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The big break: How retailers can break habits to support diverse-owned businesses

Harmony Internal - McKinsey

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Shopping with purpose is a priority for consumers today. In fact, whether a brand is minority or Black owned is an important part of the purchase decisions for Gen Z and millennials, who account for $800 billion in retail spending. And while diverse-owned brands face many unique challenges, there are opportunities for retailers to fulfill consumer demand for inclusivity and access the growing spending power of the inclusive consumer market, according to McKinsey senior partner Tiffany Burns and her coauthors. In a new article, they outline the seven habits retailers should break—and new ones to adopt—in order to drive diversity and help diverse brands scale their businesses. See how to stand out in the crowded retail landscape and support diverse-owned brands.

The big break: How retailers can break habits to support diverse-owned businesses

Our recent consumer survey found two important facts about American consumers. And retailers should take note.

Embrace inclusivity in retail

Quote of the day

“For Asian Americans, even those who are actually born in the US, being inclusive means not making them feel like they are foreigners in their own country.”

—McKinsey consultant Jackie Wong on fostering inclusion and better representation across the entire talent pipeline in a recent episode of the Future of America podcast

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:31 - 18 Oct 2022

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