93 0 0 4 min to read

Retailers remain optimistic about future development.

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.

QR Code

Save/Share this story with QR CODE


Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

πŸ“© Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.


We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❀️GIVE A TIP. Send a small donation thru Paypal😊❀️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) πŸ›’ BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) πŸ‘ Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).


AFFILIATE PARTNERS
LiveGood
World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.


0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x