I started Charles Tyrwhitt back in the early 1990s. I had no money and had to learn to live and survive in an environment where you could not “splash the cash”. It taught me to focus quickly on getting the basics right if I wanted to stay in business.
I reckoned if I just focused on making a better -quality product, giving great service and value for money that was better than my competitors, then I had as good a chance as any of beating the recession and prospering. I still believe quality, service and value are the three keys to surviving and thriving through the recession today. During tough times, customers are looking for excuses not to spend money. Give them a reason to keep the money in their pocket or give them poor service once and they will never come back. Gone are the days when the customer is buying the best of everything – now they like to mix and match. Look at the astonishing success of Primark — where customers can choose value pieces to outfit with designer wear.
Online shopping is the big win for us. We have seen massive growth in customers choosing to stay at home to shop. Combine convenience with value and service and you are on to a winner. It has been tough for all retailers and it will get tougher. However, the good will thrive. We are 41 per cent up on last year, but the real test will come post-Christmas, when the like-for-likes get harder.
Nick Wheeler is the Chief Executive of Charles Tyrwhitt