Luxury Retail in the Digital Age

The luxury goods market is at an interesting juncture within the retail industry. The luxury sector not only faces all of the challenges the retail industry is enduring but it is also dealing with its own unique set of obstacles. Currently, the retail space is lagging in brick-and-mortar sales while the sectors’ e-commerce presence has weathered the storm. According to Walker Sands, 27 percent of consumers have purchased a luxury item online in the past year– up 17 percentage points from last year and 21 percentage points from 2014.

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Virtual Reality: Transforming the Retail Experience

With the emergence of Pokémon GO, the latest craze in augmented reality (AR) has found its way into unsuspecting brick-and-mortar stores. Pokémon GO, produced jointly by Nintendo and Niantic, allows smartphone users to seek out and collect virtual Pokémon characters around real world locations – some of which reside in retail stores. And, savvy retailers are embracing the trend by offering themed deals and specials to entice game-playing customers into their stores.

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Retail Roundup: Our Take on Recent Headlines

Major news and groundbreaking regulatory and financial moves have been making waves in the retail industry. Here’s our take on a few of the latest headlines:

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Enticing Customers Back into Stores

The customer-retailer relationship is a tale as old as time. But as consumer preferences evolve, so too must the in-store experience. So, how are brick-and-mortar retailers responding to changing consumer preferences and the emphasis on all things digital?

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Trends in Retail Summer Staffing

This week, summer officially kicks off. For the retail industry, summer can mean a change in the pace of business, leading to a need for adjusted seasonal staffing. With summer on retailers’ minds, what does the industry have to look forward to in the coming months?

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Why Pursue a Franchisee Compliance Audit Program?

Is your company leaving money on the table? Do you know everything about what your business partner is doing and how they are doing it? Anytime there is a contract between two parties that requires some form of self-reporting and payment, underreporting can occur. While approximately 20-30 percent of underreporting is a result of fraud, about 40-50 percent is due to interpretation issues and a large proportion of it stems from human error.

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The DOL’s New Overtime Rules: What Retailers Need to Know

Labor is often the biggest item on retailers’ budgets, and it will likely be getting bigger. On May 18, 2016 the U.S. Department of Labor’s (DOL) long-anticipated overtime regulations were passed, updating the “Salary Basis Test,” which has, to date, allowed employers to exempt certain employees from overtime pay. As retailers wrestle with decisions about employee pay and communication following these new regulations, there are certain considerations they should bear in mind:

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Everyone’s biggest competitor: Amazon

Retailers have at least one thing in common: Amazon as a competitor. According to Bloomberg, The retail giant surpassed Walmart as the largest retailer based on market value in mid-2015 and isn’t showing any signs of slowing down. From unveiling new private label apparel lines to dominating mobile, Amazon continues to innovate in the retail space.

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Results from Reader Survey: What risks do you think retailers are most concerned about?

Earlier this month we asked our readers and @BDOConsumer Twitter followers to weigh in on what risks they think are keeping retailers up at night ahead of the release of the 2016 Retail RiskFactor Report. So, what’s the verdict from the survey?

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Read the Full Report: 2016 BDO Retail RiskFactor Report

Our tenth annual Retail RiskFactor Report examined the risk factors listed in the most recent 10-K filings of the 100 largest U.S. retailers. For the first time in the report’s 10-year history, risks associated with data privacy and security breaches were cited by all retailers, claiming the top spot this year. Other concerns that are top of mind for retailers in 2016 include the regulatory environment, e-commerce competition and general economic conditions.

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