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CIT Group Inc | NYSE:CIT | NYSE | Common Stock |
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CIT Releases Annual Retail Outlook Highlighting Retailers’ View on the Retail Sector
Retailers are feeling confident about their financial situations – projecting growing sales and revenue – but many feel significant investment toward innovation in an omni-channel strategy including website, mobile and social media channels will be needed to remain competitive. These are some of the key insights found in the 7th annual CIT Retail Outlook study conducted online among 250 senior middle market retail executives by Harris Poll, on behalf of CIT Group Inc. (NYSE:CIT), a leading provider of commercial lending and leasing services.
Most retailers report feeling optimistic about their prospects for sales and revenue growth. About 70% predict good results from sales in all channels when looking toward the near-term future, with about 6 in 10 (58%) projecting that holiday sales increases will reach 6% or more. As a result, around half or more of retailers surveyed indicate they plan to increase hourly employees (62%), in-store exempt employees (49%) and employees dedicated to Internet/mobile sales (62%) during the upcoming holiday season.
However, the confluence of online presence, mobile applications and innovative brick-and-mortar retailers means that retailers must invest in innovation to remain competitive. Most respondents characterize revenue as growing from website (71%), in-store (59%) and mobile (57%) sales. Retailers are placing an emphasis on tech when setting their priorities for the coming year.
“The report corroborates what we have been observing over the past few years with our clients and provides us insight into what retail executives are focusing on, both in terms of their near-term tactics and long-term strategies,” said Burt Feinberg, President of CIT Commercial & Industrial Finance. “We’re witnessing an increased fusion between brick-and-mortar, web and mobile strategies intertwined with social media to build brands and customer loyalty. The use of improved customer data is helping to achieve efficient targeted marketing using these mediums to build sales to all generations – from millennials to baby boomers.”
KEY FINDINGS
EDITOR’S NOTE:
CIT thought leadership content can be found at View from the Middle™ (cit.com/viewfromthemiddle) and our CIT Point of View blog (cit.com/pov). View our corporate video (cit.com/corporatevideo) and follow us on Twitter, LinkedIn, YouTube and Facebook. Register to receive press releases at cit.com/newsalerts.
Methodology
This study was commissioned by CIT and conducted by Harris Poll through a multi-phased research approach. An online survey within the United States was conducted between August 26, 2015 to September 21, 2015, among 250 financial decision makers within the retail industry working at companies with revenue between $5 million and $3 billion. In addition, to better understand key challenges facing retailers and how they are addressing these challenges, a moderated qualitative online bulletin board discussion was conducted from September 23, 2015 to September 24, 2015 among 11 financial decision makers working at companies with revenue between $5 million and $3 billion.
About Harris Poll
Over the last five decades, Harris Poll has become a media staple. With comprehensive experience and precise technique in public opinion polling, along with a proven track record of uncovering consumers’ motivations and behaviors, Harris Poll has gained strong brand recognition around the world.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151111005178/en/
CIT MEDIA RELATIONS:Matt Klein, 973-597-2020Vice President, Media RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara Callahan, 973-740-5058Senior Vice PresidentBarbara.Callahan@cit.com
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