Consumers are feeling the impact of inflation, while retail C-suites continue to see turnover. Additionally, layoffs — which retailers turned to last year to trim costs — have continued into the new year as businesses emphasize profits in a tough macroeconomic environment.
Retailers continue to report theft as a challenge, and close stores because of it, but key numbers related to “organized retail crime” have come under scrutiny.
Yet, there is promise.
Though the year has only begun, there is optimism in new approaches to retail with the use of artificial intelligence, social media and shoppable content.
Here are some of the trends shaping retail in 2024.