Key skills for the retail chief executive

Innovations in technology are driving companies across the globe, and the retail sector is no different. There is an ever-increasing reliance on data to drive decision-making, so modern CEOs need to have the abilities to develop brands and understand all the ramifications of operating within the digital environment. E-commerce is taking off on a large scale for most of the major retailers, so expertise within this field is critical for most CEOs nowadays.

It’s important that any CEO is customer-led and focused, as opposed to being product-led. While it’s important for any CEO to understand the business model, it’s customers that drive sales and CEOs should be able to evidence expertise in innovating to meet customer demand.

Staying ‘authentic’ to the brand is also a key skill for any CEO. The transparency of our digital environment makes it far easier for team members and customers to follow up on comments and statements. So, it’s important for any CEO to maintain the brand’s vision and mission at all times.

Experience in finance or strategy consulting can be important for driving change within the retail sector. At the moment the retail sector is going through immense change, with the digital transformation and changes to ways in which consumers purchase products, plus increases to employee wages also affecting bottom line profits for most retailers. When the potential impacts of Brexit are factored in, many retailers are facing a need to raise prices or cut costs, which makes it essential to employ a CEO with a strong finance or strategy background.

Collaborative leadership skills are also important for successful CEOs, and the abilities to delegate and rely upon a diverse mix of key colleagues can be essential for success within the retail industry.

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