The executives cited discounting, identifying/meeting customers' needs and growth of private labels as their current most pressing concerns, and unemployment, decreased consumer confidence, increased government regulation and overcapacity of store space as the factors most likely to hinder the industry's recovery.
Asked to name the biggest drivers of their companies' revenue growth over the next one to three years, 89% cited product innovations and 82% cited innovative merchandising strategies. Further, in line with last year's results, nearly two-thirds (61%) said that their strategic focus is now on investing for growth. However, 39% said they are still focused on cost cutting.