Marshal Cohen focused on methods for channeling retail challenges into opportunities for the second half of 2024, as he spoke during the Marcum 2024 Consumer Products & Retail Symposium.
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Marcum Symposium Promotes Optimism Amid 2024 Challenges
The 2024 Consumer Products & Retail Symposium hosted by Marcum Accountants and Advisors afforded insights into planning for the most important seasons of the year, including back-to-school and holiday.
“There is plenty of opportunity to grow the business. It is up to the individual to figure out how and when they’re going to do it,” said keynote speaker Marshal Cohen, chief retail adviser with Circana, during “The Future of Retail” presentation. “It’s about recognizing there are things going on in retail that are optimistic.”
One opportunity lies in the popularity of buy-now-pay-later financing, with 30 percent of consumers using this option. Forty-nine percent of shoppers ages 18–34, 35 percent of those 35–44 and 33 percent ages 45–54 have relied on BNPL. These numbers begin to fall among consumers 55 and older.
Despite Black Friday and Cyber Monday 2023 falling short of expectations, Cohen emphasized the importance of the last-minute surge in holiday shopping.
Andrew Rontondi, chief operations/information officer at Dynamic Worldwide Logistics USA, Inc., discussed the state of the U.S. supply chain. Amid logistics challenges at the Suez Canal due to Middle East conflicts, a slowdown at the Panama Canal stemming from drought conditions and the September expiration of the International Longshoremen’s Association contract, which affects East Coast and Gulf ports, Rotondi advised diversifying to the West Coast.
“The West Coast has plenty of space and no delays in the ports,” said Rontondi during the April 18 event at the E-Central Downtown Los Angeles Hotel. “It’s important for finance companies, manufacturers and importers to really plan. Two of our largest customers on the East Coast made a decision to move 40 percent of their product back to the West Coast.”
