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12 Apr 2010RETAIL: Retail Industry Still Not Out Of the Woods
Recent Gauteng Business News
While SA technically exited the recession near the end of 2009, with recovery being led by advances in exports, supporting manufacturing output and strong government expenditure and public infrastructure development, with many industries seeing recovery, the retail industry, despite being expected to experience high demand during the World Cup, is still suffering.
This is according to Daniel Nel, CEO of Nebula, a telecoms professional services company, who says retail is stimulated by consumers buying and this means that the consumer need to have more free cash which is currently not the case.Add to this the business challenges that the retail sector currently faces such as shrinkage and theft and increasing cost structures, he says that the retail industry has a way to go before it sees a light at the end of the proverbial tunnel. He adds that against this retail landscape backdrop competitiveness is key to retailers survival. Nel offers retailers his seven top telecoms advice tips to help gain and maintain competitiveness in the current recessionary environment:· Understand your cost base and know what your drivers are for your increase in spend· Centralise all telecoms operations, management and procurement· Optimise supplier contracts – align discount structures· Standardise telecoms systems , management, processes· Implement and monitor policies for compliance· Management information and control – measure, adjust and report· Strict financial management and controlBusiness News Sector Tags: Retail|
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