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Breaking : Philip Green is set to close 67 stores in the Arcadia group .. exclusive comment

by on March 29, 2019 in Business, featured item, Latest News, Lead Article, News you can use, Nuggets, Retail, Retail News

Breaking : Philip Green is set to close 67 stores in the Arcadia group .. exclusive comment

Exclusive comment from Elliott Jacobs, Director at LiveArea

Yesterday the news broke that Philip Green is set to close 67 stores in the Arcadia group of varying sizes in the UK and Ireland.

“Arcadia is a classic case of a business that was too slow to react to a constantly evolving market.

“The business simply did not have the flexibility or foresight to rightsize itself when customer behaviour changed. The rise in prominence of online and mobile buying didn’t happen overnight. Some businesses, like Arcadia, are simply not set up for change.

 “They will not be the last to close stores, with a vast number of large retailers looking to cut high street loses. Some are doing it when leases are up for renewal, while others are scrambling to close stores as quickly as possible. Either way, retailers need to look at their entire commerce strategy and prioritise future-proofing their brand.

 “Today, digital must be the priority.

Only by investing in building out their online capabilities will companies be able to adapt to, and predict, market changes – from the rise of mobile and social to the emergence of voice command devices.”

Exclusive comment from Elliott Jacobs, Director at LiveArea

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