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Coming out of one of the worst downturns in history, many retailers have become skilled at cutting costs fast, whether by shrinking store footprints, limiting SKUs, tightening up supply chains, or cutting store labor. But to achieve lasting advantage in an increasingly demanding industry, retailers need to step up their game and create operating models that maximize efficiency and effectiveness on a sustainable basis. Greater efficiency will make room for the kind of investment that builds lasting competitive advantages, while improved effectiveness will help retailers meet their strategic goals. To create an efficient and effective model, retailers should focus on six distinct improvement levers and develop the organizational, process, and people capabilities to sustain the changes. By transforming their businesses now, retailers will come into the next wave of growth poised to succeed.
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