The retail industry is transforming before our eyes, and to stay afloat in it, independent retailers have to adapt. We’re now experiencing a major shift in the industry for all kinds of reasons: American giants with personalized online service, shorter product life cycles, e-commerce, greater international competition and a traditional model caught up in the need to adapt at an accelerated pace.
The biggest change has been to the traditional retail trade model, which continues to be upended by the fact that consumers can now shop in the place, at the time and in the way that is most convenient to them. To meet their customers’ growing expectations, retailers have had to innovate and undergo faster and bolder transformations than ever before. Meanwhile, leading online retailers such as Amazon are actively foregoing profits in the short term for a strategy of acquiring new clients, increasing sales and taking the leading market share. The cost to independent retailers is a dwindling customer base and a smaller slice of the market (1).
The Quebec retail trade industry bucked the trend in 2018, rising by 12.5% and showing an increase in 17 of the 20 subsectors that make up 92.1% of the retail industry in Quebec (2). As a general rule, 90% of retail sales still take place in traditional stores, but to remain competitive, retailers have had to provide enriching customer experiences and engage consumers with their brands. Certain traditional retailers are realizing the importance of creating unique and personalized product offers, an interesting and entertaining atmosphere, and concierge levels of service consumers can (1).
Our team are fascinated with every aspect of retail, are familiar with your situation, and will support you through every stage of your store’s development. Whether you’re interested in loyalty programs, return and exchange policies, privacy policies, the rules around sales prices and the Competition Act, advertising, promotions and contests, supply contracts or online sales, we can help. We’re also experts in how the Charter of the French Language and the Consumer Protection Act affect your business.