Kronos Finance Executive Summary for Retail

A better approach to getting more efficiency and better results from your workforce

Kronos Finance Executive Summary for Retail

Retail spending continues to rise in the UK, with 60 million customers spending a remarkable £340 billion with retailers each year. But for those in finance, a new set of challenges are clear. Costs also continue to rise, and meanwhile retail growth has slowed to a mere 2% PA. The National Living Wage, Apprenticeship Levy and Business Rates mean that by 2020 (according to the BRC), UK retailers will be hit with a £14 billion bill – equal to 20% of total profits. A full 900,000 retail jobs will be lost in the UK by 2025.

Omni-channel shopping and mobile devices are bringing radical change to UK retail operations. Digital transparency is disrupting prices and profits, and forcing changes in everything from supply chains to staffing.

Small wonder that retail CFOs and their staffs are looking for new ways to add value and trim expenses. In retail, that has to mean a closer look at labour costs, which can represent nearly two-thirds of a typical retailer’s budget.

Kronos has a special interest in labour costs and efficiencies. In this briefing, we’d like to share a few thoughts about the changes facing retailers in the coming years – and then we’d like to hear your thoughts as well.

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More about this white paper

Retail spending continues to rise in the UK, with 60 million customers spending a remarkable £340 billion with retailers each year. But for those in finance, a new set of challenges are clear. Costs also continue to rise, and meanwhile retail growth has slowed to a mere 2% PA. The National Living Wage, Apprenticeship Levy and Business Rates mean that by 2020 (according to the BRC), UK retailers will be hit with a £14 billion bill – equal to 20% of total profits. A full 900,000 retail jobs will be lost in the UK by 2025.

Omni-channel shopping and mobile devices are bringing radical change to UK retail operations. Digital transparency is disrupting prices and profits, and forcing changes in everything from supply chains to staffing.

Small wonder that retail CFOs and their staffs are looking for new ways to add value and trim expenses. In retail, that has to mean a closer look at labour costs, which can represent nearly two-thirds of a typical retailer’s budget.

Kronos has a special interest in labour costs and efficiencies. In this briefing, we’d like to share a few thoughts about the changes facing retailers in the coming years – and then we’d like to hear your thoughts as well.