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White Paper: The Value-Driven Paradigm
The retail industry hasn't experienced an economy like this in the last 30 years, but the current situation didn't happen overnight.
Over the last decade, consumers have become a retailer's dream. Shoppers have been on a spending spree fueled by a long boom in economic growth, cheap credit, falling prices given the benefits of globalization, and the explosion in choice created by consumer products companies and the industry's newest retail formats. During this time, in the U.S. alone, consumer share of gross domestic product (GDP) rose to almost 70%.
Besides gaining many new non-conventional outlets and gravitating to one-stop shopping experiences created by channel blurring, consumers reveled as value formats compressed prices across broad categories of goods. Price competition replaced customer-loyalty, and shoppers were overwhelmed with new ways to shop for groceries, electronics, household goods and many other merchandise categories.
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