Myer and the challenges facing Australian retail
The retail industry needs to work more closely with the marketing sector and become more customer-centric to successfully adapt to the brave new world of online shopping, according to Myer's Patrick Rechsteiner.
Rechsteiner, Planning Manager of Hardgoods at the Australian retailer Myer, was speaking at Marketing Week 2012 in Adelaide, Australia.
Myer is Australia's largest department store chain. It was founded in 1900 and sells homewares, electrical goods, furniture, toys, clothing, cosmetics, food, confectionery and other products.
Rechsteiner told the audience that the retail industry is "extremely good at telling you what happened yesterday; we're trying to get better at looking at what is happening in the future… We've recognized we [retail] need to change."
The global retail market has changed drastically with the advent of e-commerce and the growth in worldwide internet usage. Customers are informed like never before as they can access endless amounts of information. The Australian market may not have caught up in certain technological areas, but the consumer has.