Retail & Consumer Products
Retail and consumer product enterprises were hit head-on by the global financial crisis. The industry is reeling from consumer reticence, supplier and inventory concerns, and a rash of bankruptcies.
Significantly decreased sales, an upswing in regulation, and pricing pressures due to rising commodity prices and mounting global competition have troubled retail and consumer product companies in recent years. The Great Recession has also heavily affected this sector: consumers are cautious as they grapple with the housing market crash, high gas prices, and unemployment. Advances in technology present additional obstacles.
However, there are opportunities to maximize profits: lean inventory, strong cash flow, improved customer loyalty through discounts and social media, and multi channel shopping. Technology innovations – including online shopping and mobile devices – call for a sizable capital investment, but they also represent the hottest opportunity in this sector.
HRSS serves retail and consumer products clients in apparel, consumer electronics, and home improvement, among others. Our accounting, tax, and advisory services and candid retail sector insight help management execute internal shifts swiftly and confidently. Our understanding of this sector from both the retailer end and the vendor/supplier side enables our clients to succeed where others fail. Franchise reporting requirements, multi-state tax issues, sales and use taxes, inventory valuations and control systems, and discontinued operations – all are HRSS services that enable our retail and consumer product clients to profit in a challenging environment.