According to the report, while 82% of global retail CEOs express confidence in their company’s growth, only 59% maintain optimism regarding the broader economic landscape. This demonstrates a significant split between personal optimism for their organizations and apprehensions about the global economy's direction.
The report highlights that economic uncertainty (58%), geopolitical complexities (53%), and generative AI integration (48%) rank as the foremost challenges facing retail CEOs in 2024. This points to the complex environment they must navigate, balancing opportunities with substantial risks.
As retail leaders look ahead, strong concerns about external factors persist. A staggering 81% of retail CEOs foresee the cost of living as a major hindrance to their success in the coming years, showcasing the impacts of consumer spending pressures on the sector.
When considering growth strategies, 35% of retail CEOs chose organic tactics as their primary focus, with 27% leaning towards mergers and acquisitions. Each strategy reflects differing approaches to achieving sustainable growth in a challenging economic climate.
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