Artwork with text reading: Retail 2024: 44 leaders reveal their strategy for the year ahead and showing headshots of all the CEOs from the report

At a glance

Leading a retail business can often seem like a delicate balance between fighting short-term fires and simultaneously laying the foundations for future growth.  

Right now, the word on every leader’s lips is inflation as the most significant hike in the cost of living for more than 30 years has dealt dual blows – retailers find themselves weighed down with higher costs, while consumers struggle to pay bills and put food on their tables.  

Conditions not conducive to growth have been precipitated by a once-in-a-century global pandemic and the war in Ukraine, knocking economies across the globe and creating a ripple effect of higher costs and supply chain chaos. 

However, resilient retailers that adapt, get their proposition right, know their consumer and invest in the right areas survive in the toughest of environments. In fact, many flourish.  

This is what we found when interviewing leaders across 41 UK businesses and the leaders of three international businesses between June and August 2023.  

The retailers we spoke to for this year’s Retail 2024 report – our highly anticipated, yearly state-of-the-nation and strategic retail forecast – have largely performed better than expected.  

There is a sense of positive momentum going into 2024

They told us that rising costs, including for freight and labour, have impacted their ability to drive profitability in the last 12 months, but that they now see the light at the end of the tunnel as energy and freight prices fall. As a result, there is a sense of positive momentum going into 2024. 

There are multiple predictions from the fiscal community suggesting 2024 will be less challenging from a macroeconomic perspective, and that is fuelling the confidence of the industry.  

Everything is tinged with caution, though, as retailers have grown wise in the last few years about ever taking anything for granted.  

As another new year approaches, stores remain the beating heart of the industry, while ongoing investment in various back-office systems, IT and branding remains crucial – even when revenue is being squeezed.  

In tandem, online and finding ways to embed digital into physical retailing continues to grow in importance, as does the way in which employers treat staff and operate with social and environmental consciousness. 

The good news is that many retailers have already put these building blocks in place and, with the economic forecast set to improve – albeit marginally – next year, the industry looks set to reap the benefits from this forward-thinking strategic approach.

Infographic reads: Our survey in stats  74% of CEOs expect sales to be much or slightly higher in 2024 than in 2023  38% is the average proportion of sales CEOs expect to be online in 2024  52% is the average proportion of sales CEOs expect to be from stores in 2024  11% is the average proportion of sales CEOs expect to be from wholesale in 2024, although only 49% of the interviewed retailers have a wholesale element  59% have a single view of stock in real time, but only 51% have a single view of the customer in real time  27% of retailers with stores want to open more shops in primary high streets, but this is closely followed by secondary/tertiary local high streets and shopping centres both in and out of town, all at 24%   92% of retailers are already using collaboration platforms, such as Microsoft Teams, in stores   78% have invested in handheld mobile devices and 70% in an intranet, the remaining top two tech areas   22% of retailers are already using AI in their supply chain and 17% plan to invest in AI next year

Partner viewpoint

Mark Thomson

Mark Thomson, director of retail and hospitality EMEA, Zebra Technologies

When we released our last report in 2022, we were in the midst of a cost-of-living crisis, a war in Ukraine and ongoing recruitment challenges as lifestyles and attitudes to work shifted following the pandemic. Retailers were facing some of the biggest hurdles in decades. But retail is a resilient sector and these tests have been met with investment in people, technology and strategic shifts towards digitisation and agility.

As we launch our latest report, some of those significant uncertainties and challenges sadly remain but on the positive side, inflationary pressures are easing, workforce availability is beginning to improve and shoppers are returning to stores. Rather than firefighting, retailer strategies are shifting to business optimisation and increased innovation, leveraging technologies to change the way work is done and bringing increased visibility to stores, supply chains and customer interactions.

Listening closely to our retail customers, at Zebra Technologies we recognise that staff are playing a changing but critical role in the transformation of retail. While retail now takes many forms, stores remain the beating heart and the key influencers in stores are empowered and engaged staff.

Momentum looks positive going into 2024 and, despite some negative news, many retailers are looking to open more stores and expect revenues to increase. They also recognise this will not be done without achieving certain transformational outcomes such as an improved view of stock in real time; communications and collaboration platforms that reach all staff, not just head office; and improved interactions with shoppers.

These are the challenges that Zebra Technologies has a clear focus on in our development of The Modern Store by Zebra framework, and we are actively engaged with many retailers in delivering improved outcomes.

Who we spoke to

Retail Week in partnership with World Retail Congress | Zebra conducted a series of in-depth strategy interviews with the leaders of 41 of the UK’s most prominent retailers between June 21 and August 9. This included 39 on-record interviews and two off-record interviews. Retail Week in partnership with World Retail Congress | Zebra also interviewed the leaders of three international businesses.  

