"Businesses need to be innovative not when things are tough but when things are well. Being consumer led is also another attribute businesses need to have, so whatever you invest on research, double it."
He also mentioned other things like improving the speed of doing things, having a first mover advantage, stepping up levels of communication, rewarding staff, improving the art of being a merchant, understanding and learning from competition, internal transparency, and having a whole of business strategy.
"Traditional retail growth is dying, and growth is going to come from e-commerce. There's no doubt that there's an enormous disruption coming and it's only going to become faster, and harder. Therefore, you need to think about ways to cut through it," he added.
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