Why Unlocking Volume Growth Is Retail's Defining Challenge

This article was originally published in the World Retail Congress 2025 end-of-year report.

For retail executives, one stark reality overshadows all others: the pursuit of like-for-like volume growth has become a matter of survival. Retailers face an existential crisis; relying on price increases to mask declining sales volumes is no longer sustainable. The economics of low-margin retail simply do not work without genuine volume growth. In a fiercely competitive environment, the need for volume and market share requires both innovative and disciplined approaches.

What is remarkable is the sheer amount of trading muscle some retailers have lost. The successive shocks of the pandemic, prolonged supply chain disruption, and the burden of inflation have left much of the industry weaker than ever. Consumer data paints a mixed picture, but the overarching trends are cautious spending, decreasing loyalty, and shifting priorities – pushing retailers to up their game and