KPMG – Australian Retail Outlook, 2024

The report by KPMG "Australian Retail Outlook 2024" explores the challenges and opportunities facing retailers amidst evolving market dynamics. In the wake of a challenging 2023 characterized by inflation, rising interest rates, and decreased discretionary spending, Australian retailers are focusing on adapting their processes to future-proof operations. The report highlights key strategies, such as cost optimization, technology transformation, and working capital management, to drive growth and efficiency. Retailers are expected to prioritize sustainability objectives and address climate-related and geopolitical challenges. The rise of retail media, cybersecurity, and tech risk are emphasized as critical areas for investment. Despite cautious consumer sentiment, the report encourages retailers to adopt a growth mindset, leveraging opportunities in staff training, pricing strategies, and artificial intelligence. Insights from leading retail CEOs and strategies for navigating a subdued market are also provided.