Pratt attended this year’s installment of StorePoint in Scottsdale, AZ at the end of January. Per usual—we met new business prospects, made new contacts and re-visited with others. Aside from these things, there was one priority that we set out to achieve at the event this year. We wanted to know the challenges that retailers are facing and instead of telling them how we could help—we really just wanted to LISTEN and ultimately we wanted learn.

For those of you that are unfamiliar with StorePoint; it is an event that provides a unique format that enables both retailers and suppliers to engage in productive presentation settings. The ultimate goal is to match qualified suppliers in both boardroom presentation sessions and one-on-ones with interested retail executives seeking to innovate and grow their businesses. In these settings we handed out a questionnaire to determine the challenges retailers are facing in the shifting retail environment. Overall, 60 representatives from leading retailers in the US and Canada participated and offered their feedback.

We want to share information from two of the questions we presented, as we feel these are very relevant. The data is presented in the form of a ‘word cloud’—a graphical representation of word frequency, with those used more often displayed larger. You can quickly see the most frequently used words (or in this case answers) to determine the consensus of the group.

1.      Regarding in-store programs, are you experiencing challenges implementing your brand elements into remodels and/or repurposed retail spaces?

Explanation:

A re-sounding yes came out out in this word cloud, so we know that most retailers are experiencing difficulties in implementing their brand elements into repurposed spaces. We can also see what those issues are; they are problems in the process, with their suppliers, in logistics, in design, with communication, understanding, quality, speed to market, etc.

2.      Think of your best, most valued supplier relating to your in-store programs; please list the first 3 things that come to mind as to why they are a great business partner for you and your company.

Explanation:

We can easily determine the most valued features that retailers look for in their suppliers; consistency, communication, understanding, quality, service, fast response time, commitment and dependability. It is easy to assume that people are looking for partnerships with dependable and valued suppliers who are committed to the success of the retailer’s business.

If you have any comments or questions, drop us a line—we would be happy to hear from you.