Top 5 Strategies for Successful Retail 2024 Part 5.5, Diversity Really Matters

In today's shifting retail landscape, navigating immediate challenges while focusing on future expansion for success is essential. This coming year sees retailers facing high inflation, ongoing pandemic impacts, and geopolitical unrest, leading to increased costs and financial pressures for manufacturers, retailers, and consumers alike.

Despite these challenges, some retailers have thrived, leveraging their adaptability, profound understanding of consumer behavior, and strategic investments. The key question revolves around how these elements have fueled their success and their objectives for 2024. The most recent 2024 Retail Report, featuring perspectives from 44 UK and international retail leaders, underscores these retailers' blueprint for success in the upcoming year.

Characterized by a prevailing sense of optimism, here we share the second half of part five, the final installment of five critical insights for retailers seeking to refine their strategies for 2024.

# 5.5 Diversity and Inclusivity Matters

Inclusivity is becoming increasingly vital for retailers striving to create progressive, diverse, and welcoming workplaces. For example, Seasalt has established a 'culture crew' to unify the business and effectively disseminate information and policies, especially regarding inclusivity. A board member chairs meetings on this topic, ensuring it remains a key focus for the company's leadership.

The retailer initiated an inclusion strategy centered on comprehensive inclusion training for our entire team in August 2022, which includes various workshops with a particular emphasis on menopause. Seasalt's broader objectives are to dismantle barriers for individuals from lower socioeconomic backgrounds, a commitment that is evident in its work in Cornwall and extends to supporting apprenticeships across the company.

Some other retailers surveyed, like Mamas & Papas and The Fragrance Shop, are championing diversity by celebrating events like Pride, Eid, and Diwali across their business. Mamas & Papas hosts inclusive activities such as bake-offs during Pride month and has implemented 60 new policies for inclusive workplace practices, ranging from IVF to bereavement leave. The retailer also emphasizes mental health with staff trained to support colleagues. Additionally, Mamas & Papas also highlighted their inclusive store designs, catering to various faiths and enhancing disability access.

Representation Matters

Diversity in representation is a priority for many retailers. Women's wear retailer Never Fully Dressed pointed out its use of a diverse range of models in online platforms, social media, and through influencers. Ann Summers mentioned their internal panel, Strive, consisting of 12 members from underrepresented groups, including the LGBTQ+ community, ethnic minorities, and individuals with disabilities. This panel plays a crucial role in advising on company policies and ensuring a comprehensive and inclusive approach.

Retailers are now expected to actively engage in diversity and inclusion initiatives as standard practice, making it essential for those lagging to align with their more progressive counterparts.

Retailers are recognizing the importance of communicating their commitment to sustainability and diversity & inclusion (D&I) to customers. For example, The Fragrance Shop highlighted its 'Be Yourself' campaign, celebrating diversity and inclusion across all demographics and showcasing fragrance as a universal medium of self-expression.

Johnstons of Elgin pointed out the importance of consumer engagement in sustainability, guiding customers on prolonging the lifespan of their purchases through care instructions and professional repair services. The retailer highlighted the significance of product longevity and compostability in contributing to circularity.

Additionally, these green and D&I initiatives are becoming key factors in attracting and retaining talented employees. Mamas & Papas and Osprey both highlight how fostering an inclusive and sustainable work environment aids in attracting and keeping quality staff.

Don’t stay still and diversify

Overall, it's evident that having a positive attitude and being flexible to change. is key to success. But the main underlying message from all the leading retailers surveyed is don't remain still - keep on investing in employees, sustainability, new technologies, and stores, as the more diverse a brand and its services are, the stronger position it will be in for the future.