UK

Andrew Hinds  Chair, F Hinds 

Andrew Hinds

Chair, F Hinds 

Anjun Murari  Vice-president for global sales channels and strategic development, Molton Brown 

Anjun Murari

Vice-president for global sales channels and strategic development, Molton Brown 

Beth Butterwick  Chief executive, Jigsaw

Beth Butterwick

Chief executive, Jigsaw

Bridget Lea  Managing director of commercial, BT

Bridget Lea

Former managing director of commercial, EE

Chris Griffin, Co-owner, Secret Sales 

Chris Griffin

Co-owner and chief executive, Secret Sales 

Craig Ash  Managing director for UK and Ireland, Swarovski 

Craig Ash

Managing director for UK and Ireland, Swarovski 

Daniel Blumire  Joint managing director, Rapha 

Daniel Blumire

Joint managing director, Rapha 

Eve Williams  Vice-president and general manager for UK, eBay 

Eve Williams

Vice-president and general manager for UK, eBay 

Gavin Peck  Chief executive, The Works 

Gavin Peck

Chief executive, The Works 

Gill Smith  Chief executive, The Perfume Shop 

Gill Smith

Managing director, The Perfume Shop 

George McNeil  Retail managing director, Johnstons of Elgin 

George McNeil

Retail managing director, Johnstons of Elgin 

Founder and chief executive, Osprey London 

Graeme Ellisdon

Founder and chief executive, Osprey London 

Graeme Jenkins  Former chief executive, Dobbies 

Graeme Jenkins

Former chief executive, Dobbies 

Henrietta Rix  Co-founder and chief executive, Rixo 

Henrietta Rix

Co-founder and chief executive, Rixo 

Huw Crwys-Williams  Chief executive, WiggleCRC 

Huw Crwys-Williams

Chief executive, WiggleCRC 

Joanne Hayward  Chief executive of  convenience for Europe, BP  

Joanne Hayward

Vice-president for convenience in Europe, BP

Joe Wykes  Chief executive, Jollyes 

Joe Wykes

Chief executive, Jollyes 

John Edgar  Chief executive, Fenwick 

John Edgar

Chief executive, Fenwick 

John Colley  Executive chair and chief executive, Majestic Wine 

John Colley

Executive chair and chief executive, Majestic Wine 

Julie Abraham, Richer Sounds

Julie Abraham

Chief executive, Richer Sounds 

Kristof Neirynck, Avon

Kristof Neirynck

Global chief marketing officer and managing director for western Europe, Avon 

Leanne Cahill  Chief executive, Bravissimo 

Leanne Cahill

Chief executive, Bravissimo 

Lou Bennett, Benefit

Lou Bennett

Marketing director for UK and Ireland, Benefit  

Louise Hoste  Managing director, Spar 

Louise Hoste

Former managing director, Spar 

Lucy Aylen  Founder, Never Fully Dressed 

Lucy Aylen

Founder, Never Fully Dressed 

Maria Hollins  Chief executive, Ann Summers 

Maria Hollins

Chief executive, Ann Summers 

Matthew Moulding  Chief executive, THG

Matthew Moulding

Chief executive, THG 

Moses Rashid  Founder and chief executive, The Edit LDN 

Moses Rashid

Founder and chief executive, The Edit LDN 

Chief executive, Mamas & Papas 

Nathan Williams

Chief executive, Mamas & Papas 

Nicholas Hamblin  Chief executive, Cotton Traders 

Nicholas Hamblin

Chief executive, Cotton Traders 

Nick Collard  Chief executive, Bensons for Beds 

Nick Collard

Chief executive, Bensons for Beds 

Noel Coyle  Chief executive, Fraser Hart 

Noel Coyle

Chief executive, Fraser Hart 

Paul Marchant  Chief executive, Primark

Paul Marchant

Chief executive, Primark

Paul Kraftman  Chief executive, Gift Universe and Menkind 

Paul Kraftman

Chief executive, Gift Universe and Menkind 

Paul Hayes  Chief executive, Seasalt

Paul Hayes

Chief executive, Seasalt

Rasmus Brix  General manager for UK and Ireland, Pandora 

Rasmus Brix

General manager for UK and Ireland, Pandora 

Sanjay Vadera  Owner and chief executive, The Fragrance Shop 

Sanjay Vadera

Owner and chief executive, The Fragrance Shop 

Simon James, Molton Brown

Simon James

General Manager for Europe, the Middle East and Africa, Molton Brown 

Shona Jameson  Chief marketing officer, Cotton Traders 

Shona Jameson

Chief marketing officer, Cotton Traders 

Touker Suleyman  Chief executive, Hawes & Curtis 

Touker Suleyman

Chief executive, Hawes & Curtis 

Will Crumbie  Chief executive, Fat Face 

Will Crumbie

Chief executive, Fat Face 

Silhouette of a person's head and shoulders

Chief executive

Fashion retailer

Silhouette of a person's head and shoulders

Managing director

Convenience retailer

International

Julia Bösch  Chief executive, Outfittery

Julia Bösch

Chief executive, Outfittery

Max Heinemann  Co-chief executive and owner, Gebr. Heinemann SE & Co.

Max Heinemann

Co-chief executive and owner, Gebr. Heinemann SE & Co.

Pieter Boone  Chief executive, Pick n Pay 

Pieter Boone

Chief executive, Pick n Pay 

For Chapter 1, click on Optimism returns below


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