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| News for the retail industry | December 15, 2010 |  | |
 | | | Looking Ahead to the New Year | | - An interview with NRF's president
 | | | Matthew Shay
NRF President and CEO | Matthew Shay has been the president and CEO of National Retail Federation since May 2010.
What was the greatest challenge for retailers in 2010? How did they overcome it?
Without a doubt, 2010 was -- once again -- all about the economy. Unlike last year, when businesses were struggling to bring consumers into stores and paring back as much as they could, retailers this year grappled with the best ways to delicately handle this slow recovery. While companies are encouraged by retail sales growth over the last few months, continued sluggishness in the job market and low consumer confidence are making businesses hesitant to embrace economic recovery too quickly.
As the industry moves into 2011, retailers will be closely evaluating trends that developed during the holiday season to get a sense of what to expect from consumers moving forward. Until then, companies are focused on promoting value throughout their merchandise mix, managing inventory levels well, and continuing to trim expenses when possible to be best positioned when economic recovery is more certain.
How will legislation shape the retail landscape next year?
As the centerpiece of our advocacy efforts in 2011, NRF will focus on policies which encourage job creation and economic recovery. The agenda of the new Congress is expected to reflect this perspective, although successful outcomes will be dependent on bipartisan approaches to problem solving. This will necessitate cooperation between the new Republican majority in the U.S. House of Representatives, the Democratic majority in the U.S. Senate, and the Obama administration.
The House is expected to exercise its oversight responsibilities to examine specific aspects of the administration's regulatory agenda, particularly in the critical areas of financial services, health care, and labor. The administration, to its credit, has committed to a renewed focus on job creation, which NRF applauds. NRF plans to work cooperatively and proactively with Congress and the administration to encourage the promotion and enactment of policies which will benefit the U.S. economy, the retail industry and American consumers.
What changes will NRF make over the next year in response to both the economic climate and volatility on Capitol Hill?
With the economic and political climate creating a certain level of uncertainty, NRF will be making strategic changes that will ensure retail's advocacy footprint matches our economic footprint. Upon the completion of NRF's strategic plan, we will be adding significant new resources to our advocacy efforts. We are in the process of filling several executive-level positions and recently announced staffing changes that will enhance our ability to respond to our members and position retail as both a valuable contributor to the economy and an important consideration to policymakers considering legislation.
In addition to these strategic changes, NRF will continue to provide a platform for information exchange among our member companies and powerful industry thought leadership. We're also gearing up for several big events including the centennial celebration of Retail's BIG Show this January in New York and NRF's inaugural Global Supply Chain Summit this April in Columbus. | | | | |
| Your Predictions |  | | | - What is your strategy for success in 2011?
| The emphasis will be on customer service and experience. |  65.36% | | We will play up our "value" messaging and offer promotions. |  17.32% | | The plan is to incorporate more social media into our marketing. |  8.94% | | Cut operational costs and overhead as much as possible. |  5.03% | | We will focus on reducing shrink. |  3.35% | - Which technology will you invest the most in this year?
| Mobile, including apps and mobile websites. | 35.16% | | Social commerce and social media. | 28.12% | | Developing our e-commerce arm. | 25.00% | | In-store technology, such as RFID. | 11.72% | - What is the No. 1 way you differentiate yourself from competitors?
| Superior customer service. | 50.00% | | Niche products not offered elsewhere. | 26.15% | | A unique brand-loyalty program. | 14.62% | | Advanced technology. Our online, in-store and mobile features really stand out. | 9.23% |  | 33% name confidentiality as top social-media barrier. Over 6,000 execs participated in SmartBrief's original research on social media for business. Develop and implement a targeted social-media strategy with sound data and insights into business trends and best practices. Get The State of Social Media for Business for 15% off the list price. | | Resources | | | | | | | 
Product announcements appearing in SmartBrief are paid advertisements and do not reflect actual NRF endorsements. The news reported in SmartBrief does not necessarily reflect the official position of NRF. | This SmartBrief was created for cpgbrokers.data@blogger.com | | | | | | | | | | Recent NRF SmartBrief Issues: - Tuesday, December 14, 2010
- Monday, December 13, 2010
- Friday, December 10, 2010
- Thursday, December 09, 2010
- Wednesday, December 08, 2010
| | | Lead Editor: Megan Conniff
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