Retail’s Challenges, and Prescriptions for Success

Within retail, there is a constant buzz of forward-thinkers, new technology and internal competition between digital and in-store sales, particularly in the fashion apparel, luxury and beauty sectors. To stay ahead, many of the world’s top brands and retailers engage in relationships with management consulting firms, gaining access to an extraordinary depth of consumer insight, proprietary data, and critical perspective in developing strategy. It’s a recipe that has become invaluable in navigating today’s uncertain economic climate. Fashion and beauty retailers know the value of data and prescribed trend strategies — especially as sustainability is shaping company and brand strategies. And in this technology-enabled era, retailers are poised in a “forever forward” mentality. Here, WWD asked the thought leaders and experts from the industry’s top managing consulting firms to share their retail predictions and prescriptions for success.   Sarah Willersdorf  Courtesy Image Sarah Willersdorf, global fashion, luxury and beauty partner at Boston Consulting Group “This is a transformative moment in fashion and beauty with more challenges and opportunities than ever before. Beyond the near-term recessionary pressure ceo’s face today, the greatest challenges include: • Building true capabilities in data, advanced analytics, and artificial intelligence: The challenge is to develop a clear vision, attract the right talent and implement the

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