The economic downturn affects the retail market in the Nordic region in different ways. Regardless of what will come, there’s a golden opportunity to use the downturn to take market shares and position oneself for the future.
One crucial question is how to get the customers to keep shopping. The trade boom has filled the closets and cupboards in many homes and it will be a long time before customers need to restock on shoes, clothing and home electronics not to lower their living standards.
Now, more than ever we need commitment: The store managers, the staff and the shopping centre owners need to step up and work on increasing footfall and subsequent turnover.
Knowing your market is always important, but during the boom it has not been crucial for success  – everyone has gotten their share of the profit. Now, the situation calls for those marketing and sales skills. Who are my customers? What will make them buy? How do I increase my footfall?
Commitment and good market knowledge gives the opportunity to be proactive and to increase market shares instead of just riding out the storm.