I read with interest the innovators edition of Business Review Monthly and note two telling facts:
* Only 2.1% of Australia’s Gross Domestic Product is spent on innovation yet the global average is 2.5%
* Of the industry leaders interviewed not one was a retailer!
Perhaps the saving grace was the well deserved admission of Frank Lowy (Westfield) into the inaugural innovation hall of fame
So the first question is to ask where the retailers in this list are. The second question is to ask why our sector wasn’t represented.
Other questions include:
* Is there a dearth of innovation in our sector and who is really innovating in our retail sector?
* How many of us actually have an investment (or expense) line in our financials that allocates some funds for innovative “outside the box” thinking?
* Are we really part of a surplus society where volume and sameness of product presentation and process to market is disarmingly similar?
* Do we have enough left after financing inventory, rental, wages and other operational expanditure that innovation investment just doesn’t make the list?
* Who is creating real momentum and best practice for the industry?
* Are our retail education centres teaching innovation as a topic?
There are some good isolated examples of innovation such as Ikea in product design yet doing today what we did yesterday does not tick the innovation box
At the Retail Doctor, we are interested in understanding who amongst our industry is in who is truly innovating and how they are doing it.
Please let us know and perhaps we can be of support to a truly outstanding piece of retail innovation in our sector!
I read with interest the innovators edition of Business Review Monthly and note two telling facts: