‘Retailers must rethink strategy amid inflation’

Photo from: The Manila Times

By Manila Times

A retail executive encouraged retailers to re-strategize the way they do business to cope with inflation.

Speaking at The Manila Times online forum, “Tech Leveraging: The Future of Retailing,” on Wednesday, Philippine Retailers Association President Rosemarie Bosch-Ong said the retail industry must be resilient in the face of rising inflation.

“We always try to re-strategize and rethink the way we do business,” Bosch-Ong, who is also Wilcon Depot’s chief executive officer, said.

“So, we don’t just pass it on to the market because we don’t want to erode the trust of the consumer on us … and we don’t want to be off the market.”

Filipinos are already reeling from high inflation, the depreciation of the peso, and disruptions in the supply chain, she said.

Bosch-Ong said her group adopts the concept of “granular pricing,” where retailers try to be resilient enough to prevent passing on the cost of production to consumers.

“We don’t do price increase across the board, we do granular,” she said. “We try to feel the market because we understand that the wallet size of the consumer is already thinning down. That’s why we have to work together … I just hope that things would improve.”

“We are seeing an improvement in the peso, with the US dollar going down, so hopefully it will improve,” she said.

READ full story HERE.