Leaning into a downturn: Impact on Consumer behavior and romancing them back

As we move into what has the makings of the most severe downturn, we will obviously need to consider what changes and what stays the same in how we approach retail brand building, marketing and sales. And the tendency will be to think in terms of a profound change in tactics. Whereas there is argue that what in fact is needed is a profound strategic shift in the way we approach thinking about marketing and using what we have to build stronger relationships with consumers.The effects of the credit crunch and in turn the global markets are being felt in many places, but few are being hit as hard as the retail industry. Shrinking economies in many developed countries are causing reduced spending as consumers begin to feel the pinch. In this climate, it would seem that achieving growth in the global retail sector is a near impossibility - yet there are businesses where this is happening. How shopping behavior changes in times like this? How consumers react as the economy rebounds? What category, consumer and competitive opportunities will provide the greatest growth potential for retailers in the near term? How retail is evolving in smaller cities? Let us discuss on this.