Editor of Kitchens & Bathrooms News Philippa Turrell says look to recent sports performances for inspiration to create business strategies for the tough economic climate

The connection between sport and business performance has long been recognised, from developing individual and team strengths, through to creating winning strategies and focusing on an end goal.

Following an extraordinary summer of sport and increasingly tough economic headwinds ahead, the emphasis on these topics have never been more critical.

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PWC has reported consumer sentiment is at a lower point than any time during the pandemic and in the biggest decline since the 2008 Global Financial Crisis.

It has already seen consumers changing patterns of spending, as according to its Consumer Sentiment Survey in June, net spending on big ticket purchases dropped by 40%, as more money was diverted to food, petrol and energy bills. In addition, 35% of those surveyed had already traded down to cheaper items.

Following a hike of interest rates to its highest level for the past 27 years, inflation expected to hit 13% and the Bank of England warning of a year-long recession, it signals more tough times for KBB retail.

So that’s the bad news. However, independent retailers are agile, entrepreneurial and quick to recognise business challenges also bring opportunities.

In PWC’s The Consumer Reconsidered report, it found the consumer journey to purchase for big-ticket items are more complex, which may start online but more likely to result in an in-store purchase.

It means more opportunities for retailers to engage with prospective customers, through digital means.

And with 37% of surveyed consumers preferring physical stores for enjoyment or pleasure, it highlights a continuing need to create an in-store experience.

It reports consumer preferences is not to switch to cheaper outlets, instead they look for special offers and cheaper options, highlighting the need to offer trade down options.

It advises retailers to target demographic groups less affected, which for retailers could be builders who still need to complete homes.

Most of all, it states retailers must get their house in order, revisiting budgets and ensuring they are lean and fit.

Trade association the Kbsa has opened the doors to its Kitchen & Bathroom Conference, for the first time to independent retailers, so they can benefit from guest speakers.

And remember that sports analogy? Well among the speakers will be a performance psychologist who works with clubs in the FA Premier League, as well as businesses.

Accomplished independent retailers can add to the lessons already learned from the pandemic and previous recessions to adapt to the changing circumstances.

Undeterred, we go again!