued search for aspiration will continue,” he suggests.

As a result he says he is “very bullish for luxury and Harrods”, especially as the current owners of the company have committed to increase capital expenditure on the flagship Knightsbridge store to record levels. First store expansions included the Men’s lab section and the latest addition is a men’s shoe department with a private room dedicated to high-end purchases.

Whatever tier value it be at, the presentations seemed to all indicate to the fact that the ‘big opportunity’ now is for ‘the store to support the online offering.’