What: The WRC has consulted with a panel of 19 leaders to understand how they face adversity in what the WRC call “extraordinary times”

Why it is important: Is the moment we live in that out of the ordinary or is it the new normal that we all have to adapt to?

The president of the World Retail Congress, Ian McGarrigle, decided to dedicate the next session of the WRC to the notion of resilient retail, as the story now is to permanently find the most optimum solution at any moment of time, even though one or more crises might be taking place at that very moment.

Among the 19 experts contributing to this special report (and who all mention that, in spite of very good retail results now, a downturn is imminent), Francisco Irarrazaval, the CEO of Falabella, talks about inflation in Chile, Peru and Colombia, and how this affect operations (70% of the imports are paid in US dollars), talent retention (which goes through bonuses and pay rises) and how the company tries to redirect traffic towards the stores rather than the ecommerce channel in order to keep control of the logistical costs.

Overall, solutions suggested by the report to retailers are of common sense: reduce energy consumption in stores, offices and warehouses, reduce long-distance sourcing, support wages (even though this might indent the margin), and manage cash. 6 conclusions are drawn:

-    Inflation is a shared issue and value is central to winning over shoppers,

-    A store revival is under way,

-    Strategic buffers are adding resilience to supply chains,

-    Pressure is mounting on policymakers,

-    The war on talent persists,

-    The sustainability agenda is not going anywhere.

Resilient retailing: 19 leaders reveal their responses to the crisis