McKinsey aims to try and save high street
McKinsey & Company has announced plans for a new initiative under which it will gather data on the current high street downturn by selling various products before analysing related data to understand consumer behaviour. This comes after recent research revealed retailers are experiencing the highest level of store closures in almost a decade. McKinsey partner Praveen Adhi remarked: “There is no real way, given the speed at which the technology and analytics is changing, to keep ahead of the trends without getting your hands dirty. This is a large investment for us. The economics of the store itself don’t come close to breaking even. That’s not why we’re doing this.” The Modern Retail Collective project will not be charged rent by Mall of America because of the potential benefit it could have on the sector.