There are many talented people in retail, but it takes a rare strain of genius to identify a gap in the market and create a whole new business concept out of it. And while Dame Anita Roddick has sadly died and Sir Richard Branson has sold his retail interests, the industry remains as much a hotbed of entrepreneurship as ever.
The old school, such as Lords Kirkham and Harris, continue to dominate their sectors with the businesses they set up from scratch, while the newer generation, led by Charles Dunstone, is fusing the opportunities presented by modern technology with old-fashioned retail discipline.
People often say that it’s harder for entrepreneurs in today’s retail market, given the costs of doing business and the perceived saturation of the market. There’s no doubt it’s more challenging, but there will always be room for great new ideas – look at how retailers like Bravissimo or Hotel Chocolat have identified niches no one knew existed.
Retail needs entrepreneurs, but the wider economy needs retail entrepreneurs even more. New businesses create jobs and prosperity out of nothing. Unfortunately for Gordon Brown, however, it’s not a skill you can teach – it’s all about the brave and gifted individuals who are prepared to go out on a limb and take risks.
Cashing in on rugby
Everyone in England – and maybe even a few in Scotland – will be cheering the England rugby team on as they take on South Africa tomorrow. And after the stunning victories against Australia and France, who would bet against them?
It is set to be an unexpected bonanza for grocers and, especially, the sports retailers. They have talked all year about the absence of a world cup – referring to football, of course – hitting sales, but while football may have the biggest following, it isn’t the only sport. Maybe the sales bonanza resulting from the rugby might mean that what has become football retail becomes true sports retailing again.
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