An old saying exists that says, “In times like these, there have always been times like these.” When considering today’s changing retail climate and the growth of online competition and e-commerce, this saying seems to apply perfectly. This emerging reality was largely the reason behind the newest report from the Coca-Cola Retailing Research Council of North America, which examines how to survive in this new world of retail.
However, the report also reminds us of how digitization has impacted other industries and how those industries have responded. For example, at one point in time, the only way to watch a movie was in a movie theater. Fast forward several decades, and videocassette recorders (VCRs) were introduced, allowing us the convenience of watching movies at home.
VCRs soon gave way to new, higher-quality technologies, like DVDs, DVRs and now, Internet-based services like Netflix. Yet, through it all, movie theaters remain in business and are still a part of our lives. As the report reminds us, much of that success is rooted in how the movie theater experience has changed over the years. Today’s theaters offer enhanced audio and video systems, stadium seating for better viewing, more comfortable seats and higher quality food selections.
Change is constant. As the CCRRC report shows, quick, creative action can help an industry adjust and even thrive in times of change.
The new report, called “Surviving the Brave New World of Food Retailing,” can be downloaded for free here: