How retailers can recalibrate their talent strategies

For retailers, the future came early. Consumer behavior has fundamentally changed, and trends that had been on a multi-year trajectory occurred in mere months. How can retailers thrive in 2021 and beyond?

The Retail Industry Leaders Association’s new report with McKinsey as a knowledge partner identifies the seven key imperatives for the retail industry in 2020/21.

The message of the report is clear: The future came early. Consumer behavior has fundamentally changed, and trends that had been on a multi-year trajectory occurred in a matter of months. The industry has seen more innovation in the past year than it has in the prior decade. Some forward-thinking retailers were better positioned at the outset of the pandemic and have been able to pull away in recent months. What has set the top performers apart? And how can retailers thrive in 2021 and beyond, even in the midst of continuing uncertainty? Seven imperatives answer these questions.

These imperatives discuss the implications for companies at the beginning of the journey and for those already on the journey looking to position themselves for long-term success. This new research combines insights from an executive benchmarking survey of more than 30 US companies, in-depth interviews with top retail CEOs, and consumer research.