The Australian Centre for Retail Studies (ACRS) is inviting 'high performing' and cashed up retailers to take part in its inaugural Global Retail Challenge.
To commence in September, the challenge is part international retail tour and part industry competition. Among the requirements of the initiative is that participants develop an innovative idea to generate additional revenue for their retail business.
Following additional time spent learning about the latest retail trends and research, two people from each retailer will then embark on a global tour alongside ACRS staff.
The tour will depart Melbourne and travel through Hong Kong, Shanghai, France, Spain and London. Participants will take part in board room presentations from the likes of Marks and Spencer, Selfridges, Asos, Zara, Salvatore Ferragamo and Lane Crawford.
Although not officially part of the challenge, participants will also have the option of joining the ACRS team at the 2011 World Retail Congress in Berlin.
Upon their return home, all participants must submit a two page summary of their learnings to a retail panel comprising ACRS and industry members. The retail team with the best submission will be the winner of the challenge.
The experience carries a price tag of $16,000 per person including travel, accommodation and transfers.
ACRS study tour co-ordinator Kristy Horne said while the ACRS had already invited a mix of retailers and retail suppliers to take part in the challenge, others were encouraged to apply.
The ACRS Global Retail Challenge follows on from the organisation's Global Retail Insights tours of previous years.