The retail industry, a pillar of Hong Kong's economy, is evolving fast. Technology has transformed expectations. Consumers want engaging and convenient retail experiences.
A majority expect the undersupply of talent to affect customer service, sales growth, and staff morale and productivity. The industry's ability to transform technologically could also be frustrated, hindering competitiveness regionally and globally.
In terms of strategies, reinforcing staff training ranked first among those surveyed. That was followed by providing higher staff incentives, adopting technology-enabled service/automation, highlighting career possibilities associated with their brand, and hiring more mature or older staff.
The report examines opportunities too, such as those arising from the Greater Bay Area initiative, and concludes with recommendations for retailers and the government to help the industry rebrand and stay competitive.