[Commentary] Teresa Long: Customer Centric Retail: What are the risks?

It is great to be collaborating with The Retail Bulletin again this year, and I thoroughly enjoyed the Customer Centric Retail event on 4 March 2026 in London. The event offered a valuable opportunity to reconnect with peers, build new relationships, and hear directly from retailers about their priorities and areas of focus—particularly through a risk lens.

Event highlights

Peter Goggin opened the day by exploring why happy employees are fundamental to building a different kind of relationship with consumers. He highlighted how creating the right conditions for people to thrive not only unlocks their potential but also plays a critical role in making an organisation truly customer centric—and the positive impact this has on customers.

Peter Williams and Stefan Kühn discussed the evolving role of technology in response to changing consumer behaviours. Topics included how the way we shop has transformed over time, the challenge of rising returns, and how technology can enhance the shopper experience. They also explored the growing use of GenAI-powered solutions to enable more personalised and efficient engagement, the realities of digital transformation, and the importance of simplicity and convenience across fulfilment and processes.

Meg Ellis, Will Lockie, Bruce Langlands, and Simon Poland focused on omnichannel strategies for retail revitalisation and growth. The panel shared how retailers are leveraging emerging technologies to create distinctive, memorable experiences while also improving frictionless commerce across channels.

The conversation then turned to loyalty. Danielle Sones, Desi Reuben-Sealey, and Emily Mackay-Wright examined the role of customer experience as a key driver in redefining brand loyalty during an economic downturn. They discussed what a true blueprint for loyalty looks like today and how GenAI-assisted shopping can enable hyper-personalised, gamified experiences that drive deeper engagement.

Building on this, Peter Cross, Jodie Sanders, Gracie Tullio, and Jo Causon explored loyalty and brand through the eyes of the customer. A key takeaway was the importance of fostering a strong listening culture and reassessing over-reliance on transactional data in favour of richer, more meaningful insight.

Key reflections

The importance of customer centricity across the entire retail experience cannot be overstated in today’s fast-moving and ever-changing landscape. How retailers respond must reflect not only evolving customer needs, but also how those needs differ depending on the engagement channel and product offering.

From my perspective as a risk advisor focused on the retail sector, one theme came through loud and clear throughout the day: a happy, engaged workforce is critical across the entire customer journey. Trust, consistency, and customer delight all stem from people—and getting this right presents significant opportunities for retailers. Understanding your key exposures is also essential to manage the risks.

Despite the event’s focus on customer centricity, it was impossible to ignore the sector’s top risks—Cyber and AI as technology underpins so much of today’s customer-focused strategies.

Risks & Opportunities

I left the event reflecting on how vital it is to balance business growth ambitions and opportunities with the key risks facing retail, including:

• Workforce reliance: the need for employee engagement to reduce operational errors which can lead to cyber exposures, and health & safety issues.
• Increased use of tech and AI: understanding business continuity, resilience, operational pinch points, and identifying organisational “crown jewels” to create mitigation strategies and identify opportunities for risk transfer and insurance.
• Personalisation strategies: as the use of AI and technology to generate data and connect with the customer increases, ensuring responsible data use and clarity around GDPR obligations is key.
• Social commerce and commentary: managing the potential negative impact on brand and reputation arising out of increased social media use and social commerce, particularly around sustainability and social issues.
• Loyalty: the importance of better understanding and managing loyalty and rewards programmes by analysing member‑level behaviour, estimating future redemptions and providing deeper insight into programme liabilities and financial value.

A thought-provoking and insightful day—and a timely reminder that customer centricity, risk, technology, and people are more interconnected than ever.

If you would like to know more about the risks impacting the retail sector, and how I am working with clients to mitigate, manage and transfer these risks please get in touch.

Teresa Long, Industry Leader Retail Leisure & Hospitality – WTW | [email protected]