What are the leadership challenges facing the retail community this year? Motivation, changing consumer behaviour, agile decision making and succession planning are detailed here. We have found that in a fast paced environment, faster decision making and streamlined management is creating empowerment and collaboration, but this relies on high trust and devolved responsibility.
Retail is characterised by its fast-paced environment, which often is the lure to many individuals who thrive in that type of culture. However, the need for agility and the ability to respond quickly to customer needs in fast paced, a change-hungry environment is stronger than ever before. This has created a faster decision-making need for leadership and a case for streamlining management to empower individuals under the leadership of fewer, bigger leadership roles Retail has been characterised by a high degree of sustained turnover at the top. Fifty-nine percent of retail companies studied experienced a change in CEO leadership during a five-year period and almost a third left the role within 3 years (Russell Reynolds.)