Last year, rather focus on growth, many retailers focused on cutting costs. Matt Katz was quoted in this Modern Retail article discussing pressures that led many retailers to focus on cost cutting last year.

Matt outlines some factors that lead to cost cutting in 2023, “The things that we did to build capability and create new environments were costly and the shopping behaviors and patterns are continuing to evolve. Retailers recognize that after years of capital investment, it was prudent to rethink the way they manage expenses.”

He explains that not all retailers had to make significant changes, “Cost cutting implies that it was too high. It’s an alignment of cost to sales realities. Retailers that are engaged in significant cost-cutting programs right now are doing so right now because their performance requires them to.”

Read the full article HERE