Cnbc argued that other industry

[mdraufk.h.an.d.a]

For big lots however the lack of such a clear strategy has been a major obstacle according to craig rowley senior client partner of retail and consumer consulting at korn ferry. Discount retailers attract customers by providing great deals on everyday products rowley told pymnts in an interview. Today they all face the challenge that their customer base has been hardest hit by inflation that has grown since eliminating all discretionary spending.

So the key is to get the products customers have to have right new zealand cell phone number list like household needs at a great value. Rethinking merchandise strategy and digital investments as a result rowley said big lots must rethink its merchandise strategy and find ways to beat walmart and amazon adding having closed their poorer performing stores gives them a chance to invest in the rest. One of the mistakes big lots made was its failure to adapt to the economic changes impacting its customer base rowley said.

Value retailers have been hit hard by the increased inflation he said. First it significantly raised the price of the products it purchased. Second it caused their key customers to shop for mostly basics as their discretionary income was consumed by inflation. This reduced sales of higher margin nice to have products. Big lots faced this even more with their furniture offering. Regarding ecommerce rowley said he thinks its a tough space for value retailers for two reasons.