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KPMG releases latest Hong Kong retail report
The retail industry, a pillar of Hong Kong’s economy, is evolving fast. Technology has transformed expectations. Consumers want engaging and convenient retail experiences.
Amid this change, KPMG’s joint report with the Hong Kong Retail Management Association looks at talent challenges in the industry as well as future strategies. Surveyed retailers cited a shortage of workers and high staff turnover as significant challenges they face.
A majority expect the undersupply of talent to affect customer service, sales growth, and staff morale and productivity in the next two years. 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.
