Latin America, 2006
Latin America Council, 2006: What role do consumers play in leading retail innovation? How does successful innovation in retail translate into effective business? This study identified and assessed cases of true consumer-centered innovation that originated and have been successfully implemented in Latin America. However, its findings and conclusions may be applied to the retail industry in other emerging markets as companies attempt to benefit from sales to low-income consumers. Truly customer-centered, innovative retailers are characterized by offerings that address an apparently impossible value equation: catering to the aspirational needs of emerging consumers. Successful retailers have built sustainable businesses by meeting these consumers’ needs in a truly creative fashion.