As America’s retailers look ahead to the new year, RILA believes strengthening and innovating the retail supply chain will be one of the top priorities for the industry. We see this done through three distinct ways: focusing on trade policies that keep America competitive on the global stage, working with the US Congress, the administration, and external stakeholders to update and strengthen infrastructure, and continuing to help the retail community foster cultures of innovation throughout the ecosystem.
International trade is fundamental to retailers whose supply chains rely on importing goods from around the world to US consumers while supporting millions of American jobs throughout the global value chain. The Trump administration is currently renegotiating the North American Free Trade Agreement (NAFTA) and has suggested it may look to renegotiate additional free trade agreements that align with its “America First” narrative. It is imperative that retail continues to be a part of the national conversation on free trade and the positive impact it makes to our national economy. RILA is working to ensure retail has a seat at the table. We are educating lawmakers that a bold trade agenda that creates new opportunities for open markets and lowers trade barriers while facilitating the efficient movement of goods and services, benefits both retailers and consumers alike.
US and global consumers are driving change in retail at an unprecedented rate. Ubiquitous internet access, and changing consumer values, preferences, and lifestyles have led to unprecedented disruption in virtually every industry; retail perhaps more than any other. This new landscape brings with it many risks, but also many opportunities. Innovating the retail supply chain through new technologies such as blockchain, virtual and augmented reality, and streamlined integration will only help propel the industry forward.