NextGen Day

Despite the rising rate of inflation, the Philippine Retailers Association (PRA) is nevertheless upbeat about the growth trajectory of the retail industry.

Rosemarie Ong, president of PRA, stated Thursday at the 28th National Retail Conference and Stores Asia Expo 2022 in Pasay City that the industry is recovering from the pandemic’s losses and is “showing strong growth recovery” despite obstacles like inflation and supply shortages.

The inflation rate in July increased from 6.1 percent to 6.4 percent.

The country’s gross domestic product (GDP) growth was also restrained by growing inflation, coming in at 7.4 percent in the second quarter of the year, down from 8.2 percent in the first.

“Given the inflation, I believe it will continue because, honestly, we observed people’s delight as we went back outside. However, I’m still confident that we will accomplish, even more, Ong stated on the sidelines of the competition.

She continued by saying that certain retailers had double-digit growth in 2021 after starting from a low base due to pandemic-related issues including the coronavirus illness 2019 (Covid-19) Delta variant and tougher community quarantine.

“In retail, for the most part, we are all good. “We see people returning to the physical format; they are now returning to face-to-face,” Ong added, noting that the industry’s recovery and growth will be aided by people’s continuous mobility.

Additionally, the PRA management urged members to embrace innovation and make use of the opportunities provided by digital technology.

Tom Oliver, chairman of The Tom Oliver Group and consultant to several Fortune 500 CEOs, stated in his keynote address that “very few” businesses were able to fully utilize digital technology, and the majority of retail businesses were unable to effectively utilize the internet environment.

“You need to realize that both physical and digital commerce is the future of retail. It combines clicks and brick-and-mortar stores; it is click-and-mortar. The future of retail is this natural, seamless integration of your brand’s online and offline experiences, according to Oliver.

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