US retailers prepare for a new normal this year

American retail executives are hoping for stabilisation in 2023 after a rocky 2022 beset companies with continuous challenges, including unpredictable customer demand. The week in retail earnings in the US made clear that cost of living and inflationary restrictions are squeezing middle tier and department store retailers.

“Taking a step back from the quarter and reflecting on the full year, one word comes to mind: complex,” Abercrombie & Fitch CEO and director Fran Horowitz said on Wednesday’s earnings call with investors. “Back to normal did not happen in retail,” she said, citing Covid restrictions, inflation and geopolitical conflict. American Eagle Outfitters (AEO) president and creative director, AE and Aerie, Jennifer Foyle, called it a “rollercoaster of a year”. And, in an earnings call on Tuesday, Target CEO Brian Cornell called the past year “the most expensive operating environment we’ve seen in decades”, noting that the Covid fallout was exacerbated by rising fuel prices due to Russia’s war on Ukraine, in turn impacting consumer spending.

itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. Itim adds retail value by helping multi-channel retailers optimise their business and their stores to improve financial performance and compete more effectively with the “Amazons”.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
itim Group

More articles like this

itim Group plc

Retail sales up 7.7% in February

Retail sales in the categories followed by Retail Dive were robust in February, rising 7.7% year over year, with e-commerce up 8.5%, according to numbers released Wednesday by the U.S. Department of Commerce. February tends to be the slowest month

itim Group plc

5 tech investments that reflect real-world retail trends

1. The in-store experience is ripe for both basic and inventive improvements. Looking at market size and where traditional retailers are going to get the largest return on investment, improving the in-store experience is still, by far, the

itim Group

itim Group appoints Damian Hopkins as Non-Executive Director

itim Group plc (LON:ITIM), a SaaS based technology company that enables store-based retailers to optimise their businesses to improve financial performance, has announced the appointment of Damian Hopkins to the Board of Directors as Non-Executive Director, effective immediately.

itim Group

What brands need to know: Social marketing in 2023

Search and display advertising aren’t the only parts of the marketing landscape that have changed over the past three years. As various social platforms have waxed and waned and mechanics and dynamics have shifted, brands are making new choices about

itim Group

Steady growth for retail technology firm

itim Group, a technology company that helps store-based retailers to improve financial performance and compete with online rivals, has reported “steady revenue growth” in 2022. However, EBITDA is set to fall below current expectations. In a trading update,

itim Group

Sustainable growth for retail tech company

The itim Group has published a trading update on its performance in 2022 itim Group, a technology company that helps brick-and-mortar retailers improve their financial performance and compete with online rivals, has reported “steady sales growth” for 2022.

itim Group

What lies ahead for retail in 2023

The new year has barely begun and yet it’s already been full of major retail happenings, from Party City’s bankruptcy to ongoing layoffs that are hitting retailers and manufacturers of all stripes. Inflation and the threat of a recession have caused consumers to pull back on

itim Group

Retail Execs give their 2023 supply chain predictions

Throughout the COVID-19 pandemic, retailers have had to quickly adapt to supply chain bottlenecks, economic uncertainty, and a hiring crisis. The rise of eCommerce has also forced retailers to explore new technologies to stay competitive. With so much

itim Group

The top retail trends for 2023

The retail industry is reshaping the shopping experience in 2023, redefining not only how we shop and sell, but where we shop and what we buy (a mimosa while shopping, anyone?). The cutting-edge retail trends below are guiding

itim Group

10 Retail industry predictions for 2023

If someone had asked me to predict 2022’s “word of the year,” I would have guessed “metaverse.” Maybe “cryptocurrency.” There is absolutely no chance I would have conjectured “goblin mode.” But it turns out the slang term that

itim Group

Meet the team… Marco Gomes

What is your ROLE at itim and what does it involve? I’m currently the Delivery Director. The Delivery department is responsible forimplementing the Profimetrics Solutions on our customers. My responsibility involvesoverseeing and supporting the Delivery teams on their

itim Group

What retailers can expect from consumers this year

The pandemic may be mitigated thanks to public health measures like vaccines, inflation may be on the wane and supply chain woes may be easing somewhat. But 2023 is nevertheless set to be defined by uncertainty, according to

itim Group

Retail technology will improve overall shopping experience

According to research conducted by Shekel Scales at NRF 2023, the majority of consumers, 90%, believe that technology will greatly enhance their shopping experience. The survey, which was conducted using SurveyMonkey, gathered responses from 573 participants and focused

itim Group

Clienteling enables sales teams to drive repeat business

A shift in retail is moving faster than any other trend we have witnessed that customer interest is moving from products to relationships. This shift is great news for retailers if they know how to adapt to their customer wants.

itim Group

Merry and Bright: A look at 2022 holiday merchandising

’Tis the season for retailers to get in the black while delighting holiday shoppers. Merchandising occurs year round, but the final quarter of the year is when many companies do an extra-concentrated push to conjure a merry mindset.

itim Group

Holiday shopping is more intentional this year

The holidays are the most wonderful — and the most stressful — time of year for many. While the season always comes with a number of stressors, this year brings a unique set of circumstances and challenges. All

No more posts to show